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Schlumberger: profit rises despite revenue falling

( - Schlumberger said on Friday that its fourth-quarter earnings rose 12% as it cashed in on the recent recovery of the oil market.

Schlumberger, the world's largest oilfield-services company, reported a profit of 374 million dollars, or 27 cents a share, up from 333 million dollars, or 24 cents, a year earlier.

Revenue, however, dropped 33% to 5.5 billion dollars.

CEO Olivier Le Peuch cited "very strong" fourth-quarter results, noting that the industry recovery has started, with fourth-quarter revenue up 5% sequentially, driven by strong activity in North America and in the international markets.

With oil prices now rising on the back of the recent OPEC deal, Covid-19 vaccines being rolled out, and economic stimulus actions, Schlumberger expressed "optimism" for a recovery in oil demand throughout 2021.

"We believe this sets the stage for oil demand to recover to 2019 levels no later than 2023," the company said.

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