Schlumberger: posts higher profit, sees 'upturn' in business

(CercleFinance.com) - Oilfield service group Schlumberger reported higher profits on Friday, citing a "broad-based global activity upturn" that is now emerging.


Excluding charges and credits, Schlumberger's second-quarter net profit rose to 594 million dollars in the past quarter, from 488 million a year earlier.

Quarterly revenue increased by 11% to 8.3 billion dollars. In North America, excluding its Cameron unit, second-quarter revenue increased 12% sequentially to 2.5 billion dollars, helped by hydraulic fracturing and directional drilling capacity.

Schlumberger said that a broader-based international recovery is now emerging, underpinning the strong confidence it has in its business outlook.

The shares were up 0.7% in pre-market trading.

Copyright (c) 2018 CercleFinance.com. All rights reserved.