Schlumberger Reports Growth in Income

With a large presence in Oklahoma, Schlumberger Limited announced fourth quarter revenue of $8.2 billion, an increase of 3 percent.

The company said its fourth-quarter pretax operating income was $1.2 billion. Its full-year cash flow from operations totaled $5.7 billion.

But the company’s full-year 2017 revenue totaled $30.4 billion which was a 9 percent increase over 2016. The company said it’s revenue growth was driven by land activity in North America which grew by 82 percent in line with the increase in rig count.

Schlumberger Chairman and CEO Paal Kibsgaard commented, “We closed the year with fourth-quarter revenue growing 3% sequentially while pretax operating income rose 9%. Sequential growth was driven by strong activity in North America, Saudi Arabia, and Latin America, while revenue in the Europe, CIS, and Africa Area seasonally declined. Earnings per share of $0.48, excluding charges, were 14% higher than the third quarter.

 

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