Schlumberger announced a third-quarter profit of $550 million on Friday, beating Wall Street estimates as the top oilfield firm capitalized on a rebound in crude prices worldwide.
On a per-share basis, the The Hague, Netherlands-based company said it had profit of 39 cents. Earnings, adjusted for non-recurring gains, came to 36 cents per share.
Still, some analysts saw it as “disappointing” third-quarter earnings results and said the world’s biggest oilfield contractor failed to grow as fast as they expected.
With operations throughout the globe and in Oklahoma, Schlumberger reported global revenue of $5.85 billion which topped the second quarter by 4% and 11% year-on-year.
International revenue was $4.68 billion while its North America revenue was $4.13 billion. The increased revenue came as a result of well construction activity increasing onshore and offshore. The company said the sequential growth in North America was only partially offset by hurricane-related disruption.
The firm’s Latin America operations also saw a 10% sequential increase reaching $1.16 billion in revenue. The growth in Europe and Africa grew by 2% sequentially and hit $1.48 billion as there was increased activity in Scandinavia, Russia, Angola and Nigeria.
Schlumberger’s Middle & Asia operations had $2.03 billion in revenue which was 2% more than the second quarter with more activities in Australia, East Asia, Indonesia, Saudi Arabia and Qatar.
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