Sunday, July 22, 2012

Schlumberger [ticker SLB] Announces Second Quarter 2012 Results

Schlumberger Limited (NYSE:SLB) today reported second quarter 2012 revenue of $10.45 billion versus $9.92 billion in the first quarter of 2012, and $8.99 billion in the second quarter of 2011.

Income from continuing operations attributable to Schlumberger, excluding charges and credits, was $1.4 billion. An increase of 8% sequentially and 20% year on year. Diluted earnings per share from continuing operations, excluding charges and credits, was $1.05 versus $0.96 in the previous quarter, and $0.86 in the second quarter of 2011.

Following Schlumberger’s previously announced sale of both the Wilson distribution business and its equity ownership interest in CE Franklin Ltd. (CE Franklin), the Distribution segment has been reclassified to discontinued operations. All prior periods have been restated accordingly.

Schlumberger recorded charges of $0.02 per share in the second quarter and $0.01 per share in the first quarter of 2012 and $0.05 per share in the second quarter of 2011.

Oilfield Services revenue of $10.45 billion was up 5% sequentially and increased 16% year on year. Pretax segment operating income of $2.1 billion was up 8% sequentially and increased 20% year on year.

Schlumberger CEO Paal Kibsgaard commented, “Solid activity growth and a consistent focus on execution led to results that continued to strengthen in the second quarter.

Read the entire quarterly report

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