Schlumberger Q3 profit up 20%, shares +3.3% premarket

Schlumberger's (SLB) +3.3% premarket after Q3 earnings rose 20% Y/Y and 10% Q/Q on strong oilfield services revenue in the Middle East and Asia region, driven by growth in Saudi Arabia and Iraq.

Oilfield services revenue from the Middle East and Asia jumped 25% and rose 9% in North America; SLB generates nearly 70% of its revenue from operations outside North America.

Overall oilfield Services revenue of $11.6B was up 11% Y/Y and 4% Q/Q; however, cost of sales climbed to $8.93B from $8.24B.

A lower-than-expected 22.7% tax rate contributed $0.02 to the $0.05 earnings beat.

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