Schlumberger earnings up on growth in Mideast and Asia, +1.2% premarket

Schlumberger (SLB+1.2% premarket after reporting a better than expected 22% jump in Q4 earnings on strong revenue from drilling activity in the Middle East and Asia.

Revenue rose 7.4% to $11.91B, climbing 18% from the Middle East and Asia; international markets brought in about two-thirds of SLB's total 2013 revenue of $45.27B.

Says a temporary shutdown of operations in southern Iraq in November following a protest slightly hurt Q4 results.

In the U.S., SLB sees no change in fundamentals, with meaningful recovery in dry gas drilling activity "some way out in the future," CEO Paal Kibsgaard says; SLB has the lowest exposure to North America among the big four oilfield service providers, which include HAL, BHI and WFT.

Yesterday, SLB declared a 28% increase in its quarterly dividend to $0.40/share.

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