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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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