Seeking Alpha

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.

Check out Seeking Alpha’s new Earnings Center »

Comments (0)
Be the first to comment
DJIA (DIA) S&P 500 (SPY)
ETF Hub
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs