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Schlumberger -1.4% as Q2 profit drops even as revenues rise

Schlumberger (NYSE:SLB) -1.4% AH after reporting a 24% Y/Y drop in Q2 earnings despite higher revenue driven by higher activity both offshore and in key land markets.

Revenue in North America rose 15% to $3.89B, while the Middle East and Asia saw 11.7% growth to $2.97M, and Europe, Africa and the CIS rose 4% to $3.23B; Latin American revenue fell ~3% to $1.85B.

SLB says strong drilling activity in the Gulf of Mexico and a rise in U.S. onshore drilling more than offset seasonal weakness in Canada, but the company has less exposure to North America among the top oilfield service providers, which include Halliburton (NYSE:HAL) and Baker Hughes (NYSE:BHI).

SLB says the overall global economic outlook remains mixed, although "the fundamentals for a slow and steady recovery... remain intact."

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