Schlumberger, one of the world’s largest oilfield service providers, has revealed that its profits were higher than anticipated in the final quarter of 2019.
In a statement dated January 17, it said that its net income, not including charges and credits, had amounted to $545 million ($0.39 per share) in the fourth quarter, up from $498 million ($0.36 per share) in the same period of 2018. On average, analysts polled by Refinitiv IBES had predicted that profits would reach $0.37 per share, Reuters reported.
The company also stated that its international revenues climbed by 8% year on year to reach $5.72 billion. It attributed the rise to strong demand for its equipment and services in many regions but noted that conditions had been less favorable in North America, where revenues were down by 13% in the fourth quarter of 2018.
“I'm encouraged by the sustained international activity growth, although conditions in North America land became more challenging,” commented Schlumberger CEO Olivier Le Peuch. “We are ... confident we have turned the corner.”