Shlumberger profit zooms 71 percent

Manufacturing News, Source : The Manufacturer US
Published : 19 Jan 2007 13:06

Bloomberg is reporting that fourth-quarter 2006 profits at Schlumberger Ltd., the world's largest oilfield-services provider, soared a full 71 percent.

Houston-based Schlumberger states that net income rose to $1.13 billion, or 92 cents a share. Revenue rose 33 percent to $5.35 billion.

Bloomberg attributes this to oil and gas producers spending to replace reserves, despite the fall in energy prices over the quarter.

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