Schlumberger 4Q profits fall 31 percent

[January 22, 2010]  NEW YORK (AP) -- Schlumberger says oil drilling has started to recover after a yearlong slump in crude prices that pushed down the company's fourth-quarter profit by 31 percent.

The Houston oil services company says its business will likely benefit as oil demand increases this year. A barrel of oil jumped from about $40 in March to nearly $80 at the end of 2009.

Schlumberger Ltd. reported net income of $795 million, or 65 cents per share, for the fourth quarter. Excluding discontinued operations, profit was 67 cents per share. Revenue fell 16.4 percent, to $5.74 billion.

Analysts expected earnings per share of 64 cents and revenue of $5.44 billion.

For the full year, the company earned $3.13 billion, or $2.59 per share, on revenue of $22.7 billion.

[Associated Press; By CHRIS KAHN]

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