Schlumberger 3Q earnings soars as revenue rises

[October 22, 2010]  HOUSTON (AP) -- Schlumberger Ltd.'s earnings jumped in the third quarter as revenue rose due to increased land-based drilling activity by its customers in the United States and Canada.

Schlumberger Chairman and CEO Andrew Gould says that work more than offset a sharp sequential decline in the U.S. Gulf of Mexico as the deepwater drilling moratorium took full effect.

The Houston drilling services provider also says it had a gain due to a recent acquisition.

Its net income soared to $1.73 billion, or $1.38 per share, for the period ended Sept.30. That's up from $787 million, or 65 cents per share, a year ago.

Excluding one-time items, earnings were 70 cents per share, which topped analysts' views by a penny.

Revenue climbed 26 percent to $6.85 billion, beating Wall Street's $6.83 billion.

[Associated Press]

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