Schlumberger 2Q profit jumps 64 pct

[July 22, 2011]  NEW YORK (AP) -- Schlumberger Ltd. says second-quarter profits jumped 64 percent on a surge in North American oil drilling.

The Houston oil service company on Friday reported earnings of $1.34 billion, or 98 cents per share, for the three-month period ended June 30. That compares with $818 million, or 68 cents per share, for the same period last year. Quarterly revenue increased 62 percent to $9.62 billion.

Analysts expected earnings of 85 cents per share on revenue of $9.19 billion, according to FactSet.

The company said its worldwide operations showed strong growth, led by service contracts for land-based drilling services and a resumption in deepwater drilling in the Gulf of Mexico.

Rival Halliburton Co. posted a 54 percent quarterly profit increase at $739 million earlier in the week.

[Associated Press; By CHRIS KAHN]

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