Schlumberger 2Q earnings jump 33 percent

[July 23, 2010]  NEW YORK (AP) -- Schlumberger says its net income jumped 33 percent in the second quarter as robust activity in other areas offset a halt to deepwater drilling in the Gulf of Mexico.

The Houston oil services company reported earnings of $818 million, or 68 cents per share, up from $613 million, or 51 cents per share, in the same period last year. Revenue increased 7 percent to $5.94 billion.

Analysts expected earnings per share of 68 cents and revenue of $5.92 billion.

The oil industry has struggled to deal with a temporary moratorium on deepwater exploration following the April 20 rig explosion that led to one of the largest oil spills in U.S. history. Schlumberger says it doesn't expect to see a return of drilling activity in the Gulf this year.

[Associated Press; By CHRIS KAHN]

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