Schlumberger sees earnings climb in Q3
US oilfield services group Schlumberger increased its core earnings (Ebitda) by 27% year on year to $1.3bn, the company reported on October 22, on the back of higher demand for its services.
Revenues were up 11% at $2.27bn, largely due to increased well construction. The company also earned more from its digital and integration and production systems divisions.
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Schlumberger saw similar rates of growth in both North America and internationally.
Net income came to $669mn, versus a loss of $54mn a year earlier.
"We started the second half of the year with strong results, delivering another quarter of sequential revenue growth, a fifth consecutive quarter of margin expansion, and a solid free cash flow performance," Schlumberger CEO Olivier Le Peuch commented.