A Review of the Nigerian Energy Industry

Schlumberger profits up 22%

Schlumberger17 January 2014, News Wires – Houston-headquartered services giant Schlumberger ramped up net incomes by 22% to $6.77 billion in 2013.

Chief executive Paal Kibsgaard said the contracting giant had posted its fourth consecutive annual revenue rise in 2013, when it earned $45.26 billion, an increase of 8% on the previous year.

Kibsgaard credited international operations for much of the profit push, though he said the company had also increased North America revenues despite market challenges.

“International Area revenue grew by $3.2 billion, or 11%, from higher exploration and development activity both offshore and in key land markets,” Kibsgaard said.

“In North America, we demonstrated continued resilience to the challenges of the land markets by growing the business by close to $400 million, or 3%, aided by our strong position in the offshore market, particularly in the US Gulf of Mexico,” he added.

Schlumberger’s three key business segments of reservoir characterisation, drilling and production all increased revenues during the 12-month period, while regionally the Middle East and Asia were the company’s best performing regions, with revenues rising 23%.

On a quarterly basis, Schlumberger’s net income rose 22% year-on-year to $1.68 billion in the fourth quarter.

Equity research firm Cowen and Company said that Schlumberger’s quarterly earnings per share of $1.35 had surpassed both its estimate of $1.32 and a consensus view of $1.33.


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