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    Schlumberger sees earnings climb in Q3

Summary

Revenues were up 11% at $2.27bn, largely due to increased well construction.

by: Joseph Murphy

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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.

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.