Net earnings up 36 percent.
Schlumberger Ltd.'s fourth-quarter earnings rose 36% as a global drilling frenzy continued despite fears about the global economy.
The company said oil consumption and oil field activity will continue to grow, driven by relatively high energy prices and large oil companies' need to grow their reserves, despite uncertainty surrounding economic recovery in the U.S. and Europe.
Schlumberger, like other large oil field service providers, faces the specter of a major reduction in natural gas-directed drilling in North America, as prices for the commodity have reached 10-year lows due to a glut caused by overproduction and lackluster demand. Any reductions in activity, Schlumberger said in a statement, will be "short-lived," although the company said it was "building the required flexibility" into its plans.
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