Schlumberger Announces 2Q Results

Schlumberger Limited reported second-quarter revenue of $5.64b versus $5.46b in the first quarter of 2007, and $4.69b in the second quarter of 2006. Net income, before charges and credits, reached $1.26 billion - an increase of 7% sequentially and 40% year-on-year. Diluted earnings-per-share, before charges and credits, were $1.02 versus $0.96 in the previous quarter, and $0.73 in the second quarter of 2006. Net income, including charges and credits, was $1.26 billion or $1.02 per-share diluted versus $0.96 in the previous quarter, and $0.69 in the second quarter of 2006.

Oilfield Services revenue of $4.97 billion increased 5% sequentially and 21% year-on-year. Pretax business segment operating income of $1.51 billion increased 8% sequentially and 33% year-on-year. WesternGeco revenue of $665 million decreased 6% sequentially but increased 18% year-on-year. Pretax business segment operating income of $216 million decreased 19% sequentially but increased 28% year-on-year.