Schlumberger reports profit drop amid overall sales growth

HOUSTON —  Schlumberger’s profit fell 24 percent in the second quarter despite an increase in revenue, the oil field services company reported Thursday.

Income for the April-June period was  $1.6 billion or $1.21 per share, down from $2.1 billion or $1.57 per share during the second quarter of 2013. 

Revenue rose 7.8 percent in the second quarter to $12.1 billion.

The company reported that all of its regions and segments experienced revenue growth.

“Second-quarter results were driven by significantly higher activity both offshore and in key land markets,” CEO Paal Kibsgaard said in a statement.

The company said it enjoyed strong results due in large part to improvements in weather conditions in Russia, which suffered a harsh winter, and from growing business in key markets including Saudi Arabia and Australia.

Geographically, Schlumberger saw its biggest gains in North America, where revenue increase nearly 16 percent to $3.9 billion.

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