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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About The Author

Ryan Holeywell covers energy for the Houston Chronicle. He previously wrote about transportation and municipal finance for Governing magazine, which is read by state and local government officials nationwide. Holeywell’s previous work has been published by the Washington Post and USA Today, and he has appeared on CNN and public radio to discuss his articles. Holeywell, a Houston native, graduated from George Washington University in Washington, D.C.