News Summary: Schlumberger 2Q profit rises 5 pct

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Associated Press

Posted on July 20, 2012 at 2:00 PM

Updated Friday, Jul 20 at 2:00 PM

HOUSTON (AP) — OFFSHORE SURGE: Petroleum companies aggressively searched below the sea for oil and natural gas deposits, boosting second-quarter net income for oil service firm Schlumberger Ltd.

MIXED GROWTH: The industry swept back into the Gulf of Mexico, where deepwater drilling was temporarily banned following the 2010 oil spill. It also worked to replace the loss of oil production from Libya, which was engulfed in a rebellion last year. Schlumberger's profits rose in North America, Latin America, Europe and Africa. They lagged in the Middle East and Asia.

BOTTOM LINE: Schlumberger reported net income of $1.4 billion, or $1.05 per share, for the three months ended June 30. That compares with $1.34 million, or 98 cents per share, for the 2011 second quarter.

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