Schlumberger 4Q profit tops Street's view

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Associated Press

Posted on January 17, 2014 at 9:32 AM

Schlumberger's fourth-quarter net income climbed 22 percent, led by an increase in drilling revenue and strong activity overseas.

For the period ended Dec. 31, the world's largest oilfield service company earned $1.66 billion, or $1.26 per share. That compares with $1.36 billion, or $1.02 per share, a year ago.

Excluding charges and credits, earnings from continuing operations were $1.35 per share.

Revenue rose 8 percent to $11.91 billion from $11.08 billion.

Analysts polled by FactSet expected earnings of $1.32 per share on revenue of $11.97 billion.

Drilling group revenue increased 9 percent to $4.5 billion. Overseas, countries including China, Malaysia and Namibia deployed technologies to help their drilling efforts.

CEO Paal Kibsgaard said in a statement that by region, the best quarterly performances were found in the Middle East and Asia, with continuing strength in key markets in Saudi Arabia and the United Arab Emirates and in exploration activity in Malaysia and Australia.

On Thursday Schlumberger Ltd.'s board approved raising its quarterly dividend by 28 percent to 40 cents per share. The dividend will be paid on April 11 to shareholders of record on Feb. 19.

The company's stock added 99 cents to $89.60 in premarket trading.

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