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Schlumberger profit up 14%, bullish on outlook

By Steve Gelsi, MarketWatch

Last Update: 7:03 AM ET Apr 18, 2008

NEW YORK (MarketWatch) — Schlumberger on Friday said net income climbed 14% as
the oil and as field services giant forecast stronger growth for the remainder of
2008.

Schlumberger Ltd. (SLB) said first-quarter earnings for the three months ended
March 31 rose to $1.34 billion, or $1.09 a share, from $1.18 billion, or 96 cents
a share, a year ago.

Revenue rose to $6.29 billion, from $5.46 billion at the same point a year ago.

On an adjusted basis, earnings per share totaled $1.06.

Analysts had been expecting earnings of $1.12, according to data compiled by
FactSet.

“The thin cushion of excess oil supply and the failure to stem decline rates in
many countries, coupled with the higher-than-expected drawdown of U.S. natural
gas storage, are all factors that lead us to conclude that growth will strengthen
as the year progresses,” said Chairman and CEO Andrew Gould.

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Technorati Tags: Adjusted Basis, Andrew Gould, Ceo, Decline Rates, Drawdown, Earnings Per Share, Excess Oil, Failure, Giant, Marketwatch, Natural Gas Storage, Net Income, Oil Supply, Outlook, Quarter Earnings, Remainder, Schlumberger, Schlumberger Ltd, Slb, Three Months Ended March