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Schlumberger's Q4 2011 earnings jump 36 per cent

Industry

Schlumbergers Q4 earnings rose by 36 per cent from US$9.07 billion in 2010 to hit US$10.97 billion in Q4 2011.

The oil field services company reported full-year 2011 revenue of US$39.54 billion versus US$27.45 billion in 2010. Schlumberger also budgeted US$4.5 billion in capital expenditures for 2012, up from US$4 billion in 2011.

International performance

In a round-up of activity over the year, Schlumberger said its international performance has been improving and its international growth was driven by deepwater and exploration activity, particularly in East and West Africa, and by strong land activity in the Middle East and North Africa. Schlumberger said that it had resumed drilling activity in Libya during the fourth quarter.

Strong product and software sales

In the Middle East and Asia area, strong Completions and Artificial Lift product sales and robust SIS software sales drove results which were augmented by continued growth in the Saudi Arabia and Bahrain GeoMarket due to the rebound of land seismic acquisition, strong rigless activity and land rig additions.

The Oman GeoMarket grew primarily on higher Wireline and Artificial Lift activities while the Iraq GeoMarket saw an increase in non-project services in addition to new IPM projects. The Petroleum Development of Oman (PDO) has awarded Schlumberger a five-year contract for 35 per cent of the total cementing scope in North Oman.

Ability to provide innovative solutions

The company's ability to provide innovative solutions for challenging well environments including high pressures and temperatures, lost circulation, salt-zone cementing and cyclic steam and polymer injection led partly to this award.

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