Schlumberger LatAm Q3 Revenue Up 11% Year-on-Year
US oilfield services company Schlumberger (NYSE: SLB) reported that third quarter Latin American and Caribbean revenue rose 11% to US$629mn compared to 3Q05.
However, revenues from the company's operations in the region declined 6% from 2Q06, the company said in a statement.
The sequential decrease was due to "client budget-related activity declines in Mexico," despite increased activity in Colombia, Ecuador, Peru, Trinidad & Tobago and Venezuela. Reduced drilling activity also contributed to the overall revenue decline.
Schlumberger's Latin American and Caribbean pretax operating profit of US$130mn rose 1% sequentially and 41% year-on-year, the statement added.
Company-wide, Schlumberger saw its third quarter bottom line jump 84.9% to US$1bn compared to July-September 2005. Third quarter operating revenue rose 34% to US$4.96bn compared to 3Q05.
In the January-September period, the company posted a US$2.58bn net profit, up 66.8% year-on-year, and operating revenue increased 35% to US$13.9bn.
Visit BNamericas to access our real-time news reports, 7-year archive, Fact File company database, and latest research reports. Click here for a Free two week trial to our Latin America Oil & Gas information service.
- It Takes an Army: Women in Oil, Gas Encouraged to Mentor Others in Industry (Sep 05)
- Schlumberger CEO Warns Transport Constraints To Slow Shale Gains (Sep 04)
- Schlumberger Appoints Shale Innovator Mark Papa to Board (Aug 06)