Last Update: 18-Jan-13 07:44 ET
Schlumberger shares little changed follownig in line earnings
Schlumberger (SLB $73.40 +0.03) reported fourth quarter earnings of $1.08 per share, excluding non-recurring items, in-line with the Capital IQ consensus of $1.08, while revenues rose 8.5% year/year to $11.17 bln vs the $10.81 bln consensus. "Schlumberger recorded charges of $0.06 per share in the fourth quarter of 2012 versus $0.02 per share in the previous quarter, and $0.06 per share in the fourth quarter of 2011. "We capped the year with revenues of over $42 billion, up by 14%, with the International Areas growing by $4 billion, or 16%, their strongest growth by far since 2008. International grew from robust exploration and development activity, both offshore and in key land markets. In North America, we demonstrated our resiliency from the challenges of the land markets by growing the business by more than $1 billion, or 9%, aided by our strong position in the offshore market, particularly in the US Gulf of Mexico...The world macroeconomic environment remains uncertain while the GDP growth outlook for 2013 remains unchanged. Global oil demand is expected to grow at similar levels to 2012. The supply side will see further growth in North America while other non-OPEC production will likely continue to face delay and decline challenges. Absent any unexpected macroeconomic or geopolitical events, global spare capacity is expected to remain largely unchanged."
Schlumberger (SLB $73.40 +0.03) reported fourth quarter earnings of $1.08 per share, excluding non-recurring items, in-line with the Capital IQ