PARIS: Schlumberger Ltd. reported first-quarter revenue of $6 billion versus $6.87 billion in the fourth quarter of 2008, and $6.29 billion in the first quarter of 2008. Income from continuing operations attributable to Schlumberger, before charges and credits, was $938 million — a decrease of 25 percent sequentially and 28 percent year-on-year. Diluted earnings-per-share from continuing operations was $0.78, versus $1.03 excluding charges of $0.08 per share in the previous quarter, and $1.06 in the first quarter of 2008.
Oilfield Services revenue of $5.44 billion decreased 13 percent sequentially and 3 percent year-on-year. Pretax segment operating income of $1.26 billion decreased 21 percent sequentially and 16 percent year-on-year.
“The rate of decline in revenue at Oilfield Services accelerated considerably compared to the fourth quarter, largely due to the precipitous drop in the North American natural gas rig count,” said Schlumberger Chairman and CEO Andrew Gould commented.
In the Middle East and Asia revenue of $1.38 billion was 6 percent lower sequentially but 4 percent higher year-on-year.
