The 2020 Mid-Year Economic Update_long

Schlumberger Sales Up 5.3% in Fourth Quarter

Profit decreased 3.7 percent to $1.4 billion.

Oil and gas supplier Schlumberger Ltd. (NYSE:SLB), Houston, TX, reported sales for the fourth quarter of $11.2 billion, an increase of 5.3 percent compared to the same period a year ago.  Profit decreased 3.7 percent to $1.4 billion.

For the full year, sales were $42.1 billion, an increase of 14 percent compared to the prior year. Profit increased 10.4 percent to $5.5 billion.

"Significant revenue growth was recorded in the Latin America and Middle East & Asia Areas … Revenue declined by 1 percent in the Europe/CIS/Africa Area which also saw decreased margins from the seasonal slow-downs in the North Sea and Russia combined with contract delays in North Africa," said Schlumberger CEO Paal Kibsgaard.

"In North America, deepwater drilling operations drove strong activity and excellent performance in the US Gulf of Mexico where results more than offset lower drilling activity and the impact of lower pricing in US land for hydraulic fracturing," he said.

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