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Schlumberger 4Q profit falls in seasonal slowdown

Published on NewsOK Modified: January 18, 2013 at 5:57 am •  Published: January 18, 2013

HOUSTON (AP) — Schlumberger's fourth-quarter net income fell 4 percent, pressured by seasonal slowdowns, contract delays and project startup costs.

The world's biggest oilfield service company said Friday that 2013's global oil demand is expected to climb at similar levels to a year ago.

For the period ended Dec. 31, Schlumberger Ltd. earned $1.36 billion, or $1.02 per share, down from $1.41 billion, or $1.05 per share, a year earlier.

Stripping out charges and credits, earnings were $1.08 per share. This met the expectations of analysts surveyed by FactSet.

Revenue rose 8 percent to $11.17 billion from $10.3 billion, helped by strength internationally and tight service capacity for some product lines. The performance beat the $10.81 billion that Wall Street forecast.

Full-year net income increased 10 percent to $5.49 billion, or $4.10 per share. In the prior year the company earned $5 billion, or $3.67 per share. Annual revenue climbed 14 percent to $42.15 billion from $36.96 billion.

Its shares finished at $73.37 on Thursday.