The rise in revenue came on the back of successes from continuing operations (US$127 million), the one-off income from discontinued operations (US$93 million) and oilfield services (US$2.36 billion). Schlumberger’s pre-tax operating income of US$423 million increased 1% sequentially and 31% year-on-year.
Other areas where the company’s revenue increased were with WesternGeco (US$313 million with pre-tax operating income of US$34 million) and units like Axalto, Electricity Meters North America and Business Continuity, with revenue of US$349 million and pre-tax operating income of US$26 million, and through the sale of SchlumbergerSema and the divestiture of “a number of other non-oilfield businesses” which have resulted in a net debt dropping below US$3billion at the end of the quarter.
In a statement Schlumberger Chairman and CEO Andrew Gould, “First quarter activity was particularly strong in Canada, India, Indonesia, West Africa, and on land in the United States. These gains offset slow activity in Venezuela, the Gulf Coast, and the Caspian. WesternGeco continued to progress due largely to recovery in Multiclient sales in the Gulf of Mexico.”
“The activity confirmed our belief that E&P spending will remain robust in the face of increased demand from China and the United States. While fundamentals for the remainder of the year remain strong, geopolitical and local industry conditions continue to restrict investment and activity in some parts of the world, moderating short-term growth,” added Gould.
