Summary Box: Schlumberger 1Q earns up 40 percent

AP News
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Posted: Apr 21, 2011 3:04 PM
Summary Box: Schlumberger 1Q earns up 40 percent

DRILL BABY DRILL: Oil companies have ramped up efforts to find new oil fields as crude prices rise. The price of oil rose 17 percent in first quarter on top of a 14 percent increase in the final three months of 2010.

SERVICES NEEDED: Schlumberger, which provides a variety of equipment and services to the petroleum industry, says it expects to see increased activity in the next six months. That should boost contract prices.

WHO PROFITS: Schlumberger reported net income of $944 million, or 69 cents per share, for the first three months of the year. Rival Halliburton Co. said earlier that first quarter earnings more than doubled to $511 million.