Summary Box: Schlumberger profit up 37.8 percent

AP News
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Posted: Apr 20, 2012 12:38 PM
Summary Box: Schlumberger profit up 37.8 percent

HERE'S THE DRILL: Oil services giant Schlumberger Ltd. said profit jumped almost 38 percent in the first quarter thanks to strong drilling activity in the Gulf of Mexico, North Africa and the Middle East.

ENERGIZED: The Houston company, which provides a host of services for petroleum companies, reported earnings of $1.31 billion, or 97 cents per share. That compares with $944 million, or 69 cents per share, a year ago. Revenue increased 21.7 percent to $10.6 billion.

RECESSION RECEDING: Schlumberger said world oil demand appears to have "stabilized" and the risk of a double-dip recession has declined.