Schlumberger Ltd (SLB.N) had an apparent boost in its earnings as it was lifted by resilient North American drilling activity as evidenced by its posting of their profit for the third quarter that had estimates beat for at least the ninth consecutive quarter.
The company stated that profits from operations in the United States gained 18 percent to $4.26 billion in the quarter, responsible for a third of total income as Schlumberger is well-known as being a provider of drilling equipment and technology and offers oil and natural gas companies much needed construction services and seismic surveys.
It is remarkable that this trend occurred despite that among the big four oilfield service providers that includes Halliburton Co.(HAL.N), Baker Hughes Inc (BHI.N) and Weatherford International Plc (WFT.N), the company has the lowest exposure to the North American market.
More surprising is that the international business of the company proved its resiliency as it has beaten the sanctions against Russia and “significant headwinds” in Northern Iraq as shown by the rise of the company’s revenue to 5 percent to $8.31 billion.
In August, Schlumberger, which jointly drills with Rosneft (ROSN.MM) warned that the third quarter revenue of the company will be hampered by as much as 3 cents per share as the sanctions against Russia were being implemented
The company’s shares went up to around 1.5 percent to $92 in aftermarket trading, prior however, at the end of the trading day, the shares closed up at 1.6 percent at $90.64 on the New York Stock Exchange.