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REFILE-Schlumberger's profit weighed down by weak drilling in N. America
April 19, 2013 / 10:07 AM / 4 years ago

REFILE-Schlumberger's profit weighed down by weak drilling in N. America

April 19 (Reuters) - Schlumberger Ltd, the world’s largest oilfield services company, reported a 3 percent dip in quarterly profit on sluggish North American gas drilling.

Natural gas-directed drilling in the United States has slowed down last year due to weak prices. Although natural gas prices rose 15 percent in the first quarter, drilling has not bounced back as gas producers have trimmed their exploration budgets for 2013.

Net income fell to $1.26 billion, or 94 cents per share, for the quarter ended March 31 from $1.3 billion, or 97 cents per share, a year earlier.

Revenue increased nearly 8 percent to 10.67 billion.

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