Schlumberger CEO:Expects 'Marked' Increase In Oil Demand In 2011 |
NASDAQ - Jan 21, 2011 |
Schlumberger Ltd. (SLB) Chief Executive Andrew Gould said Friday that an increase in global oil demand this year should propel growth in deepwater drilling around the world, the revival of onshore oil patches where activity has been weak and the export from North America of techniques used to cull energy from unconventional sources.
"Oil prices have moved into a range that encourages continued investment, particularly in exploration," Gould told investors during a conference call to discuss the oilfield service company's fourth-quarter results.
Schlumberger earnings rose 31% in the quarter to $1.04 billion, or 76 cents a share, from $795 million, or 65 cents a share.
After seeing significant gains in pre-market trading, shares of Schlumberger recently traded down 75 cents, or 0.86% at 84.55.
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- Posted: 2011-01-21 11:11:55
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