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Schlumberger quarterly profit surges 88%

An oil rigger at a Schlumberger field prepares pipes in Midland, Texas.

Kirk McKoy | Los Angeles Times | Getty Images

An oil rigger at a Schlumberger field prepares pipes in Midland, Texas.

The world’s largest oilfield services provider Schlumberger reported an 88 percent rise in quarterly profit on Friday as rising crude oil prices encouraged its North American clients to ramp up spending.

Net profit attributable to Schlumberger rose to $525 million, or 38 cents per share, in the first quarter ended March 31, from $279 million, or 20 cents per share, a year earlier.

Revenue rose to $7.83 billion from $6.89 billion.


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