Oct 22 (Reuters) - Top oilfield firm Schlumberger NV
reported a rise in third-quarter adjusted income on Friday,
buoyed by higher demand for its services and equipment, as
producers capitalize on a rebound in crude prices.
Global oil prices have climbed nearly 64% since the
start of 2021 to over $85 a barrel on the back of a
vaccine-fueled demand recovery. The worldwide rig count was
1,448 at the end of the third quarter, compared with 1,019 a
year earlier, according to Baker Hughes data.
"The industry macro fundamentals have visibly strengthened
this year, particularly in recent weeks- with demand recovery,
oil and gas commodity prices at recent highs, low inventory
levels, and encouraging trends in pandemic containment efforts,
Schlumberger Chief Executive Officer Olivier Le Peuch said in a
statement, adding he expects those conditions to materially
drive investment over the coming years.
Schlumberger reported net income of $550 million, or 39
cents per share, for the quarter, edging past Wall Street
estimates of 36 cents each, according to Refinitiv IBES.
Revenues of $5.8 billion fell short of analysts expectations of
$5.9 billion, but were up 11% year-over-year.
Its shares were down 1.11% in pre-market trading to $33.92.
They are up 57.12% year-to-date, outpacing gains in rivals Baker
Hughes and Halliburton.
Oilfield earnings have been mixed for the third quarter.
Halliburton and Baker Hughes both posted
quarterly profit from year-ago losses this week but results were
snagged by Hurricane Ida-led disruptions and supply chain woes.
(Reporting by Arunima Kumar in Bengaluru; Editing by Sriraj