Schlumberger Ltd (SLB.N), the world's largest oilfield services company, reported a drop in quarterly profit on Friday as the pace of drilling activity has slowed globally along with the collapse in oil and gas prices.
The company reported a net profit of $1.15 billion, or 95 cents per share, down from $1.38 billion, or $1.12 per share. Revenue rose to $6.87 billion from $6.25 billion, reported Reuters.
Excluding charges and credits, the Houston-based company posted earnings of $1.24 billion, or $1.03 per share, slightly better than analysts' forecasts for net profit of $1.21 billion, or $1.01 per share, on revenue of $6.84 billion, according to Reuters Estimates.