SOURCE: Industrial Info Resources

October 20, 2008 05:30 ET

Schlumberger Expects to Feel Credit Crunch After Posting 24% Third-Quarter Revenue Increase, an Industrial Info News Alert

SUGAR LAND, TX--(Marketwire - October 20, 2008) - Researched by Industrial Info Resources (Sugar Land, Texas) -- Schlumberger Limited (NYSE:SLB) (Houston) announced on October 17 that its third-quarter 2008 revenue rose 24% to $7.26 billion, compared with $5.93 billion in the same period last year. Net income totaled $1.53 billion, up 13% year over year and 7% over the second quarter. Despite the positive earnings results, Chairman and CEO Andrew Gould said there is uncertainty now because of the current state of the economy. "We have always maintained that the one event that could slow the rate of increase in worldwide exploration and production spending would be a reduction in the demand for oil caused by a several global recession," Gould said. "At the moment, it is still too soon to predict to what extent current events will affect overall activity in 2009, but we anticipate a slowing in the rate of increase of customer spending."

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