Salem Radio Network News Sunday, May 22, 2022

Business

Schlumberger’s profit rises as higher oil prices spur drilling demand

(Reuters) -Schlumberger NV reported a rise in fourth-quarter profit on Friday, as demand for the company’s oilfield services and related equipment was boosted by producers looking to capitalize on higher crude prices.

Crude prices surged about 50% last year and are currently trading at seven-year highs on the back of a vaccine-fueled demand recovery and tight supplies in the market.

“Absent any further COVID-related disruption, oil demand is expected to exceed pre-pandemic levels before the end of the year and to further strengthen in 2023”, said Olivier Le Peuch, Schlumberger’s chief executive officer.

Worldwide rig counts was 1,563 at the end of the fourth-quarter, compared with 1,104 in 2020, according to Baker Hughes’ data.

The world’s largest oilfield services provider said net income rose to $601 million, or 42 cents per share, for the three months ended Dec. 31, from $374 million, or 27 cents per share, a year earlier.

(Reporting by Arunima Kumar in Bengaluru; Editing by Amy Caren Daniel)

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