Schlumberger Beats Analysts' Estimates as Oil Market Turns Up

(Bloomberg) -- Schlumberger Ltd. surpassed fourth-quarter profit expectations as the oilfield-services sector emerged from its worst downturn in almost a decade.

Excluding certain items, Schlumberger reported profit of 48 cents a share, according to a statement Friday, better than the 44-cent average of 33 analysts’ estimates compiled by Bloomberg.

Schlumberger is the first oil-services provider to report fourth-quarter earnings. Halliburton Co., the top supplier of fracking equipment and workers, is scheduled to report results on Jan. 22. The Philadelphia Oil Service Sector Index that includes Schlumberger and Halliburton closed 2017 at its lowest end-of-year level since 2008.

To contact the reporter on this story: David Wethe in Houston at dwethe@bloomberg.net.

To contact the editors responsible for this story: Reg Gale at rgale5@bloomberg.net, Joe Carroll

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