Jul 22, 2011
Schlumberger Limited (NYSE:SLB) reported Q2 EPS of $0.87 ex-items better than analyst expectations of $0.85. Revenues for the quarter rose 62% year-over-year to $9.62 billion better than the $9.17 billion consensus estimates.
Schlumberger Chairman and CEO Andrew Gould commented, "Second-quarter results showed strong growth worldwide. All Product Groups grew at double-digit rates. In North America, a prolonged Canadian spring break-up and poor weather in the northwest were offset by very strong growth in the rest of US land and a significant contribution from deepwater operations as the rig count increased and renewed interest in exploration activity in the Gulf of Mexico led to high multiclient seismic data sales."
Schlumberger (NYSE:SLB) has a potential upside of 20.9% based on a current price of $90.96 and an average consensus analyst price target of $110.
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