Schlumberger profit down 28%, sees no pickup until 2010

Apr 24th, 2009 - MarketWatch

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NEW YORK (MarketWatch) - Oil services giant Schlumberger on Friday reported a 28% decline in net income partly because of a drop in the number of drilling rigs in operation, making it the latest in a series of energy related companies to see earnings hurt by the economic slowdown.

Shares of Schlumberger moved up 8% to $50.12, breaking through the $50 barrier for the first time this year, as investors reacted to the earnings, which topped expectations.

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