Schlumberger Limited reported today 2003 operating revenue of $13.9 billion versus $13.1 billion in 2002.
Income from continuing operations, before credits and charges, of $913 million was 32% higher than last year with diluted earnings per share of $1.56 versus $1.20 in 2002. Income from continuing operations, including credits and charges, was $473 million representing diluted earnings per share of $0.82. Net income was $383 million or $0.67 per share.
Fourth Quarter Results
Fourth quarter operating revenue of $3.67 billion was 10% above fourth quarter 2002 and 6% above the prior quarter. Net income from continuing operations before credits and charges was $295 million, 95% above 2002 and 23% above the prior quarter. Diluted earnings per share from continuing operations, excluding credits and charges, of $0.50 increased 92% versus the same period last year and 22% sequentially. Including a net charge of $61 million ($0.10 per share) for the write-down of an investment partially offset by the gain on the sale of a note, the earnings per share from continuing operations was $0.40.
Discontinued operations recorded a loss of $57 million ($0.10 per share) in the quarter. Net income was $177 million ($0.30 per share).
Oilfield Services revenue of $2.31 billion increased 12% versus the same period last year and 3% sequentially. Pretax operating income of $420 million grew 48% year-on-year and 5% sequentially.
WesternGeco revenue of $308 million was 17% higher sequentially, but 7% lower compared to the same period last year. Pretax operating income of $32 million improved $69 million sequentially, and $26 million year-on-year.
SchlumbergerSema revenue improved 12% to $721 million sequentially and 16% year-on-year. Pretax operating income of $31 million increased 86% sequentially and 26% year-on-year.
Within Other activities, Cards revenue of $206 million increased 6% versus the same period last year and 2% sequentially, while pretax operating income of $27 million grew 36% year-on-year and 21% sequentially.
For more details on Schlumberger’s fourth quarter results visit CardData ([www.carddata.com]).