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© Reuters. File photo: The exterior of the Schlumberger corporate headquarters, taken in the Galleria area of Houston on January 16, 2015. REUTERS/Richard Carson
(Reuters)-Schlumberger NV reported on Friday that its profit increased in the second quarter as a rebound in crude oil prices revived demand for the company’s oilfield services and related equipment.
In the context of vaccine-driven demand recovery and OPEC + production cuts, global crude oil prices rose by 18% in the June quarter and have risen by 42% since the beginning of 2021.
Nonetheless, this recovery is still threatened due to the return of the virus variant infection prompting some parts of the world to adopt new containment measures.
“While the rise of the COVID-19 Delta variant and the return of related disruptions may affect the pace of economic reopening, the industry’s forecast of oil demand reflects expectations of broader vaccine-supported recovery, improved road traffic, and various economic impact Stimulus plan,” Schlumberger (NYSE:) CEO Olivier Le Peuch said in a statement.
The world’s largest oilfield service provider stated that net income for the three months ended June 30 was US$431 million, or 30 cents per share, compared to US$299 million in the first quarter, or 21 US dollars per share. Minute.
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