Schlumberger Reports Higher Quarterly Profit as Oilfield Services Demand Recovers

The company's CEO says the industry's "macro fundamentals have visibly strengthened this year."

Liz Hampton and Arunima Kumar, Reuters

Top oilfield firm Schlumberger reported an increase in third-quarter adjusted income on Oct. 22 supported by higher demand for its services and equipment, as producers capitalize on a rebound in crude prices.

Global oil prices have climbed nearly 64% since the start of 2021 to over $85 a barrel on the back of a vaccine-fueled demand recovery. The worldwide rig count was 1,448 at the end of the third quarter, compared with 1,019 a year earlier, according to Baker Hughes data.

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