Schlumberger Announces 4Q and 1998 Results

Schlumberger Limited reported operating revenue for 1998 of $11.82 billion, an increase of two percent over 1997. Before the third quarter charge, net income was $1.39 billion, one percent higher than 1997. Fourth quarter net income of $278 million was 30 percent lower than the fourth quarter of 1997. Operating revenue of $2.78 billion was 12 percent below the same period in 1997. Chairman and CEO Euan Baird said, "The weakening in E&P spending provoked by the flattening of demand in 1998 will continue well into this year. We expect falling non-OPEC supply due to the decreased expenditure, coupled with a recovery in the Asian oil demand, will produce higher oil prices and oilfield services activity in early 2000."