Schlumberger Announces 2Q Results

Schlumberger Limited reported 1999 second quarter operating revenue of $2.17 billion was 29 percent below second quarter 1998. Net income was $127 million, 67 percent lower than the same period last year. Oilfield Services revenue decreased 32 percent, while the rig count fell 34 percent. Revenue fell in all the geographic regions and across all Oilfield Services activities. Resource Management Services revenue was down six percent. Test & Transactions revenue was 22 percent lower than in the second quarter of 1998 as Smart Cards & Terminals and Automated Test Equipment (ATE) revenue decreased.