Shawshank, VA 7/20/12 (StreetBeat) – Schlumberger Ltd (NYSE:SLB) and Baker Hughes Inc (NYSE:BHI) reported higher-than-expected profits on Friday as revenue significantly increased outside North America. Shares of Baker Hughes shot up 10% after releasing this news.
In June, Baker’s rig count outside North America hit its highest level since 1985 at 1,285 rigs. Schlumberger and Baker, the world’s #1 and #3 oilfield service companies, were enthused by the return of the Gulf of Mexico drilling levels seen before the disastrous spill 2 years ago.
"We are also realizing price improvements as activity ramps up," Baker Hughes Chief Executive Martin Craighead said.
Baker forecasts 8% growth in the international count this year and Schlumberger expects more than 10% growth. Shares of Baker are trading up 10% or $4.29 at $46.04. Schlumberger has increased 2% to $70.01.
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