(Reuters) -Schlumberger NV reported a rise in second-quarter profit on Friday, as a rebound in crude prices revived demand for the company’s oilfield services and related equipment.
Global crude prices rose 18% in the June quarter and have climbed 42% since the start of 2021 on the back of a vaccine-fueled demand recovery and output cuts by producer group OPEC+.
Still, this recovery is under threat as a resurgence of infections from virus variants prompts fresh curbs and restrictions in parts of the world.
“While the rise of the COVID-19 Delta variant and resurgence of related disruptions could impact the pace of economic reopening, industry projections of oil demand reflect the anticipation of a wider vaccine-enabled recovery, improving road mobility, and the impact of various economic stimulus programs”, Schlumberger Chief Executive Officer Olivier Le Peuch said in a statement.
The world’s largest oilfield services provider said net income was $431 million, or 30 cents per share, for the three months June 30, compared with $299 million, or 21 cents per share, in the first quarter.
(Reporting by Arunima Kumar in Bengaluru; Editing by Sriraj Kalluvila)
