Schlumberger Net Profit Q2 end of June 2011

Schlumberger Net Profit Q2 end of June 2011 ; A ramp-up in global investment in the oil and gas sector, which had been expected to occur in the second half of the year, actually began in earnest in the second quarter which filled the company’s coffers.

Schlumberger Ltd (NYSE: SLB) reported a 64% rise in its second-quarter net income.

Schlumberger's quarterly profit surged to $1.34 billion, or $0.98 per share, from $818 million, or $0.68 per share, in the year-ago period. Schlumberger's earnings from continuing operations came in at $0.87 per share. Its revenue jumped to $9.62 billion from $5.94 billion. However, analysts were expecting earnings of $0.85 per share on revenue of $9.19 billion.

Schlumberger shares rose $2.79, or +3.1%, in premarket trading Friday

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