Schlumberger second-quarter profit tops estimate; shares up

By Anna Driver HOUSTON (Reuters) - Schlumberger Ltd , the world's largest oilfield services company, posted a better-than-expected jump in quarterly profit on Friday, driven by energy companies' brisk spending on oil and gas exploration. Schlumberger, whose shares rose 2.7 percent in pre-market trading, and others in the sector have benefited from robust demand for their services as energy producers strive to boost output to take advantage of the prolonged rally in crude oil and natural gas prices. Citing customer response to higher prices, Schlumberger Chief Executive Andrew Gould repeated his longer-term view that the global exploration and production spending cycle would stay "stronger for longer." Gould also said uncertainty about the level of drilling for natural gas in North America has been removed as high prices... [read full story]