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Schlumberger Hurt By Reduced Drilling

Schlumberger Ltd, the world's largest oilfield services company, reported a profit that beat analysts' estimates for the tenth straight quarter, but revenue fell short of expectations due to reduced drilling and pricing pressure in Latin America.Schlumberger's revenue from Latin America fell "mainly due to significantly lower activity and pricing in Brazil, coupled with reduced rig count in Mexico due to budgetary spend," the company said in a statement on Thursday.Revenue from the region declined 8 percent to $1.76 billion, the lowest in eight quarters. Latin America accounted for nearly 16 percent of Schlumberger's total sales in the first quarter ended March 31.The company gets almost 70 percent of its revenue from outside North America and is less exposed to the region than rivals Halliburton Co and Baker Hughes Inc.Baker Hughes, the world's third-largest oilfield services company, also posted a 10 percent drop in quarterly revenue from Latin America, but its profit widely beat est...

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