(Reuters) -Top oilfield services provider Schlumberger Ltd reported a 64.9% jump in third-quarter profit on Friday as a surge in oil prices encouraged drilling activity.
Oil and gas producers are looking to increase production as crude prices stay near eight-year highs, boosting demand for Schlumberger’s equipment, services and technology used to drill oil wells.
The average U.S. oil rig count at September-end climbed to 762 from 508 during the same period last year. The total international rig count was 28% higher at 1,853.
Total revenue rose 28% to $7.48 billion, with international operations bringing in $5.88 billion.
Net income was $907 million, or 63 cents a share, in the three months ended Sept. 30, compared with $550 million, or 39 cents per share, a year ago.
Rival Baker Hughes Co topped Wall Street expectations for third-quarter adjusted profit on Wednesday, also driven by higher drilling activity.
Halliburton Co, the third of the so-called Big 3 oilfield service providers, reports its quarterly results next week.
(Reporting by Ruhi Soni in Bengaluru; Editing by Devika Syamnath)