Schlumberger's profit rises as higher oil prices spur drilling demand

Schlumberger NV reported a rise in fourth-quarter profit Friday, as demand for the company's oilfield services and related equipment was boosted by producers looking to capitalize on higher crude prices.

The world's largest oilfield services provider said net income rose to $601 million, or 42 cents per share, for the three months ended Dec. 31, from $374 million, or 27 cents per share, a year earlier.