This summary is based on the third quarter fiscal 2007 earnings call conducted by Schlumberger Ltd. (SLB: chart) on October 19, 2007.

Management:

Vice President of Investor Relations: Malcolm Theobald
Chairman, Chief Executive Officer: Andrew Gould
Chief Financial Officer, Executive Vice President, Treasurer: Simon Ayat

Key Investors Issues

- Total revenue increased 19.8% to $5.93 billion.
- The firm bought back 3.1 million shares, for $293 million.
- The company was awarded a contract for more than 400 electrical-submersible pump systems.

Year-to-Date Highlights

- Revenues were up 22% to $17 billion from $13.9 billion in the prior year.
- Net income increased 47% to $3.8 billion.
- EPS was up 47% from $2.09 to $3.08.

Third Quarter Highlights

Net income reached $1.35 billion, or $1.09 per share, up 35% from $999.8 million, or 81 cents a share in 2006, on strong revenue growth from WesternGeco and Oilfields, up 20% and 19% to $794 million and $5.13 billion, respectively.

- North America margin declined to 26.9%, due to weather-related disruption in the Gulf of Mexico, the continued erosion of pressure pumping stimulation pricing on land in the US, and a reduction of exploration activity in the Alaska, partly compensated by re-bound in Canada after the second quarter Spring break-up.
- Latin America margin increased 23.7%, reflecting the improved margins in the Mexico and Central America, and Peru, Colombia, Equador geomarkets.
- The improvement in the Mexico and Central America geomarket was a result of the continued ram-up of the new IPM projects that more than off-set the project’s start-up costs.
- For ECA, the Europe CIS Africa area, margin improved with margins of 29.2% from Russia which experienced a seasonal high off-shore settling, and on-land in eastern Siberia.

Middle-East Asia increased to 35.7%, following improvements in the China, Japan, Korea, Australia and New Zealand, Papua New Guinea and Indonesia geomarkets, with continued exploration activity.

- Marine margins improved with introduction of the vessel, higher utilization following the seasonal transit and dry docks in the previous quarter, and better prices.
- Data processing also improved as a result of increased activity associated with the marine operations and this was partly off-set by slower multi-client sales, mainly in North America.
- Net debt was $1.7 billion, and included $293 million for a stock buy-back program, capital expenditure including multi-client of $790 million, and funding of the US pension by an additional $150 million.
- Capital expenditure, excluding $72 million of multi-client surveys capitalized, was $718 million and is expected to reach $3 billion for the full year.
- The firm bought back 3.1 million shares, for $293 million, at an average price of $93.62 bringing the total share buy-back under the 40 million shares re-purchase program to 24.1 million shares for $1.6 billion.

Total revenue increased 19.8% from $4.95 billion in 2006 to $5.93 billion driven by international activity across a number of geomarkets.

- In North America, activity increased in Canada, but this was off-set by weaker pricing for pressure pumping on land in the US, and by a sharp revenue drop in the Gulf of Mexico, due to the departure of several rigs to overseas locations, and a loss of 15 operating days, due to weather.
- Among the technology, growth was strongest at WesternGeco, as the segment recovered by dry docks and vessel transits.
- In other technologies, growth was led by robust IPM activity and by demand for Wireline and Drilling and Measurements services, particularly in overseas markets.

Business Segment Highlights:

- At WesternGeco operating income was up 32% to $306 million as marine acquisition revenues increased through higher vessel utilization, following the seasonal transits and scheduled dry dock inspections seen in the prior quarter.
- Strong demand for marine seismic also led to improved pricing for both conventional and Q-marine surveys.
- Data processing increased, driven primarily by higher sales in Europe, North America and Asia, while land activity remained flat and multi-client declined.
- Shanghai Petroleum Co., Ltd. awarded the company the first Q-Marine acquisition survey in China, which was completed in August using the vessel Geco Searcher to cover an area of more than 380 sq km.

In Mexico, Pemex awarded an integrated Q-Marine acquisition and processing survey covering 7,050 sq km of the Temoa field.

- In Africa, Petrobras awarded the firm an integrated Q-Marine acquisition and processing survey to cover 1,200 sq km in Angola Block 6.
- The unit recently completed a 1,100 sq km 3D land seismic acquisition project for Abu Dhabi National Oil Company in South East Abu Dhabi.
- The firm acquired a minority interest in PetroMarker, a Norwegian-based developer of marine electromagnetics measurements and interpretation technology.
- In the US Gulf of Mexico, the firm announced the expansion of the E-Octopus wide-azimuth towed streamer survey with the fourth and fifth phases scheduled to commence in January 2008.
- As part of the E-Octopus survey, the firm has developed the first onboard prestack wave-extrapolation (WEM) depth migration using proprietary Q-Xpress techniques to provide quick-look migrated data volumes for interpretation, quality control, illumination, and to meet in-fill acquisition requirements.

- In Oilfield Services operating income was up 23% to $1.51 billion as a result of strong revenue growth across all regions.
- Advanced technology uptake continued as demand for new Wireline technologies was driven by the need for more accurate formation evaluation.
- New Wireline Scanner deployments included high pressure, high-temperature applications in the US Gulf of Mexico, used for thin-bed and laminated-sand analysis in the US and West Africa, and for evaluation of additional natural gas production in Mexico.
- Total jobs run with Scanner technology now exceed 1,500 worldwide, with more than 300 tools deployed.
- Drilling & Measurements Scope services also continued their worldwide expansion with PeriScope imaging, while drilling jobs in China and TeleScope high-speed telemetry in combination with StethoScope formation pressure while drilling operations in Qatar, Brunei and the US Gulf of Mexico.

Regional Performance: