Schlumberger Ltd.: The New York-based oil service...

Schlumberger Ltd.: The New York-based oil service company said profit dropped 12% to $126.8 million in the second quarter. The drop in net income resulted from the company’s repurchasing of $1.2 billion in stock last year, the company said, causing a $35-million drop in earned interest. Revenue was down 5% to $1.196 billion.

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