Schlumberger's fourth-quarter net income jumped 31 percent, the company reported Friday, as demand for oilfield services surged around the world along with the price of energy.

Oil prices have moved consistently higher since last summer. A barrel of oil now costs more than $90.

The energy industry, after slumping during the recession, is aggressively bumping up production to meet demand and major oil producers need companies Schlumberger to manage drill sites across the globe.

The company's shares have been climbing since last summer as well, and before the market opened Friday, the stock rose nearly 2 percent to $86.80.

Schlumberger has had to grow with major producers and last year spent $11 billion to acquire Smith International Inc.

It was the time that Smith's operations were reflected over an entire quarter and during the past three months, the company contributed revenue of $2.49 billion and pretax operating income of $275 million.

Schlumberger Ltd., based in Houston, earned $1.04 billion, or 76 cents per share, for the final three months of the year. That compares with $795 million, or 65 cents per share, in the year-ago period. Revenue increased 58 percent at $9.07 billion.