Schlumberger Surprises Analysts with Strong First-Quarter Earnings and Revenue Growth Despite Decline in North American Sales

Despite a 5.9% decline in North American sales, Schlumberger Limited (SLB) reported first-quarter earnings that exceeded analysts’ expectations and revenue that was up 12.6%. The company posted earnings per share of $0.75 compared to $0.63 in the previous year, with revenue increasing by 12.6% to $8.71 billion.

Despite this growth, international sales saw a 3% decrease from the previous quarter, which CEO Olivier Le Peuch attributed to seasonal factors. However, SLB’s subsea business boosted international sales by 10%, excluding Aker Solutions’ contribution.

Looking ahead, SLB plans to return $7 billion to shareholders over the next two years, with $3 billion targeted for this year and $4 billion scheduled for 2025, supported by the strong performance so far in the year and the expected benefits from its acquisition of oilfield technology firm ChampionX.

At around 3:15 p.m. ET on Friday, SLB shares were trading down 1.8% at $50.04.