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Schlumberger Gains As Higher Oilfield Activity Returns It To Profit

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By Dhirendra Tripathi

Investing.com – Schlumberger (NYSE:SLB) stock rose 2% in Friday’s trading after the company swung back to profit as higher drilling, construction of more wells and cloud-based services targeted at oil and gas customers boosted revenue.

Schlumberger CEO Olivier Le Peuch cited potential for upside given the right business conditions.

In remarks focused on North America, he said, “. . .we anticipate the growth rate to moderate; however, drilling activity could still surprise to the upside due to private E&P operator spending”.

Rig count grew amid heightened oil drilling in all key geographies including the Middle East and Asia, Europe and Africa, North America and Latin America.

The company bagged orders for construction of new wells and for expansion of capacities at existing ones. New orders also included work to extend the life of producing wells.

Revenue growth of 32% in the company’s digital services outpaced all other divisions.

Net income for the second quarter was $431 million compared to a net loss $3.43 billion. Earnings per share was 30 cents.

Quarterly revenue rose 5% from a year ago to $5.63 billion.

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