Schlumberger Limited (SLB) reported strong first-quarter earnings that surpassed analysts’ expectations, with revenue that also exceeded estimates. However, North American sales declined by 5.9%, while international sales rose by 17.9%. Despite this growth, both figures were down approximately 3% from the previous quarter, which CEO Olivier Le Peuch attributed to seasonal factors.
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. Despite the decline in North American sales, SLB’s international business was boosted by the subsea business of its partner Aker Solutions, with a 10% increase excluding Aker’s contribution.
At around 3:15 p.m. ET on Friday, SLB shares were trading down 1.8% at $50.04. Despite this decline in stock price, SLB’s first-quarter earnings showcased its continued growth and strength in the industry.
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