SLB’s quarterly earnings, reported on Friday, outstripped market expectations, as a rebound in offshore and international drilling activity heightened demand for its oilfield services and equipment.
However, the company joined its competitors Halliburton and Baker Hughes in projecting lukewarm North American activity.
Total revenue was reported at $8.1 billion in the three months to June 30th, which compared with market consensus of $8.2 billion.
International revenue, which accounts for more than 70% of SLB’s total, went up 21% year-on-year to $6.3 billion during the latest quarter.
Revenue from North American operations rose 14% year-on-year to $1.75 billion.
“To date, the year is playing out largely how the company expected with a more muted outlook for North America and overall profit margins picking up in Q2 through pricing power, technology adoption, and strength in key international markets,” Peter McNally, analyst at research firm Third Bridge, was quoted as saying by Reuters.
Excluding special items, the company earned $0.72 per share during the three months ending June 30th.
Analysts on average had expected adjusted earnings of $0.71 per share.
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