Schlumberger Q2 Revenues Increase Due to Reservoir Performance and Well Construction

By Dave Sébastien

Schlumberger Ltd. said its revenue for the second quarter increased thanks to reservoir performance and well construction, where it saw activity ramp up beyond the seasonal upturn.

The oil services company on Friday reported net profit attributable to the company of $ 431 million, down from a loss of $ 3.43 billion in the prior year period. Profit was 30 cents per share, compared to a loss of $ 2.47 per share in the same period last year. Analysts polled by FactSet had expected earnings of 26 cents a share.

The company recorded $ 3.72 billion in write-downs and other charges in the quarter of the previous year.

Revenue was $ 5.63 billion, up from $ 5.36 billion a year earlier. Analysts were looking for $ 5.51 billion.

Revenues in North America were $ 1.1 billion and international revenues were $ 4.5 billion.

The company continues to see its international revenues increase by double digits compared to the same period last year, said Chief Executive Officer Olivier Le Peuch.

“While the rise of the Covid-19 Delta variant and the resurgence of associated disruptions could impact the pace of economic reopening, industry projections for oil demand reflect the anticipation of a more recovery. wide through vaccination, improved road mobility and the impact of various economic factors. Stimulus programs, “said Mr. Le Peuch.” In this scenario, we believe that the dynamics of business growth international growth that we experienced in the second quarter will continue as the cyclical recovery unfolds. “

Write to Dave Sebastian at [email protected]

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