North American Revenue Declines for SLB as International Business Expands

Schlumberger Limited (SLB) reported first-quarter earnings that met analysts’ expectations and revenue that exceeded estimates, although North American sales declined. 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, North American sales saw a 5.9% decrease to $1.60 billion, while international sales rose by 17.9% to $7.06 billion. However, both figures were down approximately 3% from the previous quarter, which CEO Olivier Le Peuch attributed to seasonal factors. Le Peuch also noted that international sales were boosted by the subsea business of its partner, Aker Solutions, with a 10% increase excluding Aker’s 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.