Schlumberger, a provider of oilfield services, raised its projection for the full year on Friday as it posted record-breaking earnings thanks to a global rush for oil and gas.
The largest provider of oilfield services in the world recorded a net income of $959 million for the second quarter, which was more than double the previous year’s level. Increased by one-fifth, revenues of $6.7 billion increased by one-fifth.
According to projections made by S&P Capital IQ, Wall Street was expecting $570 million and $6.2 billion, respectively. However, both sums considerably above these forecasts.
The company’s CEO, Olivier Le Peuch, stated that the quarter “marked a critical inflection point” amidst a strong surge in exploration activity worldwide.
The business raised its full-year sales growth forecast from “mid teens” to “high teens” and stated that it intends to report “at least” $27bn in 2022, compared to $23bn in 2021. New York pre-market trading saw an increase of 2.5% for the stock market.
[embedpost slug=”blackstone-claims-soaring-inflows-but-economic-slowdown”]
“The multiyear upcycle continues to gain momentum with upstream activity and service pricing steadily increasing both internationally and in North America, resulting in a strengthened outlook for Schlumberger,” Le Peuch said.
This week, Schlumberger was the last of the three largest oilfield services companies to announce earnings. In a market that is “all-but sold-out,” rival Halliburton likewise reported a record-breaking quarter thanks to a surge in demand for its services. Baker Hughes struggled, however, due to supply chain difficulties.
