Schlumberger Earnings Rise With Worldwide Oil Rigs in Service

The world’s largest oil fields service company Schlumberger reported better than expected Q3 earnings Friday. Higher demand for its services and equipment, as producers capitalize on a rebound in crude and natural gas prices.

The world’s largest oil fields service company Schlumberger reported better than expected Q3 earnings Friday. Higher demand for its services and equipment, as producers capitalize on a rebound in crude and natural gas prices.

Schlumberger Vintage

Schlumberger Ltd NYSE: SLB Reported Before Open Friday

$0.39 EPS Beat $0.36 EPS AND $5.8 Bil Missed $5.9 Billion as Forecast in Revenue 

Earnings 

Schlumberger Schlumberger Q3 2021 results before the bell; conference call at 9:30 a.m. ET Projected EPS: 36 cents Projected sales: $5.94 billion

Schlumberger Limited (NYSE:SLB) reported net income of $550 million, or 39 cents per share, for the quarter, edging past Wall Street estimates of 36 cents each, according to Refinitiv IBES. Revenue of $5.8 billion fell short of analysts expectations of $5.9 billion, but was up 11% year-over-year. Excluding charges & credits, net income came in at $514 million, or 36 cents per share, for the three months ended Sept. 30, higher than $228 million, or 16 cents per share, a year earlier.

Global oil prices have climbed nearly 64% since the start of 2021 to over $85 a barrel on the back of a vaccine-fueled demand recovery. The worldwide rig count was 1,448 at the end of the third quarter, compared with 1,019 a year earlier, according to Baker Hughes data.

Schlumberger Ltd NYSE: SLB

Market Reaction Pre-market 34.25 −0.050 (0.15%))

Highlights

“The industry macro fundamentals have visibly strengthened this year, particularly in recent weeks- with demand recovery, oil and gas commodity prices at recent highs, low inventory levels, and encouraging trends in pandemic containment efforts,” Schlumberger Chief Executive Officer Olivier Le Peuch said in a statement, adding he expects those conditions to materially drive investment over the coming years. Rivals Halliburton and Baker Hughes both posted quarterly profit from year-ago losses this week but results were snagged by Hurricane Ida-led disruptions and supply chain woes.

Source: SLB, AlphaStreet

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