Schlumberger’s international revenue grew by 13% in the fourth quarter.
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Schlumberger
stock was dropping Friday, even after the oil-services company reported earnings that topped expectations.
Schlumberger (ticker: SLB) reported adjusted fourth-quarter earnings of 41 cents a share, beating forecasts for 39 cents a share, on sales of $6.22 billion, topping expectations for $6.08 billion.
The company also reported solid full-year earnings of $1.28 a share, in line with consensus. Full-year revenue clocked in at $22.9 billion, slightly above Wall Street estimates of $22.79 billion.
“Looking ahead into 2022, the industry macro fundamentals are very favorable, due to the combination of projected steady demand recovery, an increasingly tight supply market, and supportive oil prices,” said CEO Olivier Le Peuch in a news release.
These factors will result in a step-up in industry capital spending, with potential for double-digit growth in international and North American markets, Le Peuch added. Oil demand is expected to exceed pre-pandemic levels by the end of the year, he said.
North America revenue increased 10% year over year for the fourth quarter, while international revenue grew by 13%, with especially strong growth in Europe and Africa, driven by strong offshore activity and increased digital sales.
Despite the strong results and upbeat guidance, Schlumberger stock was falling 1.6% to $36.47 on Friday. The stock has gained close to 22% this year as oil prices reached seven-year highs.
Write to Sabrina Escobar at [email protected]
