Schlumberger beats expectations on revenue during second quarter

Global oil field service giant Schlumberger reported nearly $8.3 billion of revenue during the second quarter beating Wall Street expectations.

In an early Friday morning statement, he company reported posting a $492 million profit on nearly $8.3 billion of revenue during the second quarter. The figures translated into earnings per share of 35 cents for stockholders.

The figures fell in line for Wall Street expectations of earnings per share of 35 cents but beat second quarter expectations of $8.1 billion on revenue.

Schlumberger’s earnings were mixed compared to the $430 million profit on $8.3 billion of revenue reported during the second quarter of 2018.

The company’s gains on revenue were lead by overseas activity. Schlumberger’s international activity increased by 8 percent — accounting for $5.5 billion of revenue. North America remained relatively flat with 2 percent growth and $2.8 billion of revenue.

“From a macro perspective, we expect oil market sentiments to remain balanced,” Schlumberger CEO Paal Kibsgaard said in a statement. “The oil demand forecast for 2019 has been reduced slightly on trade war fears and current global geopolitical tensions, but we do not anticipate a change in the structural demand outlook for the mid-term.”

In a separate announcement, Kibsgaard announced that he is retiring and will be succeeded by the company’s chief operating officer Olivier Le Peuch effective Aug. 1.

Founded in 1926 and headquartered in Paris, Schlumberger maintains its U.S. headquarters and its principal offices in Houston.

With more than 100,000 employees in 85 nations, Schlumberger finished 2018 with a $2.2 billion profit on $32.8 billion of revenue — making it the largest oilfield service company in the world.

This article first appeared on the Houston Chronicle – an Energy Voice content partner. For more from the Houston Chronicle click here.

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