SLB, the oil field services and equipment company, announced Q1 earnings that exceeded Wall Street estimates. The company formerly known as Schlumberger reported an 85% increase in earnings per share to $0.63 and a 30% increase in revenue to $7.74 billion. The growth in revenue was driven by strong increases in international and North American revenue, which rose by 29% and 32%, respectively. Olivier le Peuch, the CEO of SLB, announced that revenue growth had exceeded rig count growth in both North America and internationally, signifying the highest year-on-year quarterly growth in over a decade.
Le Puech also remarked that there is a more widespread recognition of the positive long-term demand outlook for oil and gas, and the potential for a stronger demand rebound in the second half of the year. In the coming years, SLB expects to see a record level of upstream investment in the Middle East.
