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Schlumberger beats third quarter profit estimates as oilfield activity picks up
/cloudfront-us-east-2.images.arcpublishing.com/reuters/VT37RLRWLVJO7I5DFJU3Y6FVKI.jpg "Schlumberger beats third quarter profit estimates as oilfield activity picks up")
The exterior of the Schlumberger Corporation headquarters building is pictured in the Galleria neighborhood of Houston, January 16, 2015. REUTERS / Richard Carson
Oct. 22 (Reuters) – Major oil company Schlumberger NV (SLB.N) on Friday reported third-quarter profit higher than Wall Street estimates and echoing a rival’s forecast for a 20% increase in spending North America next year, as producers capitalize on a rebound in crude prices.
Global oil prices have climbed nearly 64% since the start of 2021 to more than $ 85 a barrel thanks to a recovery in demand fueled by vaccines. The number of rigs worldwide was 1,448 at the end of the third quarter, up from 1,019 a year earlier, according to data from Baker Hughes.
“The industry’s macroeconomic fundamentals have visibly strengthened this year, especially in recent weeks – with a pick-up in demand, prices for oil and gas products at recent highs, low inventory levels and encouraging trends in markets. pandemic containment efforts, “said Olivier Le Peuch, CEO of Schlumberger. in a statement, adding that he expects these conditions to significantly stimulate investment in the coming years.
Le Peuch has estimated that capital spending in North America will increase by around 20% next year, in line with a recent forecast by his counterpart Halliburton. He expects international spending to grow in the middle of adolescence.
Schlumberger reported net income of $ 550 million, or 39 cents per share, for the quarter, beating 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 grew 11% year-over-year.
Schlumberger shares fell when the market opened but rallied slightly afterwards and lost 0.85% early in the session to $ 34.01. They are up 55% year-to-date, beating the same-period gains of Baker Hughes (BKR.N) and Halliburton (HAL.N).
Wall Street analysts said the results were positive, indicating improving margins, which exceeded expectations and rose for five consecutive quarters.
“These results are a wonderful breath of fresh air,” analysts at investment firm Tudor, Pickering, Holt & Co. wrote in a note. They called the start of the oilfield earnings season “difficult.” With Halliburton and Baker Hughes’ results caught up in Hurricane Ida disruptions and supply chain issues. Read more
Reporting by Arunima Kumar in Bengaluru and Liz Hampton in Denver; Editing by Sriraj Kalluvila and David Evans
Our standards: Thomson Reuters Trust Principles.
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