Schlumberger Sees $Multibillion Global Revenue in 3Q

Schlumberger Sees $Multibillion Global Revenue in 3Q
Schlumberger's net income for 3Q came in at $550 million.

Schlumberger (NYSE: SLB) has revealed that the company saw global revenue of $5.84 billion in the third quarter (3Q).

The figure, which included $4.67 billion in international revenue and $1.12 billion in North America revenue, marked a four percent sequential increase and an 11 percent year on year increase, Schlumberger highlighted. The company’s 3Q international revenue was four percent higher sequentially and 11 percent higher year on year and its North America revenue was four percent higher sequentially and nine percent higher year on year.

Schlumberger’s net income for 3Q came in at $550 million, compared to $431 million during the previous quarter and a loss of $82 million compared to year ago figures.

“We started the second half of the year with strong results, delivering another quarter of sequential revenue growth, a fifth consecutive quarter of margin expansion and a solid free cash flow performance,” Schlumberger’s chief executive officer Olivier Le Peuch said in a company statement.

“Revenue growth was led by well construction and reservoir performance, our predominantly service-oriented divisions, delivering quality revenue that more than offset the impact of transitory global supply and logistics constraints in production systems,” he added in the statement.

“International revenue grew 11 percent year on year and is on track to meet our double digit revenue growth ambition for the second half of 2021 compared to the same period last year,” Le Peuch went on to say.

Looking ahead, the Schlumberger CEO said the company anticipates another quarter of growth and expects to close 2021 with strong momentum “that will set the foundation for an exceptional growth cycle”.

“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,” Le Peuch said.

“Absent a recession or pandemic-related setback, these favorable conditions are expected to materially drive investment over the next few years, particularly internationally, and result in exceptional multiyear capital spending growth globally, both on land and offshore,” he added.

According to the latest figures from the World Health Organization (WHO), global Covid-19 cases and deaths have decreased for the last seven consecutive weeks. As of October 25, 10.07am CEST, there have been 242.6 million confirmed Covid-19 cases and 4.9 million deaths, WHO figures show. A total of 6.6 billion vaccine doses have been given, as of October 21, according to WHO.

Schlumberger describes itself as a technology company that partners with customers to access energy. The business has expertise in more than 120 countries and its staff represents more than 160 nationalities, its website shows.

To contact the author, email andreas.exarheas@rigzone.com


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