SLB North American Revenue Drops While International Business Grows

Oilfield Services Company's Q1 Earnings In Line With Expectations

By
Bill McColl
Bill McColl
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Bill McColl has 25+ years of experience as a senior producer and writer for TV, radio, and digital media leading teams of anchors, reporters, and editors in creating news broadcasts, covering some of the most notable news stories of the time.

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Published April 19, 2024
SLB sign outside of headquarters in Houston

Mark Felix / Bloomberg / Getty Images

Key Takeaways

  • SLB reported revenue that came in better than forecasts, but North American sales declined.
  • The oilfield services company matched earnings per share estimates, while revenue got a boost from an almost 18% gain in its international sales.
  • SLB plans to return $7 billion to shareholders over the next two years.

SLB (SLB) posted first-quarter earnings that were in line with analysts' expectations and revenue that slightly exceeded estimates, but North American sales declined.

The company formerly known as Schlumberger early Friday reported earnings per share of $0.75 versus $0.63 in the year earlier period, while revenue was up 12.6% to $8.71 billion.

North American sales slipped 5.9% to $1.60 billion, while sales from its international operations increased 17.9% to $7.06 billion. Still, both fell about 3% from the fourth quarter, which CEO Olivier Le Peuch blamed on seasonal factors.

Le Peuch added that SLB’s international revenue got a big boost from the subsea business of its partner, Aker Solutions. He noted that excluding Aker’s contribution, international sales gained 10%.

Le Peuch added that because of the strong start to the year, along with the anticipated benefit of SLB’s acquisition of oilfield technology firm ChampionX, the company has targeted returning $3 billion to shareholders this year, and $4 billion in 2025.

SLB shares were down 1.8% at $50.04 at around 3:15 p.m. ET Friday.

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  1. SLB. "SLB Announces First-Quarter 2024 Results, Targeting to Return $7 Billion to Shareholders Over 2024–2025."

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