Schlumberger Limited (NYSE:SLB) early Friday posted mixed first quarter earnings results, as the oil & gas industry continues its slow recovery from its biggest decline in history.
The Houston-based oilfield services provider reported Q1 earnings per share (EPS) of $0.25, which was in-line with the Wall Street consensus estimate of $0.25.
Revenues rose 5.7% from last year to $6.89 billion, missing analysts’ view for $6.98 billion, however.
North America revenues rose amid higher shale activity, while offshore activity declined. SLB’s Drilling Group revenue fell 1% sequentially to $2.0 billion, hurt by pricing pressures overseas.
The company commented via press release:
“As we begin the recovery from one of the deepest downturns on record, we see four areas as critical for the industry to restore its strength and advance its capabilities. They are—the need for higher E&P spending to meet growing hydrocarbon demand over the coming years; the need to protect and encourage investments in R&E throughout the entire oil and gas value chain; the need for new business models that foster closer technical collaboration and commercial alignment between operators and suppliers; and the need for broader and more integrated technology platforms that combine hardware, software, data, and expertise.”
Schlumberger Limited shares rose $0.23 (+0.30%) in premarket trading Friday. Year-to-date, SLB has declined -8.30%, versus a 5.74% rise in the benchmark S&P 500 index during the same period.
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