SLB kicks off oilfield services earnings with fourth-quarter profit beat

SLB beat analysts' estimates for quarterly profit on Friday as resilient offshore and overseas drilling activity buoyed demand for its oilfield services and equipment.
 

Energy firms reinvested record profits generated in 2022 to boost production and find new deposits offshore and in international markets, fueling demand for services such as drilling, well construction and completion offered by SLB.
 

International rig count, an indicator of future production, stood at 948 on average in 2023, 11.4 per cent higher than the previous year, while U.S. rig count fell 4.4 per cent to 689, according to Baker Hughes data.
 

Revenue from International rose 18 per cent to $7.29 billion in the reported quarter while North America remained flat.
 

The company, formerly called Schlumberger, reported net income, excluding charges and credits, of 86 cents per share, for the three months ended Dec. 31, compared with analysts' average estimate of 84 cents per share, according to LSEG data.