Oilfield services giant SLB (formerly Schlumberger) saw its net profit jump 83% in the first quarter of 2023, and is showing optimism, buoyed by high oil prices and renewed ambitions from industry majors, according to its results released Friday.
The Houston-based French multinational, which builds wells and markets production equipment and systems for oilfields and offshore platforms, earned a profit of $934 million in the first three months, up 83% compared with the same period last year.
Its revenue was $7.7 billion, up 30% year-over-year, its largest quarterly increase in activity in a decade. “All divisions have grown, whether in North America or in international markets,” said CEO Olivier Le Peuch, “very happy with the start of the year.
He sees “a very solid business outlook for the year as a whole”, citing “the potential for a further rebound in demand in the second half of the year”, the latest decisions by OPEC+ “which are keeping prices at favorable levels”, and the major oil and gas investment decisions recently announced by the major oil companies.
In 2022, the group had gone through a first half marked by an uncertain climate with the outbreak of war in Ukraine and blockages in the supply chains, but the restart of the activity was imposed in the second half.
SLB has thus achieved a net profit of 2022, up 83%, at 3.4 billion dollars for 28.1 billion dollars in sales for the year.
