• 4 minutes Energy Armageddon
  • 6 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 12 minutes "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 3 hours Is Europe heading for winter of discontent with extensive gas shortages?
  • 2 days Wind droughts
  • 6 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 2 hours Kazakhstan Is Defying Russia and Has the Support of China. China is Using Russia's Weakness to Expand Its Own Influence.
  • 12 hours ""Green" Energy Is a Scam. It Isn't MEANT to Work." - By James Corbett of The Corbett Report
  • 4 days Oil Prices Fall After Fed Raises Rates
  • 6 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 12 days "Russian oil executive and Putin critic Ravil Maganov dead after mysterious six-story fall" - The New York Post
  • 3 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 9 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
  • 12 days The Federal Reserve and Money...Aspects which are not widely known
  • 13 days How Far Have We Really Gotten With Alternative Energy

Breaking News:

Gasoline Draw Sends Oil Prices Higher

Maduro: Venezuela Is Ready To Send Its Oil To The World

Maduro: Venezuela Is Ready To Send Its Oil To The World

Venezuela is ready to recommence…

Oil Prices Dip As Inventories Build Across The Board

Oil Prices Dip As Inventories Build Across The Board

Crude prices fell slightly after…

Oil Prices Fall As Rail Strike Fears Fade

Oil Prices Fall As Rail Strike Fears Fade

Oil prices fell on Thursday…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

World’s Top Oilfield Service Provider Raises Earnings Outlook

  • Schlumberger reported higher-than-expected profits in its latest earnings report.
  • The oilfield service giant is now raising 2022 revenue and earnings outlook as drilling activity rebounds.
  • “The multiyear upcycle continues to gain momentum with upstream activity and service pricing steadily increasing,” said Schlumberger chief Olivier Le Peuch.

Schlumberger (NYSE: SLB) reported on Friday higher-than-expected profit for the second quarter as drilling activity rebounded in all markets, prompting the world’s largest oilfield service provider to raise its 2022 revenue and earnings outlook as “the multiyear upcycle continues to gain momentum.”    Schlumberger booked earnings per share (EPS), excluding charges and credits, of $0.50 for the second quarter, up by 47% sequentially and 67% year on year. This past quarter’s EPS were higher than the $0.40 EPS average analyst estimate compiled by The Wall Street Journal.

Schlumberger’s shares rose by 2.26% pre-market after the higher-than-expected earnings and revenue and the raised outlook for the full year. 

For Q2, Schlumberger reported revenues of $6.8 billion, up by 14% sequentially and 20% year on year. 

“As a result of this performance and based on our updated outlook for the remainder of the year, 2022 year-on-year revenue growth is now expected to be in the high-teens which translates to full-year revenue of at least $27 billion,” Schlumberger CEO Olivier Le Peuch said. 

“We expect this higher revenue to result in earnings that exceed our previous expectations, given our ambition to exit the year with adjusted EBITDA margins 200 basis points higher than in the fourth quarter of 2021,” Le Peuch added. 

“The multiyear upcycle continues to gain momentum with upstream activity and service pricing steadily increasing both internationally and in North America, resulting in a strengthened outlook for Schlumberger,” the executive said.

Related: The Commodities To Benefit From China’s Stimulus Plan

Commenting on the oil market and drilling activity prospects, Le Peuch said, “Despite near-term concerns over a global economic slowdown, the combination of energy security, favorable break-even prices, and the urgency to grow oil and gas production capacity is expected to continue to support strong upstream E&P spending growth. Consequently, we are witnessing a decoupling of upstream spending from near-term demand volatility, resulting in resilient global oil and gas activity growth in 2022 and beyond.” 

Schlumberger was the last of the three biggest oilfield service providers reporting Q2 earnings. Earlier this week, Baker Hughes (NASDAQ: BKR) flagged “mixed results” due to supply-chain inflation and revenue losses from the suspension of its operations in Russia. Baker Hughes sees the oil market facing “an unusual set of circumstances and challenges” for the rest of this year and into next year, Baker Hughes chairman and CEO Lorenzo Simonelli said. 

Halliburton (NYSE: HAL) opened the oil and gas industry’s earnings season on Tuesday, reporting a 41-percent surge in its second-quarter adjusted net income amid growing drilling activity both in North America and in international markets, and saying it expects international markets to see “multiple years of growth.”   

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com

Download The Free Oilprice App Today

Back to homepage

Leave a comment
  • George Doolittle on July 22 2022 said:
    Certainly better run than $t AT&T would be an understatement.

    Even $ge General Electric was up today.

    Long $slb Slumberger strong buy as borrowing costs suddenly start looking much more favorable for the first time all Year 2022.

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News