Schlumberger 4Q Revenue Beats Estimates Aided by International Growth

By Denny Jacob

Schlumberger logged better-than-expected revenue in the latest quarter, aided by international growth.

The company, which provides technology for drilling, production and processing to the oil and gas industry, logged net income of $1.11 billion, or 77 cents a share, for the fourth quarter ended Dec. 31, up from $1.07 billion, or 74 cents a share, a year earlier. Adjusted earnings were 86 cents a share, above analysts' estimates of 84 cents.

Revenue rose to $8.99 billion from $7.88 billion. Analysts polled by FactSet expected $8.96 billion.

Chief Executive Olivier Le Peuch said the acquired Aker subsea business accounted for about 70% of the sequential revenue growth. He added that international revenue outpaced North America, growing 18% while the latter region was relatively flat, compared to the same quarter last year.

"In the international environment, despite elevated geopolitical tensions in various regions, we do not anticipate a significant impact on the sector's overall activity, absent any escalation," said Le Peuch.

Write to Denny Jacob at [e-mail]

(END) Dow Jones Newswires

January 19, 2024 07:23 ET (12:23 GMT)

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