Oilfield firm SLB beats Wall St. estimates for fourth-quarter profit

SLB had benefited from increased oil drilling and production activity in North America last year. The top oilfield services firm said revenue from North America rose 27% to $1.63 billion in the reported quarter.

Average North America rig count, an early indicator of future output, for Oct-Dec 2022 quarter, rose to 965 from 720 a year earlier, according to data from Baker Hughes. Average international rig count for the quarter stood at 1,872, nearly 22% higher from the previous year.

“Looking ahead, we believe the macro backdrop and market fundamentals that underpin a strong multi-year upcycle for energy remain very compelling in oil and gas and in low-carbon energy resource,” Olivier Le Peuch, SLB’s Chief Executive Officer, said.

Formerly called Schlumberger, the top oilfield services firm’s net income excluding items stood at $1.03 billion, or 71 cents per share, for the three months ended Dec. 31, compared with analysts’ estimate of 68 cents per share, according to Refinitiv data.