SLB - Schlumberger enjoyed best Q1 margins since 2015 CEO Le Peuch says

Schlumberger (NYSE:SLB) surges nearly 4% in Friday's trading after Q1 earnings and revenues topped estimates, with CEO Olivier Le Peuch saying the company enjoyed its biggest Q1 margins since 2015 as the broader oil sector heads for its best margins since 2008. The global oil industry likely will experience growth of a "higher magnitude" than originally anticipated, Le Peuch said during Friday's earnings conference call. "As demand continues to strengthen and new investments are committed to diversify energy supply, the duration and scale of this upcycle may potentially prove higher than originally anticipated, absent a setback in the economic recovery," Le Peuch said on the call. Russia's war on Ukraine is prompting an exploration boom as buyers search for alternative crude supplies, the CEO said. "The dislocation of supply flows from Russia will result in increased global investment across geographies and the entire energy value chain to ensure the diversification and

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Schlumberger enjoyed best Q1 margins since 2015, CEO Le Peuch says