SLB - Schlumberger says it 'had an exciting start to the year' after Q1 earnings

2024-04-19 07:55:12 ET

Schlumberger NV (NYSE: SLB) is trading slightly down on Friday after reporting roughly in line financial results for its first quarter.

Schlumberger remains committed to shareholder returns

The oilfield services company also reiterated its guidance for mid-teens growth in EBITDA this year.

now plans on returning about $3.0 billion to shareholders in 2024 and another $4.0 billion in 2025. Olivier Le Peuch – its chief executive said in a press release today:

Oil and gas industry continues to benefit from strong market fundamentals driven by a growing demand outlook. We expect operators to increase investments in production and reservoir recovery.

The New York listed firm approved 27.5 cents a share of quarterly cash dividend as well on Friday. Schlumberger stock is down about 10% versus its year-to-date high at writing.

Notable figures in Schlumberger Q1 earnings release

• Earned $1.06 billion versus the year-ago $934 million
• Per-share earnings also improved from 65 cents to 74 cents
• Adjusted EPS printed at 75 cents as per the earnings report
• Revenue popped 13% year-over-year to $8.707 billion
• Consensus was 75 cents a share on $8.69 billion in revenue

Earlier this month, Schlumberger said it will buy ChampionX Corp for nearly $8.0 billion. CEO Olivier Le Peach also said on Friday:

We have had an exciting start to the year with announced agreement to acquire ChampionX which will bolster our production and recovery portfolio. We also continued our growth momentum.

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