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Investing.com - SLB has posted second-quarter results that were above consensus estimates, as the oilfield services group was boosted by growth at its digital platforms that helped offset lower sales of exploration data.
Adjusted earnings per share came in at $0.74 for the quarter, down from $0.85 in the prior three-month period, but above Bloomberg consensus expectations of $0.73.
Revenues also slipped by 6.5% to $8.55 billion, topping projections of $8.48 billion.
In a statement, CEO Olivier Le Peuch said the returns demonstrated SLB’s resilience to headwinds from softer upstream spending and broader economic uncertainty.
Le Peuch added that commodity prices have remained "range bound" despite "the market [...] navigating several dynamics -- including fully supplied oil markets, OPEC+ supply releases, ongoing trade negotiations and geopolitical conflicts."
Last month, Le Peuch said at an event that SLB was anticipating its earnings would be dented by weaker drilling activity in Saudi Arabia and Latin America. Several rigs in Saudi had been demobilized and operations paused at the country’s Jafurah unconvential gas field, while short-cycle work in Latin America was down.
However, Le Peuch said on Friday that SLB’s broad exposure "across geographies and business lines" had enabled it to overcome the impact of regional slowdowns. International revenue ticked up by a sequential 2%.
SLB also intends to increase its exposure to the "less cyclical and growing production and recovery space" via its $8 billion acquisition of ChampionX, which closed on Wednesday.
Shares of SLB were higher by more than 1% in premarket U.S. trading.