Schlumberger reports 13% revenue jump in Q2 earnings

Schlumberger (SLB) reported second-quarter earnings that beat analyst estimates for both revenue and profit. The oilfield services giant saw its revenue increase by 13% year-over-year, driven by an 18% surge in international sales during the quarter. The performance has sent Schlumberger's shares higher in Friday's trading session.

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This post was written by Angel Smith

Video Transcript

Solum Burger moving in the opposite direction.

The company beating estimates on both the top and bottom line growth coming from the firm's international segment some a bright spot there here for Schlumberger, that's also what we saw from its rival Halliburton here.

But for Slb that segment sales rising 18% we're seeing a lot of that uh really driving the markets at least instant reaction to this report.

Slummer JSLB is a CEO looking ahead to the second half of the year, we expect ongoing momentum in the international markets.

Also went on to say that beyond 2024 the fundamentals of this cycle remain in place.

So again, the streets encouraged by the results that we got the commentary here that we're getting from executives and again sending the stock up just over 3% matty.

The broader story that we can tell about both of these names at least initially is that we are seeing more international activity and this is coming amid a little bit of a decline in uh domestic shale activity.

That's what we can draw out that we're getting in terms of looking under the hood of both of these earnings print you prints, you are seeing some more of that international demand.

I wanna pull up a quote from SLB CEO saying looking ahead to the second half of the year, we do expect ongoing momentum in international markets.

Beyond 2024 the fundamentals of the cycle will remain in place called the international growth potential, a tail wind for the company.

So it will be interesting to see to what extent that remains to be the case.

SLB is an indicator and kind of a bellwether for the broader oil and gas space.

So this could be an indication of some earnings that we are still anticipating to come and give us a sense of kind of the financial health of the energy sector in particular as we prepare to get some more earnings prints coming in here.