SLB exceeds revenue forecasts, but North American sales decline in first quarter

SLB reported revenue in the first quarter that surpassed forecasts, but North American sales experienced a decline. Despite this, the oilfield services company met earnings per share estimates. The increase in revenue was driven by an almost 18% increase in international sales.

SLB plans to return $7 billion to shareholders over the next two years. This includes returning $3 billion this year and $4 billion in 2025 following a strong start to the year and the anticipated benefits of acquiring oilfield technology firm ChampionX.

While North American sales decreased by 5.9% to $1.60 billion, international sales saw a significant increase of 17.9% to $7.06 billion. However, both figures were lower than the previous quarter, which CEO Olivier Le Peuch attributed to seasonal factors. Le Peuch also acknowledged that SLB’s international revenue received a boost from Aker Solutions’ subsea business, which contributed to a 10% increase in international sales when excluding Aker’s contribution.

As of 3:15 p.m. ET on Friday, SLB’s shares were down 1.8% at $50.04.