Global drilling rebound drives Schlumberger higher in Q3
Oilfield services (OFS) giant Schlumberger said October 21 strong international demand for drilling and completion services drove a 65% year-on-year increase in Q3 2022 net income and a 28% rise in revenue.
Global net income rose to $907mn from $550mn in Q3 2021, although profits were down 5% sequentially from Q2 2022. Revenue increased to $7.5bn from $5.8bn, Schlumberger said.
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International activity paced growth in the quarter, with revenue climbing 26% year-on-year, to $5.9bn. Revenue from North American operations was flat sequentially, at $1.5bn, but up 37% from Q3 2021.
“The second half of the year is off to a great start with strong third-quarter results that reflect the acceleration of international momentum and solid execution across our divisions and areas,” CEO Olivier Le Peuch said. “Sequentially, we delivered another quarter of double-digit revenue growth and margin expansion, as the pace of growth in our international business stepped up significantly, complementing already robust levels of activity in North America.”
Cash flow from operations in Q3 was $1.6bn, while free cash flow was $1.06bn.