SLB’s Boost in International Sales Drives Revenue Surprise, Despite Decline in North American Sales

In the first quarter, SLB reported revenue that exceeded forecasts, but North American sales experienced a decline. Despite this, the oilfield services company met earnings per share estimates. The boost 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.

Despite experiencing a decline in North American sales, SLB has reported revenue that exceeded forecasts in the first quarter due to an almost 18% increase in international sales. The company plans to return $7 billion to shareholders over the next two years and has already committed to 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. CEO Olivier Le Peuch attributed both figures being lower than the previous quarter to seasonal factors but acknowledged that SLB’s international revenue received a boost from Aker Solutions’ subsea business, which contributed significantly