Schlumberger Says U.S. Shale Making 'Rapid' Return as Global Oil Market Revitalized
Schlumberger (SLB) - Get Report reported earnings Friday that beat analysts' estimates, with quarterly revenue up 27% year over year on a huge 68% increase in fracking revenue since the first quarter.
The oilfield services provider said it revitalized idled oil-drilling equipment in North America as the industry rushed back into shale on a global oil recovery. Oil prices rose 5% year over year in the second quarter.
Schlumberger's offshore drilling in the Gulf of Mexico was weaker than other businesses, but U.S. land revenue grew 42% sequentially as the industry increased its overall rig count.
The world's largest supplier of drilling equipment and software, Schlumberger thinks international oil markets will follow North America's "robust outlook."
Schlumberger reported EPS of 35 cents, beating FactSet analyst expectations of 30 cents and increasing 52% from the same time last year. The company's stock traded up at midday.
Schlumberger is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells SLB? Learn more now.
More of What's Trending on TheStreet:
- History Doesn't Always Repeat, and Keep Tech in Your Portfolio: Market Recon
- The 5 FANG Stocks of the Dotcom Era -- and Where They Are Now
- Bored With Cream and Sugar? You Can Now Add Weed to Your Morning Joe
- Consuelo Mack: There Are Many More Women Getting Into Financial Journalism
- BMW Has One of the 10 Hot New Luxury Cars Priced Over $100,000 That You Could Buy Today
- Quiz: Which Company Makes Your Favorite Junk Food?
