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Schlumberger (SLB) - Get Schlumberger NV 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.

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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.

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