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Global crude prices hovered above $100 per barrel in the quarter, fueled by tight supplies following sanctions on major producer Russia and energy consumption returning to near pre-pandemic levels.
Schlumberger’s results round off a mixed quarter from the world’s largest oilfield service providers. While Baker Hughes warned that the demand outlook for the next 12 to 18 months is “deteriorating”, Halliburton (NYSE:HAL) Co predicted “multiple years” of increased activity.
Schlumberger said revenue for 2022 is expected to rise in the high-teens, which translates to at least $27 billion.
The company posted a net income of $959 million, or 67 cents per share, for the three months ended June 30, compared with $431 million, or 30 cents per share, a year earlier.
Schlumberger’s shares rose 2.7% to $34.52 in premarket trading.
