By Denny Jacob
Schlumberger posted a sharp drop in profit as decreased activity in certain parts of the world weighed on first-quarter results, likely reflecting much of the uncertainty to start the year by way of global trade policies.
The oilfield-services company logged net income of $797 million, or 58 cents a share, down from $1.07 billion, or 74 cents a share, in the prior-year period.
Stripping out certain one-time charges, earnings came in at 72 cents a share. Analysts polled by FactSet had expected 73 cents a share.
Revenue declined to $8.49 billion from $8.71 billion. Analysts polled by FactSet had expected around $8.6 billion.
Revenue in the reservoir performance and well construction divisions declined year over year, while digital and integrations, and production systems revenue increased over the same period.
Chief Executive Olivier Le Peuch said higher activity in certain parts of the world, including growth in its data center infrastructure solutions and digital business in North America, were more than offset by a sharp slowdown in Mexico, a slow start to the year in Saudi Arabia and offshore Africa, as well as a steep decline in Russia.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
April 25, 2025 07:17 ET (11:17 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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