Earnings: Schlumberger (SLB) Q2 profit rises as revenues grow 20%

Energy giant Schlumberger Limited (NYSE: SLB) on Friday reported higher earnings and revenues for the second quarter of 2022, with all four operating segments registering double-digit growth.

At $6.8 billion, total revenues were up 20% year-over-year. The core Well Construction and Production Systems segments grew 27% and 13% respectively.

The strong top-line growth translated into a 67% increase in adjusted earnings to $0.50 per share. Unadjusted profit more than doubled to $959 million or $0.67 per share. The management expects full-year 2022 capital investment to grow 18% to $2 billion.

Check this space to read management/analysts’ comments on Schlumberger’s Q2 2022 earnings

“The strength of our second-quarter outperformance highlights a firmly established growth inflection and our ability to comprehensively participate in drilling and completion activity growth globally. The multi-year upcycle continues to gain momentum with upstream activity and service pricing steadily increasing both internationally and in North America, resulting in a strengthened outlook for Schlumberger,” said Schlumberger’s CEO Olivier Le Peuch.

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