SLB’s Strong Start to the Year Despite declining North American sales and Seasonal Factors

SLB’s international sales saw a significant increase of 17.9% to $7.06 billion in the first quarter, despite a 5.9% decline in North American sales to $1.60 billion. Despite this, the oilfield services company met earnings per share estimates thanks to an almost 18% increase in international revenue.

SLB plans to return $7 billion to shareholders over the next two years, with $3 billion set to be returned this year and $4 billion in 2025 following a strong start to the year and the anticipated benefits of acquiring oilfield technology firm ChampionX. However, CEO Olivier Le Peuch attributed both figures to seasonal factors and acknowledged that SLB’s international revenue received a boost from Aker Solutions’ subsea business, which contributed to a 10% increase in international sales when excluding Aker’s contribution.

As of 3:15 p.m. ET on Friday, SLB’s shares were down 1.8% at $50.04, despite meeting earnings per share estimates and experiencing growth in international sales.