Schlumberger 3Q Profit Rises as Oilfield Services Demand Recovers

Schlumberger NV reported a rise in third-quarter adjusted income on Friday, buoyed by higher demand for the company’s oilfield services and related equipment from producers looking to capitalize on a rebound in crude prices.

Global crude prices rose 4.5% in the September quarter and have climbed nearly 64% since the start of 2021 on the back of a vaccine-fueled demand recovery.

Worldwide rig counts was 1,448 at the end of the third quarter, compared with 1,019 a year earlier, according to Baker Hughes data.

“The industry macro fundamentals have visibly strengthened this year, particularly in recent weeks — with demand recovery, oil and gas commodity prices at recent highs, low inventory levels, and encouraging trends in pandemic containment efforts,” Schlumberger Chief Executive Officer Olivier Le Peuch said in a statement.

Schlumberger rounded a largely mixed quarter for the world’s largest oilfield services providers. Rivals Halliburton and Baker Hughes both posted quarterly profit from year-ago loss this week but results were impacted by Hurricane Ida-led disruptions.

The world’s largest oilfield services provider said net income, excluding charges & credits, was $514 million, or 36 cents per share, for the three months ended Sept. 30, compared with $228 million, or 16 cents per share, a year earlier. 

(Reporting by Arunima Kumar in Bengaluru; Editing by Sriraj Kalluvila)