Schlumberger Profit Falls, Shares Dip on Q1 Results

Schlumberger (SLB) reported a significant decline in first-quarter profit, with net income falling to $797 million, or $0.58 per share, from $1.07 billion, or $0.74 per share, a year earlier, missing analyst estimates. Adjusted earnings were $0.72 per share, slightly below expectations, while revenue dropped to $8.49 billion, a 2.5% year-over-year decrease. The company cited decreased demand and activity in Mexico, Saudi Arabia, offshore Africa, and a steep decline in Russia as major contributors to the weak results, despite growth in North American digital and infrastructure solutions. International revenue declined by 5%, and the company highlighted ongoing industry challenges such as global trade policy uncertainty, fluctuating commodity prices, and tariffs, concerns also raised by Halliburton and Baker Hughes. Following the earnings announcement, Schlumberger shares fell nearly 2% in premarket trading. The results reflect broader headwinds and shifting investment priorities in the upstream oil and gas sector.