SLB’s International Sales Surge Drives Revenue Despite North American Decline: CEO Attributes Seasonality and Acquisition to Sales Fluctuations

In the first quarter, SLB reported revenue that surpassed expectations, driven by an almost 18% increase in international sales. Despite a decline in North American sales, the company met earnings per share estimates.

Despite a slight dip in both North American and international sales compared to the previous quarter, SLB has plans to return $7 billion to shareholders over the next two years. This includes returning $3 billion this year and $4 billion in 2025 following a strong start to the year and the anticipated benefits of acquiring oilfield technology firm ChampionX.

SLB’s CEO Olivier Le Peuch attributed the decline in both North American and international sales to seasonal factors. He also 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.