Schlumberger reports higher profit as drilling activity increases, hikes dividend – Reuters

Schlumberger reports higher profit as drilling activity increases, hikes dividend – Reuters

April 22 (Reuters) - Top oilfield services firm Schlumberger (SLB.N) reported a higher first-quarter profit on Friday and increased its dividend by 40%, as rising oil prices boosted demand for services and equipment.

Oil prices climbed to their highest in more than a decade during the quarter as Russia's invasion of Ukraine upended global supply dynamics. Oilfield service firms, including Halliburton Co (HAL.N) and Baker Hughes Co (BKR.O), posted stronger year-over-year profits and are forecasting higher margins this year as activity recovers from the coronavirus pandemic. read more

"The confluence of elevated commodity prices, demand-led activity growth, and energy security are resulting in one of the strongest outlooks for the energy services industry in recent times," Schlumberger Chief Executive Officer Olivier Le Peuch said in a statement.