Schlumberger (NYSE:SLB) closed 2024 on a high note, exceeding fourth-quarter earnings expectations and sending its shares up more than 7% intra-day today. The oilfield services leader reported adjusted earnings per share of $0.92, a 7% year-over-year increase that surpassed the $0.90 consensus estimate. Quarterly revenue climbed 3% to $9.28 billion, also beating projections.
The robust results were fueled by standout performances in its Digital & Integration and Production Systems divisions. Revenue for Digital & Integration jumped 10% year-over-year to $1.16 billion, while Production Systems posted 9% growth, reaching $3.20 billion.
SLB CEO Olivier Le Peuch expressed optimism about the long-term investment prospects for the oil and gas sector, citing factors such as global economic growth, heightened energy security priorities, and rising energy demand driven by AI and data centers.
Reinforcing its confidence in the company’s future, SLB raised its quarterly dividend by 3.6% to $0.285 per share and announced $2.3 billion in accelerated share repurchase agreements.