April 22, 2022

Illustration - Credit: Алексей Закиров/AdobeStock

Illustration – Credit: Алексей Закиров/AdobeStock

Schlumberger reported a higher first-quarter profit on Friday, as rising oil prices boosted the demand for oilfield services and equipment needed to drill and raise production.

Oil prices have climbed to their highest in more than a decade during the quarter as Russia’s invasion of Ukraine upended global supply dynamics. U.S. oil CLc1 is around $102 a barrel, while Brent LCOc1 is trading at $106.5 a barrel.

Strong prices have encouraged drilling activity, lifting the U.S. rig count to 673 at the end of the first quarter, up almost 15% from late 2021, according to Baker Hughes data.

The company also approved 40% increase in the quarterly cash dividend to 17.5 cents per share.

The company posted net income of $510 million, or 36 cents per share, in the three months ended March 31, compared with $299 million, or 21 cents per share, a year earlier.

(Reuters – Reporting by Shariq Khan and Rithika Krishna in Bengaluru; Editing by Arun Koyyur)

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