SLB Beats Quarterly Profit Estimates on International Drilling Demand

Reuters07-19

July 19 (Reuters) - SLB beat analysts' estimates for second-quarter profit on Friday, as the top oilfield services provider benefited from steady demand for its drilling equipment and technology in international markets.

SLB shares gained 1.8% in premarket trading.

Offshore exploration and production as well as drilling in international markets, especially in the Middle East and Asia where producers are looking to secure new inventories, have boosted demand for oilfield services such as well completions.

SLB said quarterly revenue from its international segment rose 18% to $7.45 billion, from a year earlier.

"Looking ahead to the second half of the year, we expect ongoing momentum in the international markets, strong digital sales, and our cost efficiency programs will enable us to expand margins and deliver our ambition to grow full-year adjusted EBITDA in the mid-teens," CEO Olivier Le Peuch said in a statement.

Excluding charges and credits, SLB posted a profit of 85 cents per share for the quarter ended June 30, topping Wall Street estimate of 83 cents, according to LSEG data.

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