SLB, the oilfield services provider, beat analysts’ expectations for second-quarter earnings amid a prolonged slump in oil prices. The stock rose.
The Houston-based company formerly known as Schlumberger said that adjusted earnings-per-share came in at 74 cents, down 4% from a year ago. Revenue fell 6% to $8.6 billion. Wall Street expected an EPS of 72 cents on sales of $7.3 billion.
SLB’s fortunes are closely tied to crude prices, and they’ve been falling this year. West Texas Intermediate, the U.S. benchmark, has dropped 4.7% this year and is down 15% over the past 12 months. Natural gas prices have been more encouraging, and analysts at Goldman Sachs see some scope for energy stocks to rebound later this year.
Coming into the session, SLB shares are down 10% in 2025 and 30% over the past 12 months. They rose 1% after the results to $35.01 in premarket trading.
