Schlumberger raises revenue forecast as oilfield services demand booms

[July 22, 2022]  (Reuters) - Schlumberger NV on Friday raised its annual revenue forecast, buoyed by higher demand for its oilfield services from producers looking to raise output as oil prices surged.

Global crude prices hovered above $100 per barrel in the quarter, fueled by tight supplies following sanctions on major producer Russia and energy consumption returning to near pre-pandemic levels.

Schlumberger's results round off a mixed quarter from the world's largest oilfield service providers. While Baker Hughes warned that the demand outlook for the next 12 to 18 months is "deteriorating", Halliburton Co predicted "multiple years" of increased activity.

Schlumberger said revenue for 2022 is expected to rise in the high-teens, which translates to at least $27 billion.

The company posted a net income of $959 million, or 67 cents per share, for the three months ended June 30, compared with $431 million, or 30 cents per share, a year earlier.

Schlumberger's shares rose 2.7% to $34.52 in premarket trading.

(Reporting by Rithika Krishna in Bengaluru; Editing by Sriraj Kalluvila)

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