Oilfield services giant SLB, formerly Schlumberger, has reported strong quarterly profits with increase in revenue across all divisions and geographical areas, especially in the Middle East.
The company reported net profits of $1.07 billion in the fourth quarter of 2022, up 77% from a net income of $601 million in the same period a year ago and up 17% on the immediately preceding quarter.
SLB reported a revenue increase in the double digits in the Middle East, with growth in Saudi Arabia, Iraq and the UAE, while offshore activity continued to strengthen.
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“Looking ahead, we believe the macro backdrop and market fundaments that underpin a strong multi-year up cycle for energy remain very compelling in oil and gas and in low-carbon energy resources,” SLB chief executive Olivier Le Peuch said.
“Global upstream spending projections continue to trend positively. Activity growth is expected to be broad-based, marked by an acceleration in international basins. These positive activity dynamics will be amplified by higher service pricing and tighter service sector capacity,” he added.
SLB also announced annual net profits were up 83% from $1.88 billion in 2021 to $3.44 billion in 2022.
