The exterior of Schlumberger headquarters building is pictured in the Galleria area of Houston.
Reuters - Schlumberger NV reported a rise in third-quarter adjusted income on Friday, buoyed by higher demand for the company's oilfield services and related equipment from producers looking to capitalize on rebound in crude prices.
Global crude prices rose 4.5% in the September quarter and have climbed nearly 64% since the start of 2021 on the back of a vaccine-fueled demand recovery.
Worldwide rig counts were 1,448 at the end of the third quarter, compared with 1,019 a year earlier, according to Baker Hughes data.
The industry macro fundamentals have visibly strengthened this year, particularly in recent weeks — with demand recovery, oil and gas commodity prices at recent highs, low inventory levels and encouraging trends in pandemic containment efforts, said Schlumberger Chief Executive Olivier Le Peuch in a statement.
Schlumberger rounded a largely mixed quarter for the world's largest oilfield services providers. Rivals Halliburton and Baker Hughes both posted quarterly profit from year-ago loss this week, but results were impacted by Hurricane Ida-led disruptions.
The world's largest oilfield services provider said net income, excluding charges credits, was $514 million, or 36 cents per share, for the three months ended Sept. 30, compared with $228 million, or 16 cents per share, a year earlier.