Schlumberger earns $0.2 per share in Q1
Oilfield services giant Schlumberger stated on Friday its GAAP diluted earnings per share, including Cameron integration charges of $0.05, stood at $0.2 on revenues of $6.89 billion in the first quarter of 2017. This compares to EPS of $0.4 on revenues of $6.52 billion in the same quarter of the previous year. The Houston-based company's cash flow from operations was $656 million while the quarterly cash dividend of $0.5 per share was approved.
"In the first quarter, the North America land market continued to strengthen in terms of both activity and pricing, leading us to begin accelerating deployment of idle capacity for multiple product lines. Revenue growth was led by hydraulic fracturing and drilling services, but was also increasingly supported by Artificial Lift, Surface Systems and Valves & Measurement," the corporation's chairman and chief executive Paal Kibsgaard commented.
A year ago, Schlumberger closed its merger with Cameron International and this transaction aimed to combine two complementary businesses.