Leading oilfield services company Schlumberger (NYSE: SLB) reported higher profits in Q1-2022, & as a result announced a higher dividend payout.
Schlumberger is the world’s largest offshore driller, & its quarterly revenues were boosted as a result of increased drilling in Latin American countries.
Why this matters
Schlumberger is enjoying a period of strengthened pricing power due to an increase in global activity “for every division,” said its CEO. The company expects higher profit margins throughout the rest of 2022 due to “elevated commodity prices, demand-led activity growth, & energy security.”