Schlumberger reports 6% increase in revenue over 1Q

With offices and operations throughout Oklahoma, Schlumberger announced revenue of $8.3 billion for the second quarter of 2018.

That’s a 6% increase over the first quarter of the year. Pretax operating income totaled $1.1 billion, which was a 12% increase over the first quarter of 2018.

The revenue ending the first quarter was $7.8 billion and the revenue at the end of the second quarter 2017 was $7.4 billion.

But Schlumberger Chairman and CEO Paal Kibsgaard thought the quarter could have been better.

“— the associated costs together with some operational delays impacted our second-quarter pretax operating margins. This resulted in our sequential margin expansion being below our expectations,” he said in announcing the earnings report. But second quarter changes are expected to bring improvements.

” We successfully rolled out our new, streamlined operations support organization, building on five years of methodical investment to further professionalize all aspects of our work, which will set new standards for internal efficiency, quality, teamwork, and collaboration. As part of this, we made the last adjustment to our organizational setup in the second quarter to conclude the removal of one complete layer of our management and support structure. This will further reduce our cost base, and improve our agility and competitiveness going forward.and higher product sales for Valves & Measurement.”

During the quarter, Schlumberger repurchased 1.5 million shares of its common stock at an average price of $68.45 per share, for a total purchase price of $103 million.

On July 18, 2018, the Company’s Board of Directors approved a quarterly cash dividend of $0.50 per share of outstanding common stock, payable on October 12, 2018 to stockholders of record on September 5, 2018.

The company’s North America consolidated revenue grew by 11% compared to the first quarter. Those operations included offices in Oklahoma. The company said the North America Land revenue was up 9% over the first quarter, outperforming both the 7% increase in US land rig count and the 8% growth in US land market stage count.