(Reuters) -SLB beat Wall Street estimates for third-quarter profit on Friday, helped by strong demand for its oilfield equipment and services in North America.
The company reported an adjusted profit of 69 cents per share for the quarter ended September 30, compared with analysts’ estimate of 66 cents, according to data compiled by LSEG.
Quarterly revenue from its North America segment rose to $1.93 billion from $1.69 billion a year earlier, also topping estimates of $1.84 billion.
U.S. crude production is expected to hit a record 13.41 million barrels per day in 2025 due to a boost in productivity, according to Energy Information Administration forecast, driving demand for drilling and other equipment.
“Looking ahead, it is more likely that the international markets will lead an activity rebound when supply and demand rebalance, supported by sustained investment for oil capacity, gas expansion projects and a constructive outlook for deepwater,” SLB CEO Olivier Le Peuch said in a statement.
(Reporting by Tanay Dhumal in Bengaluru; Editing by Anil D’Silva)
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