SLB Schlumberger Ltd

By Micah Maidenberg

Schlumberger Ltd. (SLB) reported better-than-expected revenue in the first quarter and predicted a stronger oil market for the rest of the year.

The Houston oil-field services company posted sales of $7.88 billion for the first quarter, up 1% compared with a year earlier but down 4% versus the fourth quarter. Analysts polled by FactSet predicted sales of $7.81 billion.

Profit fell 20% to $421 million, or 30 cents a share. Schlumberger's adjusted profit, also 30 cents a share, was in line with expectations.

Schlumberger's North American revenue fell 3% from a year ago to $2.74 billion amid weaker pricing and lower activity from shale-oil drillers.

The company expects oil-market sentiment to improve this year due to what Chief Executive Paal Kibsgaard called a solid demand environment as well as due to production cuts by Russia and the Organization of the Petroleum Exporting Countries.

He also said shale-oil production in North America will slow. Exploration and production investments are normalizing, according to Mr. Kibsgaard.

Write to Micah Maidenberg at micah.maidenberg@wsj.com

(END) Dow Jones Newswires

April 18, 2019 07:46 ET (11:46 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.