Oilfield services provider SLB misses profit estimates on international weakness

SLB missed analysts' estimates for first-quarter profit on Friday, as a slowdown in demand in Latin America for its oilfield equipment and services dragged its international business.

Shares of the company fell nearly 2% in premarket trading following results.

SLB's report rounds out the first-quarter earnings from top U.S. oilfield service providers, with rivals Halliburton and Baker Hughes earlier this week flagging concerns about weakening market conditions and tariff uncertainties.

Halliburton warned of a second-quarter earnings hit due to tariffs and reduced North American oilfield activity, while Baker Hughes projected deeper spending cuts by global producers amid fading demand expectations and falling crude prices.

"The industry may experience a potential shift of priorities driven by changes in the global economy, fluctuating commodity prices and evolving tariffs — all of which could impact upstream oil and gas investment and, in turn, affect demand for our products and services," SLB CEO Olivier Le Peuch said in a statement.

International revenue fell 5% to $6.73 billion in the first quarter, SLB said.

The company, formerly known as Schlumberger, said earnings, excluding charges and credits, were 72 cents per share for the three months ended March 31, missing analysts' average estimate of 74 cents, according to data compiled by LSEG.

(Reporting by Arunima Kumar in Bengaluru; Editing by Sriraj Kalluvila)