Energy Prospectus

Schlumberger said Friday it rapidly revived its oil-drilling equipment in North America during the second quarter, capitalizing on an oil recovery that carried the oilfield services provider to an earnings beat. Schlumberger’s revenue tied to U.S. hydraulic fracturing—or “fracking”—soared 68% over the first quarter. Overall, North American quarterly revenue was up 18%, or 27% versus last year, on strength in U.S. shale production. The company saw weakness in offshore drilling in the Gulf of Mexico, but U.S. land revenue grew 42% sequentially as the industry’s rig count improved 23%.