Arunima and Liz Hampton

(Reuters: Schlumberger NV (NYSE) – The top oilfield firm reported a surge in its third quarter adjusted earnings on Friday. It was buoyed in part by higher demand and better equipment as the producers take advantage of a rebounding crude price.

Due to a surge in vaccine demand, global oil prices rose nearly 64% between 2021 and now stand at over $85 per barrel. According to Baker Hughes data, the global rig count stood at 1,448 as of the end-of-the third quarter, up from 1,019 one year ago.

Olivier Le Peuch, Schlumberger’s Chief Executive Officer, stated that the industry macro fundamentals had been strengthened in recent weeks. He noted that demand recovery, high oil commodity prices, low inventories, and encouraging trends regarding pandemic containment efforts have all contributed to a stronger year for investment.

Schlumberger’s net income for the quarter was $550million, or 39c per share. It beat Wall Street estimates by 36c each according to Refinitiv International Business Economics. While revenues at $5.8 billion were lower than analysts expected, however they were 11% higher year-over-year.

The shares fell 1.11% from pre-market to $33.92. They have increased 57.12% over the past year, surpassing gains made by rivals Baker Hughes (NYSE:).

For the third quarter, oilfield earnings were mixed. Both Baker Hughes and Halliburton posted quarter-end profits from the year-ago loss this week, but were hit by supply chain problems and Hurricane Ida-induced disruptions.