Schlumberger (SLB) reported a 5.6% decline in first-quarter net income to $752 million. Ongoing conflict in the Middle East caused significant operational disruptions. CEO Olivier Le Peuch labeled the period a challenging start to the year. The company curtailed activities in the region to protect personnel and assets.
Conflict-related turmoil specifically impacted operations in Qatar and Iraq. Revenue from the Middle East and Asia fell 10% to $2.69 billion. This region remains the company's largest market.
SLB expects the conflict to further reduce second-quarter earnings per share. Growth in other international markets should partially offset these losses.