11:16 AM EST, 01/17/2025 (MT Newswires) -- Schlumberger's ( SLB ) fourth-quarter results came in above Wall Street's estimates, driven by double-digit revenue growth in its digital and integration division and increased offshore activity in the US Gulf of Mexico.

The oilfield services company's adjusted earnings came in at $0.92 a share for the December quarter, up from $0.86 a year earlier and ahead of the FactSet-polled consensus of $0.90. Revenue climbed 3% year over year to $9.28 billion, topping the Street's view for $9.18 billion.

Schlumberger's ( SLB ) New York Stock Exchange-listed shares were up 7.5% in Friday trade.

International revenue rose 3% to $7.48 billion, led by a 7% increase in the Middle East and Asia. The Latin America region reported a 5% drop. In North America, revenue jumped 7% amid higher offshore activity in the US Gulf of Mexico and increased asset performance solutions revenue in Canada.

Production systems revenue advanced 9% to about $3.2 billion, while well construction sales fell 5% to $3.27 billion. Digital and integration rose 10% to $1.16 billion.

"Digital will maintain its very strong growth momentum, with full-year revenue growth in the high teens, supported by digital operation and data and (artificial intelligence) solutions," Chief Executive Olivier Le Peuch told analysts on an earnings call, according to a FactSet transcript.

The reservoir performance division's revenue grew 4% to $1.81 billion due to an increase in intervention and stimulation activity, Schlumberger ( SLB ) said.

"While upstream investment growth will remain subdued in the short term due to global oversupply, we anticipate the oil supply imbalance will gradually abate," Le Peuch said in a statement. "Global economic growth and a heightened focus on energy security, coupled with rising energy demand from AI and data centers will support the investment outlook for the oil and gas industry throughout the rest of the decade."

Schlumberger's ( SLB ) board raised its quarterly dividend by 3.6% to $0.285 per share, payable April 3 to shareholders of record on Feb. 5.

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