Revenue during the quarter grew 5.74 percent to $6,894 million from $6,520 million in the previous year period. Gross margin for the quarter contracted 439 basis points over the previous year period to 11.87 percent. Total expenses were 93.81 percent of quarterly revenues, up from 89.11 percent for the same period last year. That has resulted in a contraction of 470 basis points in operating margin to 6.19 percent.

Operating income for the quarter was $427 million, compared with $710 million in the previous year period.

Schlumberger chairman and chief executive officer Paal Kibsgaard commented, "In the first quarter, the North America land market continued to strengthen in terms of both activity and pricing, leading us to begin accelerating deployment of idle capacity for multiple product lines. Revenue growth was led by hydraulic fracturing and drilling services, but was also increasingly supported by Artificial Lift, Surface Systems and Valves & Measurement. In spite of our capacity re-activation being heavily back-end loaded toward the end of the quarter as we continued to adhere to our profitable growth approach, we still generated 16% sequential revenue growth and 66% incremental margins in our hydraulic fracturing and directional drilling services in US land. These results were driven by productive customer engagement around pricing recovery and operational efficiency, together with timely resource additions and proactive supply chain engagement."