Summary: Shares of Schlumberger (NYSE:SLB) dropped 1.9% in pre-market trading on Friday following the release of mixed Q3 results. While the company exceeded consensus earnings estimates by a penny, total revenues were roughly in line with expectations.

In Q3, net income for Schlumberger rose to $1.12 billion, or $0.78 per share, compared to $907 million, or $0.63 per share, in the same quarter last year. This increase was driven by sustained growth in international markets, where the company reported its ninth consecutive quarter of double-digit year-over-year growth.

Total revenues for Q3 increased by 11% year-over-year and 3% quarter-over-quarter, reaching $8.31 billion. International revenue jumped by 12% year-over-year and 5% quarter-over-quarter to $6.61 billion. However, North America revenue rose by 6% year-over-year but declined by 6% quarter-over-quarter, mainly due to reduced drilling activity in the U.S. and the Gulf of Mexico.

Breaking it down by segment, Well Construction revenues for Schlumberger rose by 11% year-over-year and 2% quarter-over-quarter to $3.43 billion, aligning with FactSet consensus estimates. Production Systems revenues saw a 10% year-over-year increase and a 2% quarter-over-quarter increase to $2.37 billion, surpassing the $2.36 billion consensus. Meanwhile, Reservoir Performance revenues jumped by 15% year-over-year and 2% quarter-over-quarter to $1.68 billion, falling slightly short of the expected $1.71 billion.

In light of the results, CEO Olivier Le Peuch expressed confidence in the company’s future prospects, stating, “We believe the market fundamentals remain very compelling for our business. The oil and gas industry continues to benefit from a multiyear growth cycle that has shifted to the international and offshore markets where we are the clear leader.”