Why did Schlumberger shares rise today? Now sees annual sales ‘at least’ $27B (NYSE:SLB)

Schlumberger (NYSE:SLB) surged 4.3% on Friday after raising its full-year revenue guidance following a strong Q2 in which “growth was very broad across all dimensions.”

The oilfield services firm said it now sees sales of “at least” $27B this year after rising 20% in Q2, citing increased drilling and completion activity in both its North America and International segments, with percentage growth for the full year in the high teens.

A rise in offshore activity, particularly deepwater drilling, was a key driver for Q2 revenue growth, CEO Olivier Le Peuch said.

In the company’s earnings conference call, the CEO said he expects “very robust” drilling activity in the year’s H2, as heightened concern over energy security “continues to drive structural activity increase, resulting from the increased focus on short-term production and mid- to- long-term capacity expansion across oil and gas plays.”

Le Peuch also said enhanced exploration and appraisal activity should add further support to the growth trajectory and margins in H2, which “will lead to an attractive mix and an increase in short- and long-cycle international projects, complementing already robust short-cycle activity in North America.”

Schlumberger (SLB) investors surely were relieved after oilfield services peer Baker Hughes reported disappointing Q2 results earlier this week.