Schlumberger Ltd., the world’s largest oilfield services company, posted solid double-digit revenue growth and sequential margin expansion in North America, both onshore and offshore, in the final three months of 2020.

weekly frac spread

During a conference call on Friday morning in Houston, CEO Olivier Le Peuch said the overall market position improved in 2020, despite the pressure on energy consumption wrought by the pandemic.

The decision by the Organization of the Petroleum Exporting Countries and its allies to throttle back production into the spring is “supporting oil prices well above crisis levels, while demand is projected to build up throughout the year,” the CEO said of the near-term outlook.

“Absent of a new setback in the pandemic control and economic recovery, we see...