Schlumberger Ltd.’s management team on Friday said it returned to form in the first quarter, with the expectation global oil and natural gas activity could return to pre-pandemic levels by 2022.

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CEO Olivier Le Peuch held court during a conference call from Houston, where he shared an optimistic vision for the world’s No. 1 oilfield services (OFS) company. 

“The first quarter of 2021 was a step forward,” Le Peuch told analysts. “The quarter unfolded, as we anticipated, with acceleration in North America activity and momentum continuing to build in the international market, aside from the usual seasonal effect.”

Schlumberger’s management team had begun this year “with conviction in our strategic direction and our resulting outlook for 2021. The combination of...