Languishing U.S. natural gas prices have led SLB Ltd. to revise the North American outlook for 2023, CEO Olivier Le Peuch said Friday.


The No. 1 oilfield services company is “primed” for growth and margin expansion this year, but the gains are likely to be led by a “very solid international outlook,” Le Peuch said during the first quarter conference call. 

“In North America, we still expect tangible market growth, but at a lower rate than originally anticipated at the start of the year, mainly as a result of ongoing weakness in gas prices,” he said. 

SLB is forecasting “strong international growth to offset any weakness in North America, keeping our full-year ambitions intact, with year-on-year growth in excess of 15%…”

Directionally, sales between April...