Schlumberger posted net first-quarter earnings of $488 million, up 39% from the same period in 2021 and rewarded shareholders with a 40% dividend, as global concerns about energy security contributed to an improving outlook.

In the first quarter of 2021, the International oilfield services giant’s adjusted net income totalled $299 million.

With Russia’s invasion of Ukraine helping to push oil prices over $100 per barrel, Schlumberger chief executive Olivier Le Peuch said the prioritising of “the elevation of energy security” would help the company’s profit margins in the coming quarters.