Shares of Schlumberger, Ltd. (NYSE: SLB – $93.62) edged up amidst a broad market selloff after the oilfield services company reported better-than-expected first quarter earnings despite lower revenue that missed analysts’ consensus, and said it would cut an additional 2,000 jobs above the 9,000 it had announced in January. For the period, adjusted net income, which excludes charges and credits, fell to $1.36 billion, or $1.06 per diluted share, from $1.59 billion, or $1.21 a year earlier, yet beat the average analyst estimate of $0.90. Revenue decreased 9% year-on-year to $10.25 billion, missing expectations of $10.35 billion. The decrease was driven by a severe decline in land activity in North America and due to currency-related declines, especially in Russia and Venezuela. Geographically, revenue declined 25% in North America from a year ago, Middle East and Asia was off 13%, Europe/Africa fell 17% and Latin America dropped 20%. With the new total of 11,000 job cuts, reductions announced this year will amount to 20,000, equal to about 15% of the company’s total workforce. The company also set its full-year capital expenditures at $2.5 billion, below a $3 billion projection made in January. The recent 25% dividend hike is a sign of confidence, and contributes to the stock’s sizable 3- to 5-year total return potential. The shares can be held in a well-diversified conservative portfolio for an eventual recovery in oil prices and a return to more normal operations.