Schlumberger Limited SLB announced second-quarter 2021 earnings of 30 cents per share (excluding charges and credits), surpassing the Zacks Consensus Estimate of 26 cents and the year-ago quarter’s profit of 5 cents.The oilfield service giant recorded total revenues of $5,634 million, which beat the Zacks Consensus Estimate of $5,509 million and improved 5% from the year-ago quarter’s $5,356 million.The strong quarterly results can be attributed to increased offshore exploration in Guyana and Angola. Robust activities in North American and international markets contributed to the positives.Schlumberger Limited Price, Consensus and EPS Surprise Schlumberger Limited price-consensus-eps-surprise-chart | Schlumberger Limited Quote Halliburton Company HAL is another oilfield service giant that recently beat the Zacks Consensus Estimate of earnings for the June quarter.Segmental PerformanceRevenues in the Digital & Integration unit totaled $817 million, up 32% from the year-ago quarter’s levels. Pre-tax operating income of $274 million was up 154% year over year. The outperformance was owing to increased sales of digital solutions.Revenues in the Reservoir Performance unit declined 4% year over year to $1,117 million. Pre-tax operating income was $156 million, surging 609% year over year. The upside was led by increased offshore exploration in Guyana and Angola.Revenues in the Well Construction segment inched up 1% from the year-earlier quarter’s levels to $2,110 million. Pre-tax operating income improved 51% year over year to $272 million. Stronger activities in North American and international markets aided the uptick.Revenues in the Production Systems segment amounted to $1,681 million, up 8% from the year-ago quarter’s numbers. Pre-tax operating income rose 18% from the prior-year quarter’s levels to $171 million. An increase in sales of well, surface and subsea production systems was responsible for the improvements.Cash FlowDespite the company’s $72 million of severance payments through the June quarter, the oilfield service firm was able to generate free cash flow of $869 million.FinancialsCapital expenditures in the quarter were recorded at $243 million. As of Jun 30, 2021, the company had approximately $2,682 million in cash and short-term investments. It had a long-term debt of $15,687 million at second quarter-end, representing a debt to capitalization of 54.6%.Forward ViewSchlumberger reiterated 2021 capital investment view within $1.5-$1.7 billion. Last year, the figure was $1.5 billion.The company believes that despite the resurgence of coronavirus, may be due to the widespread delta variants, the momentum in international activities that has been experienced in the June quarter will continue.Zacks Rank & Stocks to ConsiderThe company currently has a Zacks Rank #3 (Hold). Two better-ranked players in the energy space include Continental Resources, Inc. CLR and PDC Energy, Inc. PDCE. Both the stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.Continental is expected to witness earnings growth of 256% in 2021.PDC Energy is likely to see earnings growth of 111.8% in 2021. Infrastructure Stock Boom to Sweep America A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made. The only question is “Will you get into the right stocks early when their growth potential is greatest?” Zacks has released a Special Report to help you do just that, and today it’s free. Discover 7 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.Download FREE: How to Profit from Trillions on Spending for Infrastructure >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Schlumberger Limited (SLB): Free Stock Analysis Report Halliburton Company (HAL): Free Stock Analysis Report Continental Resources, Inc. (CLR): Free Stock Analysis Report PDC Energy, Inc. (PDCE): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research