Schlumberger Limited SLB announced first-quarter 2021 earnings of 21 cents per share (excluding charges and credits), surpassing the Zacks Consensus Estimate of 19 cents. However, the bottom line declined from 25 cents per share a year ago.The oilfield service giant recorded total revenues of $5,223 million, which beat the Zacks Consensus Estimate of $5,105 million but declined 30% from the year-ago quarter’s $7,455 million.The better-than-expected results can be attributed to higher contributions from Latin America and several other countries as well as increased profitability from APS projects. This was partially offset by the divestment of OneStim in North America and lower offshore activities in the region.Schlumberger Limited Price, Consensus and EPS Surprise Schlumberger Limited price-consensus-eps-surprise-chart | Schlumberger Limited QuoteSegmental PerformanceRevenues in all four reporting segments of Schlumberger declined in the first quarter. Despite lower revenues, Digital & Integration is the only unit that witnessed higher year-over-year income.Revenues at the Digital & Integration unit totaled $773 million, down 13% from the year-ago period. Lower sales of multiclient seismic data licenses and software were attributed to the decrease. However, pre-tax operating income of $247 million was up 63% year over year due to increased profitability from APS projects.Revenues at the Reservoir Performance unit declined 49% year over year to $1,002 million. Moreover, pre-tax operating income was $102 million, down 24% year over year. The decline was primarily caused by the divestment of OneStim in North America.Revenues at the Well Construction segment declined 31% from the year-earlier quarter to $1,935 million. Also, pre-tax operating income fell 37% year over year to $209 million. Slowdown in Russia and Central Asia, Australia and China’s drilling operations affected the segment.Revenues at the Production Systems segment amounted to $1,590 million, down 17% from the year-ago period. Moreover, pre-tax operating income declined 27% from the prior-year quarter to $138 million. The decline was caused by lower product sales in subsea and others. While activities were lower in offshore North America, Asia, Europe /CIS/ Africa, there were strong improvements in Latin America.Cash FlowDespite the company’s $112 million of severance payments through the March quarter, the oilfield service firm was able to generate free cash flow of $159 million. The figure was $179 million in the year-ago quarter.FinancialsCapital expenditures for the quarter were recorded at $178 million, lower than the year-ago period’s $407 million.As of Mar 31, 2021, the company had approximately $2,910 million in cash and short-term investments, down from $3,006 million on Dec 31, 2020. It had a long-term debt of $15,834 million at first quarter-end, down from $16,036 million at the end of the December quarter. This represented a debt to capitalization of 55%.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 there has been an increase in optimism for fuel demand recovery in 2021, thanks to the rolling out of coronavirus vaccines and economic stimulus measures. Schlumberger expects demand to increase by 5-6 million barrels of oil per day (MMBbls/d) by 2021-end. It anticipates 2021 exit demand rate for oil to be only 2 MMBbls/d lower than the 2019 figure. This in turn will boost oilfield services and activities in international markets through 2021-end and beyond. As such, the company expects international revenues to witness double-digit growth in second-half 2021. The North American market is expected to witness tepid growth.Zacks Rank & Stocks to ConsiderThe company currently has a Zacks Rank #3 (Hold). Some better-ranked players in the energy space include CrossAmericaPartners LP CAPL, Enable Midstream Partners, LP ENBL and Holly Energy Partners, L.P. HEP, each having a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.CrossAmerica’s bottom line for first-quarter 2021 is expected to surge 166.7% year over year.Enable Midstream’s sales figure for 2021 is expected to rise 5.3% year over year.Holly Energy’s bottom line for 2021 is expected to jump 26.1% year over year.Zacks Top 10 Stocks for 2021 In addition to the stocks discussed above, would you like to know about our 10 best buy-and-hold tickers for the entirety of 2021?Last year's 2020Zacks Top 10 Stocks portfolio returned gains as high as +386.8%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.AccessZacks Top 10 Stocks for 2021 today >>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 Holly Energy Partners, L.P. (HEP): Free Stock Analysis Report Enable Midstream Partners, LP (ENBL): Free Stock Analysis Report CrossAmerica Partners LP (CAPL): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research