Oil services company Schlumberger (SLB) will hike its dividend by 40 percent to 17.5 cents quarterly. This is the first increase by SLB since 2015.

The next SLB dividend will be paid on July 14, 2022 to shareholders of record on June 1, 2022. The new annualized dividend rate of 70 cents per share yields 1.7% at a stock price of $39.

Schlumberger NV is a provider of technology for reservoir characterization, drilling, production, and processing to the oil and gas industry. The company operates worldwide and provides a range of products and services, from exploration through production, and integrated pore-to-pipeline solutions that optimize hydrocarbon recovery to deliver reservoir performance sustainably. Schlumberger has paid a quarterly dividend since 1957. The original Schlumberger business was founded in 1926 by the brothers Conrad and Marcel Schlumberger, two French engineers and physicists, to provide wireline logging services (electronic measurement of underground formations) for oil drilling operations. Schlumberger incorporated was incorporated on November 6, 1956 in the Netherlands Antilles.