Oil Falls, But SLB's Earnings Keep Energy Stocks Afloat

Oil prices took a hit on Friday morning, plummeting to $89.90 per barrel for West Texas Intermediate (WTI) and $97.83 for Brent. However, oilfield-services giant SLB defied expectations by jumping nearly 4% after beating its second-quarter adjusted earnings and revenue estimates.

SLB's quarterly results are significant because the company makes money by providing equipment and expertise for drilling and completing wells. Its revenue is not directly tied to the day's oil prices, but rather to how much work producers have scheduled.

This split within the energy sector means that companies like SLB can hold up better on down-oil days, even if commodity-sensitive names don't fare as well.