The huge spike in oil prices pumped up profit at Schlumberger. The world’s largest oilfield services company reported Friday quarterly adjusted profit nearly doubled to $587 million, beating analysts' targets.

With oil prices surging about 50% last year, higher crude and natural gas prices drove up demand for the company’s services and equipment.

Schlumberger sees further growth. Its CEO Olivier Le Peuch forecasts demand for oil will top pre-pandemic levels before year end and strengthen even more next year. He expects the company will boost capital spending in North America by at least 20% in 2022.

Analysts praised the results but were disappointed that the company kept its dividend flat.

Schlumberger shares, which have gained roughly a fifth this year, rose at the market open Friday but shed their gains as oil prices turned south.