(Bloomberg) — SLB, the world’s biggest oilfield services provider, warned that spending growth by oil explorers has waned in the past few months as customers take a cautious approach amid lower commodity prices.

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The company, which helps clients drill oil wells and map underground pockets of crude, also told investors in a statement Friday that it expects to exceed its target of $3 billion in shareholder returns this year as most of its customers’ projects are going ahead.

SLB posted third-quarter earnings of 89 cents a share, excluding certain items, matching what analysts expected, while sales of $9.16 billion were less than analysts forecast. Shares initially rose as much as 2.3% before the start of regular trading in New York but were down 1.1% at 7:23 a.m.

“Although some customers have adopted a more cautious approach to their near-term capital expenditures and discretionary spending amid lower commodity prices, most projects are progressing as planned,” SLB Chief Executive Officer Olivier Le Peuch said in the statement. “Although the rate of upstream spending growth has moderated in the last few months due to the macroenvironment, we continue to expect a sustained level of upstream investment in the years to come.”

SLB, or Schlumberger, is often a bellwether for the oil and gas industry, with its global footprint providing an insight into the financial health of the energy sector. It’s the first of the Big 3 oilfield contractors to post third-quarter results, with rivals Baker Hughes Co. and Halliburton Co. scheduled to report in coming weeks.

Major oilfield service companies are pivoting to more work in international and offshore fields amid a slowdown in US shale activity brought on by industry consolidation, low natural gas prices and the pressure to keep spending muted and return profits to shareholders. International spending by oil explorers is expected to climb 5% this year while US and Canada will see a 3% drop, according to Evercore ISI.

SLB is in the midst of realigning and optimizing some of its organization, partly due to lower activity levels in North America. The program led to a charge of 7 cents per share three months ago, with more charges expected in the third quarter.

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