Shares of SLB advanced after the oilfield services giant announced a $2.3 billion stock buyback, bumped dividend payouts higher and reported quarterly earnings that topped Wall Street views.

SLB stock is soaring Friday after the energy firm reported strong fourth-quarter earnings and unveiled several shareholder-friendly initiatives.

SLB raised its quarterly dividend and accelerated share repurchases on Friday after the oilfield services provider posted better than expected fourth-quarter profit, helped by higher demand for its drilling equipment and technology.

The firm raised its quarterly dividend by 3.6%, and said it has initiated an accelerated share repurchase to buy back $2.3 billion of the company's stock. "While upstream investment growth will remain subdued in the short term due to global oversupply,