Six months ago, the first quarter of 2014 seemed like it would be important. Big Oil companies said they were cutting back on spending, and Chinese companies were under pressure to reform into being profit generators, not just oil producers, for the country. Because of that backtrack in spending, it seemed like revenue could be cut, too. But after seeing this quarter's results, Fool contributor Tyler Crowe and energy analyst Joel South are less concerned.

In this video, Tyler and Joel talk about the increase in revenue and operating margins across the space for the likes of Baker Hughes (NYSE:BHI) and Schlumberger (NYSE:SLB), though margins were flat in North America because of low pressure pumping prices and bad weather.

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Joel South owns shares of Schlumberger. Tyler Crowe has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.