Schlumberger - SLB STOCK NEWS

DEEP Earth Energy Production Corp. has announced a strategic partnership with SLB (NYSE: SLB) to develop Canada's first next-generation geothermal project in southeast Saskatchewan. The project, having completed its feasibility phase, aims to produce up to 30 MW of emissions-free, baseload power through its initial two phases.

The collaboration involves SLB providing engineering design and integrated well construction services, including the development of two production and two injection wells in phase one and up to 18 wells in phase two. The project will utilize advanced horizontal drilling techniques and production enhancement technologies from the oil & gas industry to optimize geothermal energy generation.

The innovative approach leverages natural rock formation permeability to enable cost-efficient and sustainable geothermal energy production, addressing traditional economic and technical challenges in Canada's untapped geothermal potential.

SLB Capturi and Aker Solutions have secured an EPCIC contract from Hafslund Celsio to implement a carbon capture solution at their waste-to-energy facility in Oslo, Norway. The project, part of the Norwegian Government's Longship CCS initiative, will include a carbon capture plant, liquefaction system, and storage facilities.

The facility is expected to capture 350,000 metric tons of CO2 annually when operational. The project will utilize SLB Capturi's modularized Just Catch™ 400 unit, designed to reduce onsite footprint and installation costs. The captured CO2 will be transported to the Northern Lights permanent storage facility on the Norwegian continental shelf.

This marks the second carbon capture plant in the Longship project for SLB Capturi, following their ongoing work at Heidelberg Materials' cement facility in Brevik. The project is scheduled to be operational by third quarter 2029.

SLB (NYSE: SLB) announced the completion and handover of its first modular carbon capture plant at Twence's waste-to-energy facility in Hengelo, Netherlands. The plant, built by SLB Capturi, features the standard, modular Just Catch™ design and has the capacity to capture up to 100,000 metric tons of CO2 annually.

The captured CO2 will be utilized in the horticulture and food and beverage sectors. The modular design reduces onsite installation and outfitting work, offering a more cost-efficient and easier-to-deploy solution compared to market alternatives. The plant will begin supplying CO2 to the greenhouse horticulture sector in spring.

SLB reported strong financial results for Q4 and full-year 2024. Fourth-quarter revenue reached $9.28 billion, up 1% sequentially and 3% year-on-year. Full-year revenue was $36.29 billion, marking a 10% increase from 2023.

The company demonstrated solid profitability with Q4 GAAP EPS of $0.77 and adjusted EPS of $0.92. Full-year GAAP EPS grew 7% to $3.11, while adjusted EPS increased 14% to $3.41. The company generated $3.99 billion in free cash flow for 2024.

SLB's Board approved a 3.6% increase in quarterly dividend to $0.285 per share and initiated $2.3 billion in accelerated share repurchases. The company's international revenue grew 12% year-on-year, led by strong performance in Middle East & Asia (18% growth) and Europe & Africa (13% growth). Digital & Integration division showed notable growth with a 10% revenue increase year-on-year.

SLB (NYSE: SLB) has secured significant drilling contracts from Shell for deep- and ultra-deepwater assets across multiple regions, including the UK North Sea, Trinidad and Tobago, and the Gulf of Mexico. The three-year projects will integrate SLB's AI-enabled digital drilling capabilities with its ultra-deepwater expertise to deliver consistent and cost-efficient wells.

The contracts encompass digital directional drilling services and hardware, logging while drilling (LWD), surface logging, cementing, drilling and completions fluids, completions, and wireline services. Services have already commenced and will be managed through SLB's Performance Live™ centers.

SLB (NYSE: SLB) has announced its upcoming conference call to discuss fourth-quarter and full-year 2024 financial results, scheduled for January 17, 2025, at 9:30 a.m. U.S. Eastern time. The company will release its press release at 7:00 a.m. U.S. Eastern time on the same day.

The conference call will be accessible via phone and webcast. North American participants can dial +1 (833) 470-1428, while international callers should use +1 (404) 975-4839, with access code 491926. A simultaneous webcast will be available at the company's website, with replay access until January 24, 2025.

SLB (NYSE: SLB) has secured a contract from Petrobras for two subsea raw seawater injection (RWI) systems for the Búzios field in Brazil. The systems will support FPSOs P-74 and P-75, each including a subsea seawater injection pump, umbilical system, and topside variable speed drive. These RWI systems aim to increase production by addressing water injection capacity bottlenecks and will reduce greenhouse gas emissions per barrel of oil compared to conventional topside injection systems.

The project will strengthen SLB's local presence in Brazil through manufacturing plants and subsea service facilities. The company will provide technical support using AI-enabled Subsea Live™ services, including condition monitoring and domain expert access.

SLB has secured a major contract with Petrobras following a competitive tender for integrated services across all Petrobras' offshore fields in Brazil. The approximately $800 million contract involves overseeing the construction of more than 100 deepwater wells using up to nine ultra-deepwater rigs. The three-year contract begins in April 2025 and covers operations in the Campos, Santos, and Espírito Santo Basins, with potential expansion to the Equatorial Margin.

The project will utilize advanced technologies including SLB's Ora™ intelligent wireline formation testing platform and SpectraSphere™ fluid mapping-while-drilling service, with most technology and equipment being sourced locally. These technologies aim to enhance operational efficiency, minimize risks, and reduce emissions while providing real-time reservoir characterization and improved drilling decisions.

SLB has introduced Neuro autonomous geosteering, an AI-powered drilling technology that automatically guides drill bits through the most productive reservoir layers. The system dynamically interprets real-time subsurface data and makes autonomous decisions, eliminating the need for manual interpretation by geologists.

The technology builds upon SLB's existing Neuro autonomous directional drilling system, adding high-fidelity downhole measurements for optimal well placement. In a successful deployment in Ecuador for Shaya Ecuador S.A., the system executed 25 autonomous trajectory changes across a 2,392-foot lateral section, resulting in one of the country's best-producing wells.