Schlumberger Limited - SLB STOCK NEWS

Schlumberger, Aker Solutions, and Subsea 7 have formed a joint venture aimed at enhancing subsea production efficiency. This collaboration will merge Schlumberger's and Aker Solutions' subsea technologies to support decarbonization and optimize asset performance in the offshore market. The venture will see Schlumberger retain a 70% stake, while Aker Solutions and Subsea 7 will own 20% and 10%, respectively. A total of USD 306.5 million in Schlumberger stock will be issued to Aker Solutions, with Subsea 7 investing the same amount in cash. The deal awaits regulatory approvals and is expected to finalize in H2 2023.

Schlumberger has secured an EPCI contract for the Odd Job field in the Gulf of Mexico, awarded by Kosmos Energy. The OneSubsea unit will provide a subsea multiphase boosting system and related equipment, enhancing production efficiency and reducing CO₂ emissions. The project aims to deliver significant cost savings while improving recovery rates for Kosmos Energy. OneSubsea boasts over 40 projects delivered since 1994, demonstrating robust track records in subsea technology.

Schlumberger Limited (NYSE: SLB) reported second-quarter 2022 revenue of $6.8 billion, a 14% sequential increase and 20% year-on-year growth. GAAP EPS rose 86% sequentially to $0.67, while EPS excluding charges increased 47% to $0.50. The company generated $408 million in cash flow from operations and announced a quarterly dividend of $0.175 per share. Schlumberger raised its full-year revenue outlook to at least $27 billion, reflecting a positive inflection point in growth and strong international performance.

Schlumberger Limited disclosed its government payments for 2021 under the French Commercial Code. The report includes payments made to governments in Morocco, the UK, and the US, totaling approximately $3,281.4k. In Morocco, the total was $1,437.5k, mainly for taxes and dividends. The UK reported $162.8k, primarily from royalties, while the US totalled $1,681.0k, with significant taxes from various mining operations. Payments under EUR100,000 were excluded, and currency conversions were based on annual averages.

Hyzon Motors (NASDAQ: HYZN) has announced a joint development agreement (JDA) with Schlumberger (NYSE: SLB) to create zero-emission fuel cell power solutions for oil and gas operations. This partnership aims to replace traditional diesel generators with Hyzon's fuel cell systems, expected to demonstrate capabilities in Q4 2022. The collaboration will initially focus on North American land drilling rigs, potentially eliminating 10,000 tons of CO2 annually when powered by zero-carbon hydrogen. Schlumberger will facilitate customer validation and commercialization of the technology.

Schlumberger Limited (NYSE:SLB) will conduct a conference call on July 22, 2022, at 9:30 am Eastern Time to review its Q2 results for the period ending June 30, 2022. A press release detailing these results will be available at 7:00 am the same day. Interested parties can access the call by contacting the Conference Call Operator or via a live webcast at www.slb.com/irwebcast. A replay will be available until August 22, 2022.

Schlumberger has expanded its global INNOVATION FACTORI network with a new center in Oslo, Norway. This facility aims to enhance customer collaboration and agility in developing digital solutions for challenges such as drilling automation and carbon capture. By partnering with Dataiku, Schlumberger will offer a centralized machine learning platform for AI applications. This expansion adds to existing AI centers in Rio, Houston, Abu Dhabi, Beijing, and Kuala Lumpur, reinforcing Schlumberger's commitment to driving sustainability and performance in the energy sector.

Schlumberger Limited (NYSE: SLB) reported a 14% year-on-year revenue increase to $6.0 billion and a 71% rise in GAAP EPS to $0.36 for Q1 2022. The board declared a 40% dividend hike to $0.175 per share. Cash flow from operations was $131 million, reflecting seasonal working capital increases. Major revenue gains came from Well Construction and Reservoir Performance, both above 20%. The geopolitical situation led to a suspension of new investments in Russia. Schlumberger anticipates continued revenue growth through 2022, aiming for mid-teens growth for the full year.

Schlumberger Limited (NYSE:SLB) will host a conference call on April 22, 2022, to discuss its first quarter results for the period ending March 31, 2022. The call is scheduled at 9:30 am US Eastern Time, with a press release issued at 7:00 am US Eastern Time. Access details include contacting the Conference Call Operator at +1 (844) 721-7241 within North America or +1 (409) 207-6955 internationally. A webcast will also be available at www.slb.com/irwebcast, with a replay accessible until May 22, 2022.