Schlumberger Limited - SLB STOCK NEWS

Schlumberger Limited (NYSE: SLB) reported Q1 2021 revenue of $5,223 million, down 6% sequentially and 30% year-on-year. Net income was $299 million, translating to a diluted EPS of $0.21. Excluding divestitures, global revenue was flat sequentially, with a 23% decline year-on-year. Notable increases included 10% sequential revenue growth in North America, driven by higher land drilling activity. Cash flow from operations was $429 million, with free cash flow at $159 million. Looking ahead, the company anticipates a rebound in international activity, with expected double-digit growth in revenue in the second half of 2021.

Schlumberger and Equinor, in collaboration with Microsoft, have announced a strategic project utilizing the DELFI cognitive E&P environment. This initiative aims to enhance data integration and decision-making capabilities by deploying the OSDU Data Platform, a new industry data standard. The project will improve efficiency through seamless access to data and advanced AI-driven workflows. It will also incorporate the DELFI Petrotechnical Suite and ExplorePlan solution, ultimately benefiting geoscientists in their exploration activities.

Schlumberger and Microsoft have announced an expanded strategic partnership aimed at accelerating technology advancements for the energy sector. The highlight is the launch of the Schlumberger Enterprise Data Management Solution on the OSDU Data Platform, offering energy companies an OSDU-compliant solution. This platform will enable seamless integration with the DELFI cognitive E&P environment and is built for deployment on Microsoft Azure. The companies plan to enhance data management, AI templates, and scalable data ingestion capabilities through their collaboration.

Schlumberger New Energy has announced the development of a lithium extraction pilot plant through its new venture, NeoLith Energy, located in Clayton Valley, Nevada. This pilot plant will utilize a differentiated direct lithium extraction (DLE) process to produce high-purity lithium more efficiently, reducing production time from over a year to weeks. With projected growth in battery-grade lithium demand due to the electric vehicle market, the pilot is a step toward a full-scale production facility, expected to begin operations before the end of 2021.

Schlumberger Limited (NYSE: SLB) is set to hold a conference call on April 23, 2021 to discuss its first-quarter results for the period ending March 31, 2021. The call will commence at 9:30 am US Eastern time, with a press release scheduled for 7:00 am. Participants can access the call by contacting the Conference Call Operator at specified phone numbers, using access code 8858313. A webcast will also be available on their website.

Schlumberger New Energy, Chevron, Microsoft, and Clean Energy Systems are collaborating on a pioneering bioenergy with carbon capture and sequestration (BECCS) project in Mendota, California. This facility will transform agricultural waste into renewable energy while capturing over 99% of CO₂ emissions for permanent storage. Expected to eliminate about 300,000 tons of CO₂ annually, this initiative aligns with California's environmental goals and is projected to create 300 construction jobs and 30 permanent jobs. The project represents a significant advancement in sustainable energy solutions.

Schlumberger New Energy has appointed Florence Lambert as CEO of its Genvia clean hydrogen production technology venture, effective March 1, 2021. Lambert, with over 20 years in new energy technologies, aims to leverage Genvia's innovations to meet growing hydrogen demands, projected to account for 20% of total energy needs in 30 years. Genvia's technology features a 30% higher electricity conversion efficiency for hydrogen production, promising cost competitiveness. The venture anticipates establishing a pilot line in 2021 and plans to launch a giga factory by 2025.

Schlumberger Limited (NYSE: SLB) announced its fourth-quarter results for 2020, reporting revenue of $5,532 million, a 5% sequential increase but down 33% year-on-year. The company's net income was $374 million, reflecting a 12% increase from the previous quarter. Adjusted EBITDA rose to $1,112 million, up 9% sequentially. Digital & Integration revenue grew 13%, while North America saw a 13% sequential revenue increase, primarily due to strong land and offshore activity. Schlumberger's CEO stated that the performance indicates the start of an industry recovery, with expectations for increased spending in 2021.

Schlumberger New Energy, in collaboration with CEA and partners, announced the European Commission’s approval to form Genvia, a clean hydrogen production venture. This public-private partnership aims to develop the CEA's high-temperature reversible solid oxide electrolyzer technology, which is expected to be the most efficient for clean hydrogen production. The venture's gigafactory will be located in Béziers, France, supporting energy transition goals for carbon neutrality by 2050.