Welcome to our dedicated page for Schlumberger news (Ticker: SLB), a resource for investors and traders seeking the latest updates and insights on Schlumberger stock.
Overview of Schlumberger (SLB)
Schlumberger (SLB) is a global oilfield technology and services powerhouse known for its advanced reservoir engineering, drilling technology, and digital solutions. With operations in over 85 countries, the company has established itself as a comprehensive provider across the entire hydrocarbon production chain, from exploration and reservoir characterization to well construction, production enhancement, and integrated pipeline solutions.
Core Operations and Services
At its core, SLB delivers an extensive suite of products and services that address the complex challenges encountered during hydrocarbon recovery. Technology for reservoir characterization is combined with state‐of‐the‐art drilling and integrated production solutions to optimize reservoir performance. By emphasizing precision and efficiency, the company aids oil and gas operators in maximizing extraction while meeting strict operational performance standards.
Technological Innovation and Digital Solutions
SLB is recognized for its commitment to innovation, continuously investing in digital technologies that transform traditional oilfield practices. The integration of digital innovations into field operations enhances data acquisition, real-time monitoring, and predictive analytics, enabling smarter decision-making. This digitalization, when combined with traditional engineering expertise, provides a robust framework for improved reservoir performance and streamlined well construction operations.
Integrated Product and Service Offerings
What sets SLB apart is its ability to offer an integrated suite of services. The company acts as a one‐stop solution provider, seamlessly bridging the gap between exploration, production, and processing. This comprehensive approach includes drilling, well performance management, production optimization, and even the deployment of modular technologies for carbon capture and geothermal applications. SLB Capturi, its pioneering joint venture in carbon capture, embodies this innovative spirit by utilizing modular platforms to deliver scalable, industrial decarbonization solutions.
Global Presence and Competitive Position
Operating in diverse global markets, SLB leverages a multicultural workforce and deep local insights to cater to the varying demands of the oil and gas industry. Its global reach and adaptability enable it to serve a broad spectrum of clients—from national oil companies to independent operators—solidifying its position as a major player in the industry. Strategic partnerships and collaborative projects, like those in decarbonization and geothermal energy, illustrate SLB's capacity to diversify and reinforce its market presence, even as it faces stiff competition from other multinational service firms.
Expertise in Engineering and Resource Optimization
SLB's engineering acumen is notable for its capacity to integrate advanced technologies with robust field practices. The company employs specialized techniques in reservoir performance evaluation, digital simulation, and production enhancement, which contribute to more efficient resource management. Clients benefit from an array of engineered solutions that not only boost productivity but also align with complex operational dynamics inherent in the oil and gas sector.
Industry-Specific Innovations and Collaborative Projects
Beyond traditional services, SLB is at the forefront of integrating cutting-edge innovation with established field expertise. Its collaborative projects in carbon capture and geothermal development showcase a commitment to evolving operational practices through technology. These initiatives reinforce the company’s reputation as an innovator that is adept at translating complex engineering challenges into practical, scalable solutions that resonate across the energy sector.
Conclusion
In summary, Schlumberger (SLB) stands as a cornerstone in the oilfield services industry. Its deep-seated expertise in reservoir engineering, drilling technology, production solutions, and digital integration equips it to meet the evolving needs of global energy operations. With a clear focus on technical innovation and integrated service delivery, SLB continues to shape industry standards while maintaining unbiased, client-focused operational excellence.
SLB (NYSE: SLB) announced that its OneSubsea joint venture has been awarded a contract by bp for a subsea boosting system for the Kaskida project in the deepwater U.S. Gulf of Mexico. This marks the first engineering, procurement and construction (EPC) contract for a subsea boosting system between the two companies. The project includes a high-pressure subsea pump solution with integrated power and controls umbilical, and topside equipment. The system will provide artificial lift to maximize production through accelerated recovery of reserves with minimal energy consumption in bp's first Paleogene field development.
SLB reported its third-quarter 2024 results, highlighting a 10% year-on-year revenue increase to $9.16 billion and a GAAP EPS of $0.83, up 6% year on year. Adjusted EPS, excluding charges, rose by 14% to $0.89. Net income grew 6% year on year to $1.19 billion, and adjusted EBITDA increased 13% to $2.34 billion. Free cash flow was $1.81 billion. The Board approved a $0.275/share dividend. Revenue from the Aker subsea business added $532 million. Digital & Integration saw a 4% sequential revenue increase, with a 456 bps margin expansion. Production Systems reported a 31% year-on-year revenue growth. The company repurchased 11.3 million shares for $501 million. SLB also entered into an agreement to sell interests in the Palliser Block in Canada, expected to close in Q4 2024. The company highlighted its digital and long-cycle projects as key growth drivers amid a cautious macro environment.
SLB (NYSE: SLB), a global energy technology company, has announced a definitive agreement to sell its interests in the Palliser Block in Alberta, Canada. The Palliser Block includes oil and gas wells, surface facilities, a pipeline network, and certain oil and gas development rights. The transaction is subject to regulatory approval and other customary closing conditions. It is expected to close late in the fourth quarter of 2024.
SLB, a global energy technology company, has partnered with the She Is Foundation to launch the She Is an Astronaut program, aimed at inspiring young women in STEM fields. The program brought 24 girls aged 11-16 from Colombia, Ecuador, and Peru to the NASA Space Center in Houston, Texas. Participants engaged in virtual and in-person STEM learning over several months, culminating in a week-long experience that included visits to NASA and SLB's technology center.
The program offers participants a behind-the-scenes look at mission control rooms and astronaut training areas, emphasizing the importance of diversity and collaboration in STEM. Carlos Sarmiento, director of Culture, Diversity and Inclusion at SLB, highlighted the company's belief in the transformative power of education. The initiative aims to empower young women to become future leaders in STEM and develop projects that positively impact their communities.
SLB has been named a finalist in the 2024 Reuters Sustainability Awards for the Net Zero: Supply Chain Decarbonization category. This recognition highlights SLB's efforts in managing and transforming their supply chain to reduce greenhouse gas emissions. The company was selected from over 700 entries across 17 categories.
Gwenola Boyault, VP of Planning and Supply Chain at SLB, emphasized the importance of initiatives like their Carbon Disclosure Project (CDP) program and integrating environmental scoring into the tender process. These efforts have helped suppliers advance in climate action maturity.
SLB's approach to sustainability extends throughout its value chain, engaging employees, customers, and suppliers. Mikki Corcoran, VP of Sustainability, stressed the role of technology in helping SLB and its partners on a low-carbon path. The company's sustainable supply chain practices are detailed in their Sustainability Report.
SLB (NYSE: SLB) has announced its upcoming third-quarter 2024 results conference call, scheduled for October 18, 2024. The call will begin at 9:30 am US Eastern time, with a press release detailing the results to be issued at 7:00 am US Eastern time. Investors can access the call by contacting the Conference Call Operator at +1 (844) 721-7241 (North America) or +1 (409) 207-6955 (outside North America) using the access code 8858313.
A live webcast will be available at www.slb.com/irwebcast for listen-only participants. Following the call, a replay will be accessible at the same website until November 18, 2024, and via phone using the access code 8893594.
SLB (NYSE: SLB) has announced a joint venture agreement with ADNOC Drilling Company and Patterson-UTI to create Turnwell Industries OPC. This partnership aims to accelerate the UAE's unconventional oil and gas program, with an initial target of completing 144 wells by the end of 2025. The joint venture will leverage AI, smart drilling design, completions engineering, and production solutions.
SLB will provide integrated drilling, stimulation, and completion services, along with project management, digital capabilities, and subsurface support. ADNOC Drilling will hold a 55% majority stake, SLB a 30% stake, and Patterson-UTI the remaining 15%. The partnership is expected to elevate the performance of UAE's unconventional energy assets in a safe and sustainable manner.
SLB and Aker Carbon Capture Joint Venture has unveiled its new company name: SLB Capturi. The company aims to accelerate industrial decarbonization through innovative, industrial-scale carbon capture solutions. SLB Capturi offers a modular product platform with Just Catch™ and Big Catch™ solutions, designed for efficient integration across various industrial sectors.
SLB Capturi is already involved in significant carbon capture projects in Norway, Denmark, and the Netherlands. In August 2024, the company announced its first US-based project for a large-scale carbon capture plant at a pulp and paper facility on the U.S. Gulf Coast, aiming to remove 800,000 tonnes of CO2 annually.
The company's technologies have been tested across multiple industrial processes, ensuring reliability and efficiency in various industry segments. SLB Capturi is positioned to play a leading role in the global effort to combat climate change through the deployment of commercial-ready carbon capture technology and advancement of next-generation innovations.
SLB (NYSE: SLB) and NVIDIA are collaborating to develop generative AI solutions for the energy industry. This partnership aims to accelerate the deployment of industry-specific AI foundation models across SLB's platforms, including Delfi™ and Lumi™. The collaboration leverages NVIDIA NeMo™ to create custom generative AI for subsurface exploration, production operations, and data management.
The initiative seeks to optimize operations, enhance efficiency, and reduce carbon footprints in the energy sector. SLB will integrate NVIDIA NeMo and NIM™ inference microservices to offer customers a robust platform for implementing generative AI in technical workflows. This collaboration builds on a partnership that began in 2008, focusing on GPU use for subsurface imaging and geoscience interpretation.
SLB (NYSE: SLB) has launched the Lumi™ data and AI platform, integrating advanced AI capabilities, including generative AI, with workflows across the energy value chain. The platform aims to accelerate AI adoption at scale for SLB's global customers in the energy industry. Key features include:
- Open, secure, and modular design
- Access to high-quality data across various domains
- Embedded large language models (LLMs) and industry-optimized domain foundation models
- Availability on major cloud service providers and on-premises
- Compliance with NIST cybersecurity standards and emerging AI regulations
The Lumi platform is expected to enhance SLB's Delfi™ digital platform, enabling more powerful reservoir modeling, seismic interpretation, and operational efficiencies for energy customers.
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