Schlumberger - SLB STOCK NEWS

ILiAD Technologies, a subsidiary of EnergySource Minerals (ESM), has successfully closed a funding round with a significant investment from SLB (NYSE: SLB). This investment follows Arcadium Lithium's (NYSE: ALTM) earlier acquisition of a minority stake in ILiAD's parent company. The funding will enhance ILiAD's direct lithium extraction (DLE) technology and expand its global deployment.

SLB plans to integrate ILiAD's technology into its sustainable lithium production solution, currently undergoing technical trials. The investment solidifies ILiAD's position as a leading DLE technology platform for sustainable lithium production, important for the electric vehicle (EV) industry. ILiAD's technology offers cost, efficiency, and environmental advantages over traditional lithium extraction methods.

This investment concludes ILiAD Technologies' establishment capital raise process, which raised $50 million since the second half of 2023.

SLB (NYSE: SLB) has announced its decision to voluntarily delist from Euronext Paris, citing low trading volumes and increasing costs associated with maintaining a dual listing. The company will maintain its primary listing on the New York Stock Exchange (NYSE) under the symbol 'SLB'. Shareholders of SLB Euronext Shares have two options: keep their shares for trading on NYSE after delisting, or participate in a voluntary sales facility to sell their shares.

The voluntary sales facility will run from July 29 to August 12, 2024. Shares will be sold on NYSE starting August 15, 2024. The last trading day on Euronext Paris will be August 16, 2024, with official delisting on August 19, 2024. SLB will cover centralization and brokerage fees for the sales facility. Shareholders are advised to consult their investment advisors before deciding to participate in this process.

SLB and Aker BP have announced a long-term partnership to co-develop an AI-driven digital platform for Aker BP's E&P operations. The platform will leverage SLB's Delfi™ digital platform and cloud technology to transform subsurface workflows, aiming to accelerate planning cycles, increase production, and reduce costs. Key aspects of the partnership include:

1. Transitioning Aker BP's application portfolio to the cloud
2. Creating an integrated platform for subsurface workflows
3. Utilizing advanced AI and domain expertise
4. Establishing a unified data environment
5. Leveraging the Open Group's OSDU® Technical Standard and Microsoft's Azure Data Manager for Energy

The collaboration is expected to drive efficiency optimization and more sustainable energy production for Aker BP.

SLB's Q2 2024 results show strong growth with revenue of $9.14 billion, a 5% sequential and 13% year-on-year increase.

EPS rose 4% sequentially to $0.77 and 7% year-on-year, while adjusted EPS increased 13% sequentially to $0.85 and 18% year-on-year. Net income grew 4% sequentially to $1.11 billion and 8% year-on-year. Adjusted EBITDA reached $2.29 billion, up 11% sequentially and 17% year-on-year.

International revenue surged 6% sequentially and 18% year-on-year, driven by activities in the Middle East & Asia. The Production Systems division led with a 31% year-on-year increase. SLB declared a quarterly dividend of $0.275 per share.

SLB repurchased 9.9 million shares for $465 million during the quarter. They also issued $1.5 billion in Senior Notes and finalized a joint venture with Aker Carbon Capture. CEO Olivier Le Peuch emphasized SLB's strong position in resilient markets and ongoing margin expansion.

SLB (NYSE: SLB) OneSubsea has secured a contract from TotalEnergies (NYSE: TTE) for the Kaminho deepwater project, offshore Angola. The project involves a 13-well subsea production system, including associated equipment and services, and will be developed in two phases in the Cameia and Golfinho fields. The collaboration aims to deploy a highly configurable subsea production platform with standardized vertical monobore subsea tree, wellhead, and controls system. The project is set to create over 10 million man-hours of work, primarily in Angola, with a targeted first production date in 2028, expected to yield 70,000 barrels of oil per day.

SLB (NYSE: SLB) has announced a second request for additional information from the U.S. Department of Justice (DoJ) regarding its planned acquisition of ChampionX (NASDAQ: CHX). This request is a part of the DoJ's review process. The acquisition, which received approval from ChampionX stockholders on June 18, 2024, is anticipated to close by either the fourth quarter of 2024 or the first quarter of 2025, contingent on regulatory approvals and customary closing conditions.

TotalEnergies (TTE) and SLB have announced a collaboration to develop innovative subsurface digital solutions to enhance sustainable hydrocarbon production and support geological carbon storage. This partnership will leverage both companies' expertise in operational and software development to create next-generation cloud-based tools that improve subsurface modeling and optimize production with reduced carbon intensity.

Additionally, TotalEnergies will solarize SLB's industrial sites in Oman, UAE, and Japan, providing bespoke energy solutions to support SLB's energy transition. This initiative aligns with TotalEnergies' strategy of 'More energy, less emissions, more value,' aiming to make industrial operations more sustainable while delivering competitive cost benefits.

Both companies emphasize the importance of collaboration and knowledge sharing to advance digital capabilities and enhance efficiency in the energy sector.

SLB and TotalEnergies have announced a 10-year partnership to develop and deploy scalable digital solutions aimed at enhancing energy resource access, performance, and efficiency. The collaboration will focus on integrating advanced digital capabilities, such as artificial intelligence, with SLB's Delfi™ digital platform, adhering to the OSDU® Technical Standard. The partnership will initially target subsurface digital solutions for reservoir engineering and geoscience modeling, leveraging real-world learnings from both companies. This co-development aims to benefit TotalEnergies' global operations and SLB's worldwide customer base, addressing key challenges across the energy value chain, including carbon capture, utilization, and sequestration (CCUS). The combined expertise of both companies is expected to accelerate the delivery of new digital capabilities for the entire industry.

SLB (NYSE: SLB) released its annual report on payments to governments for the year ending December 31, 2023, as required by the French Commercial Code. The report details payments in Morocco, the United Kingdom, and the United States related to SLB's extractive activities. Significant payments include $4.77 million in Morocco, $234.7 thousand in the United Kingdom, and $652.1 thousand in the United States. These payments encompass taxes, licenses, and fees, with Morocco showing the highest total payments primarily due to barite mining operations. The report adheres to regulations by converting all foreign payments to USD and excluding payments under EUR 100,000.