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.
ILiAD Technologies celebrates the successful use of its direct lithium extraction (DLE) technology at SLB's Clayton Valley Demonstration Plant in Nevada. The plant, commissioned in March 2024, operates at one-tenth of commercial scale and has demonstrated significant improvements in lithium production:
- 500 times faster production time
- 96% lithium recovery rate
- Reduced land and water use
- Low-temperature processing at 95°F
ILiAD's technology, part of SLB's integrated solution, efficiently extracts high-purity lithium chloride from brines with a smaller environmental footprint compared to traditional methods. This success follows SLB's significant investment in ILiAD Technologies earlier this year, positioning the company to meet growing global demand for lithium in electric vehicle batteries.
SLB has demonstrated a breakthrough in sustainable lithium production at its Nevada plant, integrating direct lithium extraction (DLE), concentration, and conversion technologies. The process produces lithium 500 times faster than conventional methods, using only 10% of the land and significantly less water and chemical reagents. Key achievements include:
- 96% lithium recovery rate from brine, verified independently
- Production of high-purity lithium carbonate or hydroxide
- Flexible output of lithium chloride, carbonate, or hydroxide
- Process completion in hours, compared to 18 months for evaporation methods
- Reduced environmental impact with spent brine returned to its source
This innovative approach positions SLB to accelerate the deployment of commercial-scale facilities for high-quality lithium products, important for the electrification economy.
SLB (NYSE: SLB) and Palo Alto Networks (NASDAQ: PANW) are expanding their collaboration to strengthen cybersecurity for the energy sector. This partnership combines SLB's cloud and edge technologies with Palo Alto Networks' cybersecurity solutions to address evolving cyber threats in the industry's digital transformation.
Key aspects of the collaboration include:
- SLB integrating Palo Alto Networks' AI-powered cybersecurity platforms into its technology stack
- Enhancing security across SLB's network, cloud, and edge platforms
- Developing solutions for edge products and services
- Enabling secure collaboration for thousands of users on SLB's Delfi digital platform
This partnership aims to strengthen SLB's security infrastructure and drive future enhanced solutions for the energy sector's growing cybersecurity needs.
SLB (NYSE: SLB) and Palo Alto Networks (NASDAQ: PANW) are expanding their collaboration to strengthen cybersecurity for the energy sector. This partnership combines SLB's cloud and edge technologies with Palo Alto Networks' cybersecurity solutions to address evolving threats in the industry's digital transformation.
Key points:
- SLB will adopt Palo Alto Networks' AI-powered cybersecurity platforms, including Prisma SASE, Prisma Cloud, and Cortex XSIAM
- The collaboration aims to enhance security across SLB's network, cloud, and edge platforms
- Both companies will develop solutions for edge products and services, important for automated and autonomous operations
- The partnership supports SLB's role as a digital partner for its customers in the energy sector
SLB (NYSE: SLB) has secured a major contract from Petrobras (NYSE: PBR) for its OneSubsea™ joint venture to provide standardized, pre-salt subsea production systems for two oil fields in Brazil's Santos Basin. The contract covers the second development phase of the Atapu and Sepia fields, including the supply of vertical trees, subsea distribution units, control systems, and pipeline systems. Much of the technology will be produced and serviced locally at SLB OneSubsea's facilities in Brazil. This project will support the addition of two new FPSO platforms, P-84 (Atapu) and P-85 (Sepia), each with a daily production capacity of 225,000 barrels of oil and processing of 10 million cubic meters of gas.
SLB and Aker Carbon Capture's joint venture (SLB-ACC JV) has been awarded a front end engineering and design (FEED) contract by CO280 Solutions for a large-scale carbon capture plant at a pulp and paper mill on the U.S. Gulf Coast. The project aims to remove 800,000 tonnes of carbon emissions annually, delivering permanent, verifiable, and affordable carbon dioxide removals (CDRs).
The concept design is based on the SLB-ACC JV's modularized Just Catch™ 400 technology, enabling pre-fabrication of carbon capture units. This contract marks a significant milestone in the partnership between SLB-ACC JV and CO280 to deliver large-scale carbon capture solutions for North American industry, with the pulp and paper sector representing a carbon removal opportunity of up to 130 million tonnes per year.
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.
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