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.
Schlumberger (SLB), a global leader in oilfield services and energy solutions, provides cutting-edge technology for reservoir characterization, drilling optimization, and sustainable energy projects. This page serves as the definitive source for verified company updates, offering stakeholders timely access to operational developments and strategic initiatives.
Investors and industry professionals will find curated press releases covering quarterly earnings, technology partnerships, and sustainability advancements, including updates on SLB Capturi's carbon capture solutions. The collection spans operational milestones across drilling services, production enhancements, and geothermal energy innovations.
All content is organized to highlight SLB's engineering expertise in complex projects while maintaining neutral reporting standards. Bookmark this page for streamlined access to essential updates about the company's global operations and energy transition strategies.
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.
SLB has secured a contract from Equinor for the front-end engineering design of a 12-well, all-electric Subsea Production Systems (SPS) project at the Fram Sør field, offshore Norway. This project aims to fast-track the global adoption of electric subsea technology, enhancing operator control, efficiency, and reducing emissions. It is the first project from a joint industry initiative started in 2018 to develop standardized subsea electrification solutions. The project will utilize SLB OneSubsea’s standardized subsea tree design with upgraded electrified power and control systems, eliminating high-pressure hydraulics, thus enabling deeper and more efficient operations.
SLB (NYSE: SLB) has announced it will hold a conference call on July 19, 2024, to discuss its second-quarter results ending June 30, 2024. The call will begin at 9:30 am US Eastern time, with a press release issued at 7:00 am US Eastern time.
Listeners in North America can join by dialing +1 (844) 721-7241, while those outside can use +1 (409) 207-6955, using access code 8858313. A webcast will also be available at www.slb.com/irwebcast. A replay will be accessible until August 19, 2024, by dialing +1 (866) 207-1041 in North America or +1 (402) 970-0847 outside, with access code 1906897.
SLB and Aker Carbon Capture (ACC) have finalized their joint venture aimed at accelerating the adoption of carbon capture technologies across various industries. This new entity merges SLB's and ACC's technological portfolios to enhance industrial decarbonization efforts. The venture combines ACC's Advanced Carbon Capture™ technologies, like Just Catch™ and Big Catch™, with SLB's non-aqueous solvent and sorbent-based solutions. Currently, seven projects are in progress, with a combined capacity to capture 1 million tonnes of CO2 annually. SLB holds an 80% stake in the venture, headquartered in Oslo, with ACC owning the remaining 20%.
SLB OneSubsea has been awarded a significant contract by Equinor for the second stage of Phase 3 of the Troll project in the North Sea. This contract builds on an existing long-term agreement and aims to accelerate the production of about 55 billion standard cubic meters of gas. SLB OneSubsea will employ North Sea compliant, configurable equipment for standardized subsea production systems. The expanded scope includes nine vertical trees, wellheads, tubing hangers, control modules, bridge modules, templates, topside controls integration, and umbilicals. This move solidifies SLB's position as a key supplier to Equinor.
