SLB (SLB) Stock News

Schlumberger New Energy has announced an investment and collaboration agreement with EnerVenue to deploy its nickel-hydrogen battery technology, enhancing its presence in the growing stationary energy storage market. This partnership aims to accelerate the large-scale application of energy storage solutions across various sectors, including utility, commercial, and residential. Schlumberger positions itself as a leader in the energy transition, leveraging its technological expertise to support the demand for reliable and sustainable energy sources.

Schlumberger Limited (NYSE: SLB) reported strong second-quarter 2021 results, with revenues reaching $5.634 billion, marking an 8% sequential increase. Net income stood at $431 million, up 44% from the previous quarter. Key drivers included revenue growth across all divisions, particularly in Well Construction and Reservoir Performance, with North America showing an 11% sequential increase. Adjusted EBITDA margins improved to 21.3%. Cash flow from operations was robust at $1.2 billion. CEO Olivier Le Peuch highlighted strategic advancements in Digital and New Energy, along with a commitment to achieving net-zero emissions by 2050.

Schlumberger and IBM have launched the industry's first commercial hybrid cloud Enterprise Data Management Solution for the OSDU Data Platform. This solution enhances global access for energy operators, addressing data residency requirements, and aims to accelerate decision-making by consolidating workflows in a single platform. The partnership emphasizes full interoperability, reduced costs, and improved operational efficiency. With AI and data analytics integration, the solution is set to optimize production and business performance, particularly in regions like the Middle East.

Schlumberger Limited (NYSE:SLB) will conduct a conference call on July 23, 2021, to discuss its Q2 results for the period ending June 30, 2021. The call is set to begin at 9:30 am ET, with a press release available at 7:00 am ET. To participate, listeners should call the Conference Call Operator at +1 (844) 721-7241 (North America) or +1 (409) 207-6955 (International) about 10 minutes before the call, using access code 8858313. A webcast will also be available at www.slb.com/irwebcast for listen-only access.

Schlumberger has announced its commitment to achieve net-zero greenhouse gas emissions by 2050, focusing on reducing Scope 1, 2, and 3 emissions across the oil and gas value chain. Key targets include a 30% reduction by 2025 and a 50% reduction by 2030 in Scopes 1 and 2, alongside a 30% reduction in Scope 3. The decarbonization strategy minimizes reliance on offsets and aligns with the Paris Agreement. The company aims to support its customers through its Transition Technologies portfolio designed to address emissions and enhance operational efficiency.

Schlumberger announced a significant contract awarded to Subsea Integration Alliance by Equinor for the Bacalhau project offshore Brazil. The contract encompasses engineering, procurement, construction, and installation (EPCI) of subsea production systems and pipelines, involving 19 trees and various subsea equipment. The project management and engineering will occur in Rio de Janeiro, with offshore activities starting in 2022. This collaboration aims to enhance Equinor's Bacalhau field performance while positively impacting the local economy.

Schlumberger New Energy and Panasonic Energy of North America have launched a collaboration to optimize lithium extraction processes at Schlumberger's Neolith Energy pilot plant in Nevada. This partnership aims to enhance lithium production efficiency, crucial for the surging electric vehicle (EV) market. Utilizing a distinctive direct lithium extraction method, they plan to achieve over 90% lithium recovery while minimizing environmental impact. The pilot plant's proximity to Panasonic’s battery manufacturing facility supports their joint goal of accelerating lithium production to meet growing demand.

Schlumberger announced a significant deployment of advanced digital solutions for PETRONAS, utilizing the DELFI cognitive E&P environment and the OSDU Data Platform. This collaboration aims to enhance field development planning and optimize asset production. Rajeev Sonthalia, president of Digital & Integration at Schlumberger, highlighted the importance of this digital transformation in bolstering PETRONAS as an industry leader. The initiative builds on the success of PETRONAS' LiveFDP program, which utilized the DELFI Petrotechnical Suite for rapid scenario generation across various data domains.

Schlumberger Limited (SLB) announced plans to redeem $664,776,000 in 3.300% Senior Notes due 2021 through its wholly-owned subsidiary, Schlumberger Investment SA. The redemption is set for June 28, 2021, at 100% of the principal amount plus accrued interest. Notices are sent to registered holders of the Notes. Schlumberger continues its commitment to debt reduction, enhancing financial stability and operational efficiency in the energy sector.