Schlumberger Stock Price, News & Analysis

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.

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.