Schlumberger Stock Price, News & Analysis

SLB has launched EcoShield™, a pioneering geopolymer technology designed to reduce CO₂ emissions in well construction by up to 85% compared to traditional cement-based systems. This innovative solution could prevent approximately 5 million metric tons of CO₂ emissions annually—equivalent to removing 1.1 million cars from the road. Successfully tested by Pioneer Natural Resources in the Permian Basin, EcoShield™ integrates seamlessly into existing cementing workflows. Unveiled at CERAWeek in Houston, this initiative highlights SLB's commitment to driving sustainability in the oil and gas sector.

SLB (NYSE: SLB) has finalized its acquisition of Gyrodata Incorporated, a leader in gyroscopic wellbore positioning technology. This strategic move aims to enhance SLB's Well Construction business by integrating advanced surveying technologies, ultimately improving wellbore quality and reducing drilling risks.

The merger is expected to elevate operational performance, streamline decision-making, and boost drilling efficiency. With this acquisition, SLB reaffirms its commitment to innovative solutions and driving energy sector advancements.

SLB reported strong fourth-quarter results with revenue of $7.9 billion, marking a 5% sequential increase and 27% year-over-year growth. GAAP EPS for the quarter was $0.74, a 17% sequential rise and 76% year-over-year increase. Full-year revenue reached $28.1 billion, representing a 23% year-on-year growth, with annual GAAP EPS of $2.39, up 81% year-over-year. The board approved a 43% increase in the quarterly cash dividend to $0.25 per share. Strong cash flow from operations was $3.7 billion, and free cash flow was $0.9 billion in Q4.

SLB (NYSE: SLB) will conduct a conference call on January 20, 2023 to discuss its fourth quarter and full year results for the period ending December 31, 2022. The call will begin at 9:30 am US Eastern time, with a press release issued earlier at 7:00 am. Listeners can join by calling the Conference Call Operator at +1 (844) 721-7241 in North America or +1 (409) 207-6955 internationally. A live webcast will also be available at www.slb.com/irwebcast. A replay will be accessible until February 20, 2023.

SLB (NYSE: SLB) confirmed details regarding its cash offer to purchase a certain amount of its senior notes. The offer is part of a previously announced initiative, wherein Schlumberger Holdings Corporation intends to acquire $394.87 million of the 3.750% Senior Notes due 2024 and $409.25 million of the 4.000% Senior Notes due 2025. The total purchase price for all accepted notes is approximately $790.12 million, excluding accrued interest. The offer expires on December 19, 2022, with an expected early settlement date of December 8, 2022.

SLB (NYSE: SLB) has announced early results regarding its cash offer to purchase up to $800 million in notes. The maximum purchase price was increased from $500 million, with no Notes of Acceptance Priority Levels 3 or 4 being accepted. The tender offers are related to several Senior Notes, including those due in 2024, 2025, 2028, and 2029, with a total principal amount outstanding over $4 billion. The Offer will expire on December 19, 2022, following an Early Settlement Date on December 8, 2022, if conditions are met.

SLB has secured a significant contract from bp for its Cypre gas project in Trinidad and Tobago. This award marks the first fully integrated EPCI contract for the Subsea Integration Alliance and involves engineering, procurement, construction, and installation of subsea systems and pipelines. Offshore installation will start in 2024. The contract showcases early engagement and digital solutions that enhance project timelines. OneSubsea will provide subsea production systems, while Subsea7 will handle the pipelines, emphasizing the alliance's strength in delivering efficient subsea projects.

SLB is partnering with Oman’s Ministry of Energy and Minerals and the Oman Investment Authority to develop a national strategy for geothermal resource exploration. This collaboration follows a detailed assessment of over 7,000 oil, gas, and water wells to identify geothermal prospects. Utilizing advanced AI solutions, SLB’s consulting team aims to accelerate the evaluation and economic feasibility of geothermal energy projects. This initiative aligns with Oman’s goals of achieving net-zero emissions and enhancing its clean energy portfolio.

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of 'a+' (Excellent) for Castle Harbour Insurance Limited and Harrington Sound Insurance Limited, both captive insurers for Schlumberger Limited (SLB). The outlook for these ratings is stable. The captives exhibit strong balance sheet strength and operating performance, with considerable geographic diversification. They play a strategic role in SLB's enterprise risk management framework, providing tailored insurance coverage for the company.