Schlumberger CEO Says Oilfield Growth Will Be at Structurally Lower Rate
Top oilfield service firm Schlumberger NV expects to return to 2019 level pre-tax margins by the end of next year, a sign the oil industry faces a long-haul to recover from the latest oil-price crash.Chief Executive Olivier Le Peuch told an energy conference on Tuesday that industry growth will be at a structurally lower rate in the future.
Schlumberger Posts Loss on $8.5 Bln Charge as Customers Accelerate Cuts
Schlumberger NV, the world's largest oilfield services firm, on Friday reported a first-quarter loss due to $8.5 billion in charges, as customers accelerated spending cuts amid the continuing decline in oil prices.Crude prices plunged 60% in March after Saudi Arabia and Russia vowed to pump full bore and the spread of the novel coronavirus crushed global fuel demand. On Friday, international Brent crude futures were trading around $28 a barrel…
Oilfield Services Giant to Cut Spending by 30%
Schlumberger, the world's largest oilfield services company, on Tuesday said it would cut spending by 30% this year from last year's levels as the oil market has been roiled by the coronavirus outbreak and Saudi-Russia price war.The company expects a rapid reduction in active drilling and hydraulic fracturing activity, estimating the number of rigs in operation could fall to levels last seen during the 2016 downturn.Oil prices have fallen by more than half this year…
Oilfield Services Giants Start Year with Asset Sales
Schlumberger, Halliburton Co, and Baker Hughes Co have kicked off the new year by putting units up for sale, as the three largest names in oilfield services seek to reshape their businesses and adjust to falling demand.Oilfield service providers are facing reduced spending by oil and gas producers as investors push for higher shareholder returns rather than more drilling activity. Competition also is forcing service companies to exit less profitable businesses.
Schlumberger Commits to Emissions Reductions
Oilfield services firm Schlumberger announced its commitment to setting a science-based target to reduce its greenhouse gas (GHG) emissions, in line with the goals of the Paris Agreement to reduce climate change.Schlumberger has submitted its commitment to the Science Based Targets initiative (SBTi), and it will define its reduction target by 2021, the company said in a press release.Schlumberger CEO Olivier Le Peuch said, “The energy industry has a key role to play in reducing the effects of climate change.
Schlumberger Profit Beats Estimates
Schlumberger NV beat Wall Street estimates for profit on Friday, in the first quarter under Olivier Le Peuch, as higher international drilling activity boosted demand for its equipment and services and helped counter weakness in North America.The international business has been a bright spot for the world's largest oilfield services provider since last year as investor pressure to improve returns has forced North American oil and gas producers to rein in drilling new wells in a volatile price environment.Le Peuch…
Baker Hughes: U.S. Oil Drillers Cut Rigs Again
U.S. energy firms this week reduced the number of oil rigs operating for a third week in a row after drilling slowed for nine straight months as independent producers cut spending by about 10% this year.Drillers cut four oil rigs in the week to Sept. 6, bringing the total count down to 738, the lowest since November 2017, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. <RIG-OL-USA-BHI>In the same week a year ago…
Schlumberger CEO Outlines Digital Strategy
Schlumberger NV's newly-appointed Chief Executive Officer Olivier Le Peuch on Wednesday outlined his vision for the world's largest oilfield services company, vowing to exit unprofitable businesses, restructure some units and focus on returns.In his first public remarks since taking office in July, the 32-year company veteran also warned the company would record a sizeable, non-cash charge to write down assets in the current quarter. He did not specify the size of the writedown.Le Peuch…
Schlumberger Names New CEO, Tops Revenue
Schlumberger NV said on Friday Chief Operating Officer Olivier Le Peuch will replace longtime Chief Executive Officer Paal Kibsgaard, as the company looks to shore up its position as a leader in drilling technology.The world's largest oilfield services provider also reported better-than-expected quarterly revenue, as demand in international markets countered weakness in North America, sending its shares up more than 1% before the bell.The…
Schlumberger Names Olivier Le Peuch as COO
Schlumberger NV on Friday named Olivier Le Peuch as chief operating officer, setting him up as a possible successor to Paal Kibsgaard for the top role at the world's largest oilfield services company.Le Peuch has previously served as the president of Schlumberger's oilfield equipments making unit Cameron Group.The appointment marks the formal beginning of CEO succession, wrote Jefferies analyst Brad Handler in a note."That process comes earlier than we expected given Paal's age and the recent downturn"…
Schlumberger Names Le Peuch as Chief Operating Officer
Schlumberger NV on Friday named Olivier Le Peuch as chief operating officer, setting him up as a possible successor to Paal Kibsgaard for the top role at the world's largest oilfield services company.Le Peuch has previously served as the president of Schlumberger's oilfield equipments making unit Cameron Group.The appointment marks the formal beginning of CEO succession, wrote Jefferies analyst Brad Handler in a note."That process comes earlier than we expected given Paal's age and the recent downturn"…
Schlumberger Acquires Meta Downhole
Schlumberger today announced the acquisition of Meta Downhole Limited, a UK-based engineering and service company that offers technology and expertise to provide downhole metal-to-metal isolation solutions in well integrity applications. “With Meta’s unique proven technologies, we will take a quantum leap forward in advancing our downhole completions technology offering,” said Olivier Le Peuch, president, Completions, Schlumberger. The company’s…
Dissolvable Plug-And-Perf System by Schlumberger
Schlumberger today released the Infinity* dissolvable plug-and-perf system. This unique solution uses fully degradable fracture balls and fully degradable seats instead of plugs to isolate zones during well stimulation. “Operators are continuously looking to streamline plug-and-perf operations without compromising productivity,” said Olivier Le Peuch, president, Completions, Schlumberger. “With the new Infinity system, the ball and the seat assemblies both fully dissolve on contact with common completion fluids.
