Hints and tips:
...But the oil companies’ activity to date has been speculative, involving a small fraction of the capital spent on fossil fuel production each year and limited to buying rights to prospective lithium resources...
...SLB, formerly Schlumberger, is resisting pressure to leave Russia from the Ukrainian government and human rights groups, which allege the company’s presence in the country helps to generate oil revenues...
...The company, formerly known as Schlumberger, made more than $1bn in net income in the final quarter of last year. That is a 77 per cent jump from the year-ago period....
...Olivier Le Peuch, chief executive of SLB — previously known as Schlumberger — described 2022 as a “pivotal” year for the energy industry, which he said had entered the “early phase of a structural upcycle...
...Schlumberger’s bumper second quarter included net income of $959mn, more than double the level in the same period last year. Revenues of $6.7bn were up by a fifth....
...Schlumberger, Baker Hughes and Halliburton did not respond to requests for comment. Schlumberger has invested more than $10bn in Russia over the past decade....
...Somewhat limited use! But they are splendid objects,” he laughs....
...The best are less susceptible to inflation than manufacturing companies, because they employ proportionately fewer people and have limited input costs....
...Schlumberger, the third and biggest oilfield services player, reports tomorrow. We’ll give its boss Olivier Le Peuch the tiebreaking vote....
...“We continue to be encouraged by constructive macroeconomic drivers,” said Olivier Le Peuch, Schlumberger’s chief executive....
...Still, the market for new equipment and skilled workers to man rigs and truck equipment across the oilfields has quickly tightened after years of limited investment....
...UK debt interest payments hit an all-time high in June, highlighting the limited space available for tax cuts, one of the key promises of Liz Truss, one of the candidates to become the next prime minister...
...or three years will not give us the activity, intensity and investment to recover this 2m b/d, what will happen is that this 2m will have to be supplied internationally,” said Olivier Le Peuch, head of Schlumberger...
...Shares in Schlumberger, the biggest of them, fell more than 70 per cent as the pandemic hit. US shale patch bankruptcies hurt its customer base, and Schlumberger sold its North American fracking unit....
...“Oilfield services companies like Schlumberger can’t control their customer activity but they can control costs so expect them to wring out as much cost as possible.”...
...Foreign direct investors have, up to now, displayed limited appetite for Prince Mohammed’s plans....
...As a result, Schlumberger plunged to a $11.4bn net loss for the period, its biggest in over a decade....
...“No matter how much of a strongman you are, in front of a pandemic your power is limited,” he said, characteristically blunt....
...Schlumberger shares were up 2.8 per cent in early New York trade on Friday....
...Schlumberger, Baker Hughes, and Halliburton, the world’s three biggest service providers, are now slashing their own spending....
...Mr Le Peuch has been at Schlumberger for 32 years and has held a variety of global management positions across its business units....
...Schlumberger Oilfield Holdings was put on probation for three years, and Schlumberger Ltd agreed to continue co-operating with US authorities....
...Argentina’s production of shale gas jumped by as much as 90 per cent over the past year — even if prospects for further expansion of gas production is limited by a lack of pipelines and liquefaction plants...
...He added: “At the same time, spare production capacity, which is essentially limited to only a few Opec countries, is now nearing its lowest level for more than a decade while decline in the world’s mature...
...Other deals with Total, Hyundai, Norinco, Schlumberger, Halliburton and Baker Hughes are also expected....
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