(Reuters) - Schlumberger (NYSE:SLB) beat expectations with a rise in fourth-quarter profit on Friday as higher crude and natural gas prices drove demand for the world's largest oilfield services company.
Oil prices surged about 50% last year and are trading at seven-year highs on a COVID-19 vaccine-fueled demand recovery and tight supplies. The global rig count was 1,563 at the end of the fourth quarter, up around 42% from a year ago, Baker Hughes data shows.
"Absent any further COVID-related disruption, oil demand is expected to exceed pre-pandemic levels before the end of the year and to further strengthen in 2023," Schlumberger Chief Executive Olivier Le Peuch said.
Current market conditions are "strikingly similar to those experienced during the last industry supercycle", he added.
Schlumberger expects 2022 capital spending of between $1.9 billion and $2 billion, versus just under $1.7 billion in 2021, and plans to increase spending in North America by at least 20%, Le Peuch said on a call with investors.
Schlumberger shares were down 1.75% as Brent oil futures fell about 1.45% to $87.14 a barrel.
Wall Street analysts said the results were positive, with the exception of a decision to keep its dividend flat after the company generated around $1.3 billion in free cash flow for the quarter and $3 billion for the full year 2021.
"There was an expectation of a dividend raise. I believe they will raise the dividend once the leverage targets are met," said James West, a senior managing director with Evercore ISI.
Schlumberger's fourth-quarter adjusted net income rose to $587 million, or 41 cents per share, above Wall Street estimates of 39 cents per share, according to Refinitiv IBES. The company beat last year's fourth-quarter earnings of $309 million, or 22 cents per share.
Fourth-quarter revenue of $6.23 billion also topped analysts' forecast of $6.09 billion.
GRAPHIC - Schlumberger's revenue on recovery mode
https://graphics.reuters.com/SCHLUMBERG ... /chart.png
In North America, strong offshore and land drilling activity and an uptick in exploration data licensing for the U.S. Gulf of Mexico and Permian Basin drove a 13% sequential jump in revenue.
Schlumberger also said it sold $109 million in shares of Liberty Oilfield Services (NYSE:LBRT) during the quarter, bringing its stake to 31%. Last year, it closed on the sale of its U.S. fracking business to Liberty in exchange for a 37% equity stake.
Schlumberger NYSE: SLB obsługa i serwis pól naftowych
Re: Schlumberger NYSE: SLB obsługa i serwis pól naftowych
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Re: Schlumberger NYSE: SLB obsługa i serwis pól naftowych
(Reuters) - U.S. oilfield services companies Halliburton Co and Schlumberger said on Friday they have suspended or halted Russia operations in response to U.S. sanctions over Moscow’s invasion of Ukraine.
The disclosures followed widespread departures by energy, retail and consumer goods businesses and a series of European Union and U.S. bans on providing oil technology to Russia or importing its energy products.
Halliburton said it immediately suspended future business and would wind down its operations in Russia after earlier ending shipments of sanctioned parts and products to the country.
Schlumberger has ceased new investment and technology deployment while continuing with existing activity in compliance with international laws and sanctions, the company said in a statement late on Friday.
“We urge a cessation of the conflict and a restoration of safety and security in the region,” Schlumberger Chief Executive Olivier Le Peuch said.
Oilfield services provider Baker Hughes declined to comment on its Russia operations.
Energy companies BP PLC, Shell, Equinor ASA and Exxon Mobil have suspended business or announced plans to exit their Russia operations.
Russia, which calls its invasion of Ukraine a “special military operation”, is among the world’s largest oil and gas producers and exports 7 million to 8 million barrels per day of crude and oil products.
Its energy operations rely largely on home-grown service providers.
The disclosures followed widespread departures by energy, retail and consumer goods businesses and a series of European Union and U.S. bans on providing oil technology to Russia or importing its energy products.
Halliburton said it immediately suspended future business and would wind down its operations in Russia after earlier ending shipments of sanctioned parts and products to the country.
Schlumberger has ceased new investment and technology deployment while continuing with existing activity in compliance with international laws and sanctions, the company said in a statement late on Friday.
“We urge a cessation of the conflict and a restoration of safety and security in the region,” Schlumberger Chief Executive Olivier Le Peuch said.
Oilfield services provider Baker Hughes declined to comment on its Russia operations.
Energy companies BP PLC, Shell, Equinor ASA and Exxon Mobil have suspended business or announced plans to exit their Russia operations.
Russia, which calls its invasion of Ukraine a “special military operation”, is among the world’s largest oil and gas producers and exports 7 million to 8 million barrels per day of crude and oil products.
Its energy operations rely largely on home-grown service providers.
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Re: Schlumberger NYSE: SLB obsługa i serwis pól naftowych
Schlumberger falls despite chunky dividend hike, strong forecast
Investing.com -- Schlumberger (NYSE:SLB) stock rose in early trading on Friday in New York, but quickly ran into profit-taking despite the oilfield services giant forecasting another strong year.
By 10:40 ET (15:40 GMT), Schlumberger stock was down 0.6%, compared to a 0.5% rise for the S&P 500. The stock has nearly doubled since the end of 2021.
Schlumberger said its key oil and gas markets have entered a "distinct new phase" of expansion, as the world's biggest producers ramp up capacity to cope with a likely strong rebound in oil demand in the aftermath of the pandemic.
China's recent abandonment of its Zero COVID policy, in particular, has been responsible for some large upgrades to global demand this year: the International Energy Agency earlier this week said it expected the global oil market to swing from a surplus of 1 million barrels a day currently to a deficit of nearly 2.5M b/d by the end of the year as Chinese demand ramps up.
Such tailwinds drove Schlumberger's earnings per share to 74c in the final quarter of the year, up 17% from the previous quarter and 76% from a year earlier, with demand in the Middle East booming and profit margins in North America widening significantly.
Chief executive Oliver Le Peuch said in the Middle East in particular, the group had seen a "significant inflection" in business: revenue increased "in the solid teens" in percentage terms from the previous quarter in Saudi Arabia, Iraq, and the United Arab Emirates, who are among the few countries outside the U.S. that are currently in a position to increase their output quickly.
"We expect record levels of investment by national oil companies to continue in the next few years," Le Peuch said, seeing it as part of a long-term upward trend for the industry.
"We believe that the macro backdrop and market fundamentals that underpin a strong multi-year upcycle for energy remain very compelling," Le Peuch.
As a result, Schlumberger raised its quarterly dividend by another 43% to 25c a share, the second chunky increase in its payouts this year after a 40% increase earlier. Schlumberger also resumed its stock buyback program earlier this month.
The group managed to reduce debt despite cash flow falling below $1B in the final quarter of the year due to its own heavy ongoing capital spending, Le Peuch said.
Investing.com -- Schlumberger (NYSE:SLB) stock rose in early trading on Friday in New York, but quickly ran into profit-taking despite the oilfield services giant forecasting another strong year.
By 10:40 ET (15:40 GMT), Schlumberger stock was down 0.6%, compared to a 0.5% rise for the S&P 500. The stock has nearly doubled since the end of 2021.
Schlumberger said its key oil and gas markets have entered a "distinct new phase" of expansion, as the world's biggest producers ramp up capacity to cope with a likely strong rebound in oil demand in the aftermath of the pandemic.
China's recent abandonment of its Zero COVID policy, in particular, has been responsible for some large upgrades to global demand this year: the International Energy Agency earlier this week said it expected the global oil market to swing from a surplus of 1 million barrels a day currently to a deficit of nearly 2.5M b/d by the end of the year as Chinese demand ramps up.
Such tailwinds drove Schlumberger's earnings per share to 74c in the final quarter of the year, up 17% from the previous quarter and 76% from a year earlier, with demand in the Middle East booming and profit margins in North America widening significantly.
Chief executive Oliver Le Peuch said in the Middle East in particular, the group had seen a "significant inflection" in business: revenue increased "in the solid teens" in percentage terms from the previous quarter in Saudi Arabia, Iraq, and the United Arab Emirates, who are among the few countries outside the U.S. that are currently in a position to increase their output quickly.
"We expect record levels of investment by national oil companies to continue in the next few years," Le Peuch said, seeing it as part of a long-term upward trend for the industry.
"We believe that the macro backdrop and market fundamentals that underpin a strong multi-year upcycle for energy remain very compelling," Le Peuch.
As a result, Schlumberger raised its quarterly dividend by another 43% to 25c a share, the second chunky increase in its payouts this year after a 40% increase earlier. Schlumberger also resumed its stock buyback program earlier this month.
The group managed to reduce debt despite cash flow falling below $1B in the final quarter of the year due to its own heavy ongoing capital spending, Le Peuch said.
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Re: Schlumberger NYSE: SLB obsługa i serwis pól naftowych
Schlumberger NV (NYSE:SLB) reported weaker-than-expected revenue for its second quarter, sending its shares lower in pre-open Friday.
The company reported a profit per share of 72 cents on revenue of $8.1 billion, which compares to the consensus for earnings of $0.71 on sales of $8.2B. SLB generated $986 million in Q2 FCF.
“I am very pleased with our second-quarter results, which reflect significant growth in the international markets, particularly in the Middle East & Asia, and offshore. North America revenue also grew sequentially benefiting from our agility across the most resilient basins and market segments, although the rig count in the area declined. As the upcycle continues to unfold, we are excited about the opportunities for our business, with international- and offshore-led growth fueling strong pretax segment operating margin expansion and cash flows as highlighted in this quarter’s results,” SLB CEO Olivier Le Peuch commented.
The Q2 revenue underperformance was fueled by several business segments trailing analyst expectations for the second quarter.
Third Bridge analysts described the company’s results as “mixed.”
"To date, the year is playing out largely how the company expected with a more muted outlook for North America and overall profit margins picking up in Q2 through pricing power, technology adoption, and strength in key international markets," they said in a note.
The company reported a profit per share of 72 cents on revenue of $8.1 billion, which compares to the consensus for earnings of $0.71 on sales of $8.2B. SLB generated $986 million in Q2 FCF.
“I am very pleased with our second-quarter results, which reflect significant growth in the international markets, particularly in the Middle East & Asia, and offshore. North America revenue also grew sequentially benefiting from our agility across the most resilient basins and market segments, although the rig count in the area declined. As the upcycle continues to unfold, we are excited about the opportunities for our business, with international- and offshore-led growth fueling strong pretax segment operating margin expansion and cash flows as highlighted in this quarter’s results,” SLB CEO Olivier Le Peuch commented.
The Q2 revenue underperformance was fueled by several business segments trailing analyst expectations for the second quarter.
Third Bridge analysts described the company’s results as “mixed.”
"To date, the year is playing out largely how the company expected with a more muted outlook for North America and overall profit margins picking up in Q2 through pricing power, technology adoption, and strength in key international markets," they said in a note.
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Re: Schlumberger NYSE: SLB obsługa i serwis pól naftowych
Societe Generale (OTC:SCGLY) initiated coverage of Schlumberger Limited (NYSE:NYSE:SLB), a global technology and digital solutions provider for the energy industry, with a Buy rating on Tuesday. The bank's one-year price target for the company stands at $68.45, implying a potential upside of 16.77% from its last close price of $58.62 on Tuesday.
The company, which employs approximately 82,000 people worldwide, has a projected annual revenue of $32.916 billion, marking an estimated increase of 5.53%. Additionally, the non-GAAP EPS is estimated to be $3.02. These projections suggest a positive outlook for Schlumberger in the upcoming financial year.
Schlumberger also declared a regular quarterly dividend of $0.25 per share ($1.00 annualized), yielding 1.71% at the current share price. This announcement continues the company's trend of dividend growth, with a three-year dividend growth rate standing at 1.00%.
However, the put/call ratio of SLB stands at 1.07, suggesting a bearish sentiment among investors.
Major shareholders in Schlumberger include Vanguard Total Stock Market Index Fund Investor Shares holding 3.13%, Capital World Investors with 3.03%, Wellington Management Group owning 2.41%, Vanguard 500 Index Fund Investor Shares at 2.39%, and GQG Partners holding 2.36%.
It should be noted that Schlumberger reported revenues of $32.92 billion back in 2019, indicating a stable financial performance over the years.
The company, which employs approximately 82,000 people worldwide, has a projected annual revenue of $32.916 billion, marking an estimated increase of 5.53%. Additionally, the non-GAAP EPS is estimated to be $3.02. These projections suggest a positive outlook for Schlumberger in the upcoming financial year.
Schlumberger also declared a regular quarterly dividend of $0.25 per share ($1.00 annualized), yielding 1.71% at the current share price. This announcement continues the company's trend of dividend growth, with a three-year dividend growth rate standing at 1.00%.
However, the put/call ratio of SLB stands at 1.07, suggesting a bearish sentiment among investors.
Major shareholders in Schlumberger include Vanguard Total Stock Market Index Fund Investor Shares holding 3.13%, Capital World Investors with 3.03%, Wellington Management Group owning 2.41%, Vanguard 500 Index Fund Investor Shares at 2.39%, and GQG Partners holding 2.36%.
It should be noted that Schlumberger reported revenues of $32.92 billion back in 2019, indicating a stable financial performance over the years.
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