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Breaking News:

Asia Coal Imports Remain Strong in June

SLB Lifts Dividend as Strong International Drilling Boosts Earnings

Oilfield services giant SLB (NYSE: SLB) raised its quarterly cash dividend after reporting on Friday higher-than-expected earnings for the fourth quarter, driven by what it described as “substantial international growth” in drilling activity.   

SLB said its fourth-quarter earnings per share (EPS), excluding charges and credits, stood at $0.86, up by 10% sequentially and 21% year-on-year. This beat the analyst consensus of $0.84 compiled by The Wall Street Journal.

SLB reported fourth-quarter revenue of $8.99 billion, up by 8% sequentially and 14% year-on-year.

The company’s board approved a 10% increase in quarterly cash dividend to $0.275 per share.

Commenting on the fourth quarter performance, SLB chief executive officer Olivier Le Peuch said,

“Compared to the same quarter last year, international revenue outpaced North America, growing 18% while North America was relatively flat.”

“Our strong full-year performance was fueled by substantial international growth, with approximately 90% of our international GeoUnits posting year-on-year increases, complemented by sustained performance in North America,” Le Peuch added.

SLB achieved its highest-ever revenue in the Middle East, led by “impressive growth” in Saudi Arabia, the United Arab Emirates (UAE), and Egypt and East Mediterranean GeoUnits.

Activity in North America moderated – as expected – in the second half of the year, but revenue still increased by 12% year on year, outpacing the rig count, the executive said.   

Looking ahead, Le Peuch noted that “As global energy demand continues to increase, international production is expected to play a key role in meeting supply through the end of the decade.”

SLB expects record investment levels in the Middle East extending beyond 2025, with significant expansion in Saudi Arabia, the UAE, Iraq, and Kuwait.

“In the international environment, despite elevated geopolitical tensions in various regions, we do not anticipate a significant impact on the sector’s overall activity, absent any escalation,” Le Peuch said.


“Furthermore, we expect the long-cycle investments across the Middle East, global offshore, and gas resource plays to be largely decoupled from short-term commodity price fluctuations.”   

By Charles Kennedy for Oilprice.com

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  • George Doolittle on January 19 2024 said:
    Sad to see energy starved Michigan unable to do anything to stop this juggernaut let alone Ohio, Indiana, North Dakota...all of Canada. Clearly this brutal Winter is just the beginning of something terrible for energy starved USA.

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