DIRS.INFO The most relevant business & tech news

☆ Big oil is racing to scale up carbon capture to slash emissions but the challenges are immense
▼ + stars: | 2024-04-06 | by ( Spencer Kimball | ) www.cnbc.com time to read: +14 min

Some climate activists accuse the industry of simply investing in carbon capture as way to extend the use of oil and gas. The technology typically uses chemical absorption to capture carbon dioxide emitted from the chimney of an industrial plant. "The economic viability of carbon capture and sequestration is a challenge today because the cost of building most plants in order to capture carbon dioxide are very significant," the executive said. About two-thirds of the industry's carbon dioxide emissions come from chemical reactions that occur when breaking down limestone. SLB this month announced a nearly $400 million investment in Aker Carbon Capture, a pure-play carbon capture company based in Norway, in an effort to accelerate deployment of the technology at commercial scale.

Persons: Chin Lee, Biden, SLB, Fred Majkut, Majkut, Adam Miklos, Miklos, Baker Hughes, Olivier Le Peuch, Alessandro Bresciani, Jeff Gustavson, Gustavson, steelmaker Nucor, Linde, Dan Ammann, Ammann, Fatih Birol, We're, SLB's Majkut Organizations: Chevron, Houston Chronicle, Hearst Newspapers, Department of Energy, RTI International, International Energy Agency, Exxon, Rystad Energy, Clean Investment Monitor, United Nations ., Gulf Coast, CF Industries, Talos Energy, Carbonvert, IEA Locations: Winnie, Mississippi, Vicksburg, Schlumberger, United States, Paris, Chevron, United Kingdom, U.S, Aker, Norway, Houston, Port Arthur , Texas, Gulf, Louisiana, Beaumont , Texas, Mississippi , Louisiana, Texas, Bayou, Port Arthur

☆ SLB to invest nearly $400 million in carbon capture company in push to scale technology
▼ + stars: | 2024-03-28 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

The oilfield services giant SLB , formerly known as Schlumberger, is aiming to accelerate the deployment of carbon capture technology through an investment in Norway's Aker Carbon Capture. SLB said late Wednesday that it will pay about $380 million, or 4.12 billion Norwegian kroner, for an 80% stake in the pure-play carbon capture company. SLB is targeting $3 billion in revenue from its new energy business by the end of the decade. CEO Olivier Le Peuch told analysts during the company's fourth-quarter earnings call that carbon capture and storage will be a leading contributor to that $3 billion target. SLB is participating in more than $400 million worth of tenders related to carbon capture and storage.

Persons: SLB, Olivier Le Peuch Organizations: Schlumberger Locations: Schlumberger, Aker

☆ Methane emissions regulations need to be harmonized to accelerate progress: SLB CEO
▼ + stars: | 2023-12-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMethane emissions regulations need to be harmonized to accelerate progress: SLB CEOOlivier Le Peuch, CEO of SLB, discusses the "new chapter" the company is embarking on.

Persons: Olivier Le Peuch

☆ SLB profit beats on strength in global drilling activity
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: +2 min

Courtesy of SLB/Handout via REUTERS/File photo Acquire Licensing RightsCompanies Schlumberger NV FollowOct 20 (Reuters) - SLB (SLB.N) edged past estimates for quarterly profit on Friday as strength in the overseas drilling market to meet the insatiable global appetite for oil drove demand for its oilfield equipment, offsetting weakness in North America. Oilfield services firms have been kept busy as oil and gas companies reinvest their windfall profit, reaped when Russia invaded Ukraine, to secure more offshore and international sources. International revenue rose 12% to $6.6 billion in the third quarter, compared with a year earlier. North America revenue climbed 6%, but declined sequentially due to reduced drilling activity in the onshore U.S. and the Gulf of Mexico. Reporting by Arunima Kumar in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Olivier Le Peuch, Arunima Kumar, Anil D'Silva Organizations: REUTERS, Schlumberger, Thomson Locations: Houston , Texas, Handout, North America, Russia, Ukraine, America, Gulf of Mexico, MidEast, Asia, Bengaluru

☆ SLB to add $5 billion in revenue this year, sees similar growth in 2024
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +1 min

SLB said it expects to add about $5 billion in revenue in 2023, compared with its previous estimate to increase revenue by 15%, which worked out to a $4.2 billion growth. It also expects to grow earnings before interest, tax, depreciation and amortization (EBITDA) by $1.5 billion this year. It had previously forecast adjusted EBITDA percentage growth in the mid-20s, which at its midpoint translated to $1.6 billion. "Directionally, we see the potential to repeat this by adding similar revenue and EBITDA dollar growth in 2024," Le Peuch said at a Barclays energy conference. International core revenue is projected to exceed $23 billion in 2023, representing growth in the high teens, Le Peuch added.

Persons: Olivier Le Peuch, SLB, Le Peuch, Arathy Somasekhar, Marguerita Choy Organizations: REUTERS Acquire, Schlumberger, Barclays, Thomson Locations: Houston , Texas, Handout, North America, Houston

North America revenue for the current quarter will be slightly down, Chief Executive Olivier Le Peuch said in a post-earnings conference call with analysts, saying activity in the region was moderating. However, the company expects third quarter revenue from international markets to grow by a mid-single digit percentage, citing a resurgence in offshore and Middle East drilling. In comparison, last quarter's international revenue rose 21% to $6.3 billion and North America's climbed 14% to $1.75 billion. Analysts at Tudor Pickering Holt noted that international revenue missed its estimate by $1 billion, while North America slightly topped its forecast. Revenue of $8.1 billion fell slightly below analysts' estimate of $8.2 billion.

Persons: Baker Hughes, Olivier Le Peuch, America's, Tudor Pickering Holt, Peter McNally, Arathy Somasekhar, Arunima Kumar, Sriraj Kalluvila, David Holmes, Nick Zieminski Organizations: Schlumberger, Halliburton, North America, Thomson Locations: HOUSTON, America, North America, Tudor, Houston, Bengaluru

It also defies protests from a minority of activist investors who want oil companies to be more closely aligned with global efforts to mitigate climate change. An oil and gas price rally driven by energy producer Russia's invasion of Ukraine translated into record profits for the energy majors. That has increased confidence in the most costly, high-risk offshore exploration that can also deliver the highest rewards. Wood Mackenzie analysts predict a continued increase in activity, forecasting offshore exploration and drilling activity to grow by 20% by 2025. Wood Mackenzie meanwhile predicts the commitment of up to $185 billion to develop 27 billion barrels of oil reserves, with international oil companies focused on the higher-cost, higher-return deepwater developments.

Persons: Olivier Le Peuch, Baker Hughes, Wood Mackenzie, Leslie Cook, TotalEnergies, Yujnovich, QatarEnergy, Shell, Graff, La Rona, Ron Bousso, Barbara Lewis Organizations: Shell, BP, SLB, Reuters, International Energy Agency, Barclays, West Africa –, Nambia's Petroleum, Thomson Locations: Namibia, Ukraine, Gulf of Mexico, South America, West Africa, NAMIBIA, Canada

☆ Exclusive: Oilfield firm SLB retrenches as Russia sanctions squeeze
▼ + stars: | 2023-05-10 | by ( Liz Hampton | ) www.reuters.com time to read: +5 min

While SLB wasn't in breach of sanctions, the decision has triggered a backlash from employees and human rights groups. Reuters was unable to establish why SLB implemented new restrictions on its Russian business. Earlier this year, the U.S. expanded sanctions on Russia, including some targeting its mining and metals sector. Both last year also restricted financial transactions with Russia and placed export restrictions on certain energy equipment, technology and services. "Any new Global SLB Group-wide systems/applications should not be connected to or accessible by Russia," SLB told employees in a late-March memo viewed by Reuters.

☆ SLB CEO: Here's why oil and gas are needed for the world's clean energy transition
▼ + stars: | 2023-03-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSLB CEO: Here's why oil and gas are needed for the world's clean energy transitionOlivier Le Peuch, SLB CEO, joins 'Squawk Box' to discuss how long the world will need hydrocarbon power, how oil and gas are needed for the clean energy transition, and more.

☆ What Is a CEO’s Pay Actually Worth?
▼ + stars: | 2023-03-05 | by ( Theo Francis | ) www.wsj.com time to read: 1 min

For the first time, public companies are revealing how much compensation their CEOs are actually poised to get, by tabulating gains and losses in the stock awards that make up much of their pay packages. For Olivier Le Peuch , chief executive of oil-field-services company Schlumberger Ltd., the new disclosure shows the value of his pay jumped nearly $24 million during the course of last year, driven by a sharp rise in the company’s share price. At nuts-and-bolts-maker Fastenal Co., new equity awards for CEO Daniel Florness lost nearly half their value in 2022.

☆ Oilfield firm SLB beats Wall St. estimates for fourth-quarter profit
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: +1 min

Companies Schlumberger NV FollowJan 20 (Reuters) - SLB (SLB.N) beat Wall Street estimates for fourth-quarter profit on Friday, driven by strong demand for drilling services and equipment from operators as oil and gas prices remained elevated amid tight supplies. SLB had benefited from increased oil drilling and production activity in North America last year. The top oilfield services firm said revenue from North America rose 27% to $1.63 billion in the reported quarter. Average North America rig count, an early indicator of future output, for Oct-Dec 2022 quarter, rose to 965 from 720 a year earlier, according to data from Baker Hughes. Average international rig count for the quarter stood at 1,872, nearly 22% higher from the previous year.

☆ Oil giant Schlumberger rebrands itself as SLB for low-carbon future
▼ + stars: | 2022-10-24 | by ( Liz Hampton | ) www.reuters.com time to read: +2 min

The nearly 100-year-old firm, originally named after its founding family, has become a giant in oilfield services and equipment such as drilling and subsurface analysis. But it has shed old line products and recast itself as a digital services provider and supporter of cleaner energies. The rebranding is not a shift away from fossil fuels, Chief Executive Officer Olivier Le Peuch said in an interview. Many of its oil producing customers also are moving to embrace hydrogen and other renewable fuels, and low-carbon production techniques to cut greenhouse gas emissions. Register now for FREE unlimited access to Reuters.com RegisterReporting by Liz Hampton in Denver; Editing by Robert BirselOur Standards: The Thomson Reuters Trust Principles.

☆ Biden Aims to Spur Drilling With Plan to Refill Oil Reserves, but Producers Are Skeptical
▼ + stars: | 2022-10-23 | by ( Benoît Morenne | ) www.wsj.com time to read: 1 min

After releasing the most oil ever from the U.S. emergency petroleum reserve, the Biden administration is signaling it will refill soon, a multibillion-dollar undertaking that it hopes will rouse sluggish domestic drilling activity. The pitch is likely to be a hard sell for many domestic producers, say industry executives and analysts. “It’s a little bit more [complex] than this,” said Olivier Le Peuch , chief executive of oil-field services company Schlumberger Ltd.

☆ Biden Pitches Plan to Refill Oil Reserves, but Producers Are Skeptical
▼ + stars: | 2022-10-23 | by ( Benoît Morenne | ) www.wsj.com time to read: 1 min

Oil and gas producers are looking to increase production as crude prices stay near eight-year highs, boosting demand for Schlumberger's equipment, services and technology. Analysts had expected Schlumberger to report earnings of 55 cents per share, according to Refinitiv IBES. Shares jumped more than 2% in pre-market trading and Wall Street analysts said the results were positive. Wall Street had expected revenue of $7.1 billion for the quarter. Rival Baker Hughes Co (BKR.O) topped Wall Street expectations for third-quarter adjusted profit on Wednesday.

☆ Schlumberger evaluates options for Russia staff as Ukraine war escalates -CEO
▼ + stars: | 2022-10-20 | by ( Liz Hampton | ) www.reuters.com time to read: +2 min

Oct 19 (Reuters) - Oilfield services provider Schlumberger (SLB.N) is evaluating unspecified options for its thousands of Russian employees as the war in Ukraine escalates, Chief Executive Olivier Le Peuch told Reuters an interview. Among Western companies that did not exit following the February invasion of Ukraine, Schlumberger is one of the biggest employers in Russia. Ukrainian Foreign Minister Dmytro Kuleba in a tweet blasted the firm's Russia presence as contributing to war crimes and genocide. President Vladimir Putin last month issued a decree seeking to add 300,000 troops to the war effort amid high casualties in Ukraine. Le Peuch said Schlumberger "management in the country is pursuing all options to assist employees," without providing details.

☆ EXCLUSIVE Schlumberger faces employee backlash in Russia over cooperation on draft
▼ + stars: | 2022-10-14 | by ( Liz Hampton | ) www.reuters.com time to read: +5 min

Human rights groups are watching how the company responds to the concerns. Schlumberger suspended new investments and technology deployment in Russia, but unlike some of its peers and customers, decided to remain. Schlumberger leaves decision-making on Russia employment policies to local managers, the U.S.-based spokesperson said. The Business & Human Rights Resource Centre requested information from Schlumberger and other non-Russian companies with operations in the country on their handling of the mobilization. Schlumberger rivals Baker Hughes (BKR.O) and Halliburton (HAL.N) are selling or have sold their oilfield services units in Russia.

Search resuls for: "Olivier Le Peuch"

17 mentions found