Current production of 54,000 BOEPD – SLB, Torxen plan 1,600 well program starting in 2018 Cenovus Energy Inc. (ticker: CVE) said it will sell its Palliser crude oil and natural gas assets in southeastern Alberta to privately held Torxen Energy and Schlumberger (ticker: SLB) for cash proceeds of CAD$1.3 billion. The Palliser Block consists of oil and gas wells, surface
“The current situation is not sustainable” – Schlumberger CEO Paal Kibsgaard Production has held up well over the downcycle, but headline numbers of absolute production volume are masking an underlying problem that could soon hit the oil and gas industry, according to Schlumberger (ticker: SLB) Chairman and CEO Paal Kibsgaard. Underinvestment over the last three years means production is not
Companies say 40% of the world’s gas reserves can be classified as stranded; Golar and Schlumberger plan to employ FLNG to monetize stranded gas Global LNG shipper Golar LNG Limited (ticker: GLNG) and the world’s largest oilfield service company Schlumberger (ticker: SLB), have launched OneLNG℠, a joint venture intended to rapidly develop low cost gas reserves to LNG. According to a press release, the combination
Schlumberger CEO Paal Kibsgaard pessimistic on underlying industry performance During the second quarter conference call for the world’s largest oilfield service provider, Schlumberger (ticker: SLB) CEO Paal Kibsgaard said that oil markets had found bottom, but that the road to recovery could be long and daunting. Problems remain within the industry, Kibsgaard said, and the downturn has not created long-term
Schlumberger receives go-ahead from Chinese Ministry of Commerce The world’s largest oilfield service company, Schlumberger Limited (ticker: SLB) jointly announced with Cameron International Corporation (ticker: CAM) today that the Chinese Ministry of Commerce (MOFCOM) cleared their proposed merger, which is valued at $14.8 billion. MOFCOM’s approval came without any conditions, and represented the last major closing condition of the proposed
Full year free cash flow represented 144% of net income in 2015 Core Laboratories (ticker: CLB, CoreLab.com) released its fourth quarter and full year 2015 results this week, proving that it is a company that can continue to outperform its oilfield service peers, even through a tough commodity downcycle. CLB reported revenue of $182.7 million in the fourth quarter and
Buy low, sell high is perhaps the most commonly (and overly) used phrase when it comes to investing. Now that commodity prices are near the floor (depending on who you ask), investors are cherry picking stocks in hopes of capitalizing on a down market and its inevitable recovery. It may not come in 2016, but oilservice giants like Schlumberger (ticker:
Thwarted by Oil Market, SLB Posts first Quarterly Loss in More than a Decade Fourth quarter earnings season is officially underway, and, expectedly, Schlumberger (ticker: SLB) opened up the forum with a not-so-pleasant outlook on the oil and gas market. Paal Kibsgaard, Chairman and Chief Executive Officer of the world’s largest oilservice company, essentially echoed all of the problems that
Forecast Pushed Back in 2016 Earnings season is underway, but you’d have a hard time believing we’re in the first week of quarterlies judging from a headline from Bloomberg this morning. It reads, “$6.5 Billion in Energy Writedowns and We’re Just Getting Started.” Investors and executives in search of good news didn’t get any from the industry’s two oil service
Schlumberger (ticker: SLB) kicked off earnings season on October 15, 2015, releasing its Q3’15 results following the close of the market. Unfortunately for oil price bulls, the world’s largest oilservice provider did not bear promising news on the macroeconomic front. “In light of conservative customer budgets for next year, we are therefore entering another period during which we will continually
Schlumberger waits for approval from Russia’s Federal Antimonopoly Service Oilfield service giant Schlumberger (ticker: SLB) is quickly approaching the most recent deadline for the acquisition of Russian oilfield service company Eurasia Drilling Company (ticker: EDC). The deal was originally announced in January, despite the increasingly strict sanctions from the West on Russia for its involvement in Crimea, and the fall
Schlumberger Creates “Pore to Pipeline” Business with $14.8 Billion Takeover of Cameron Intl. While Halliburton (ticker: HAL) and Baker Hughes (ticker: BHI) labor over the fine print of their proposed merger, their top oil service rival is making moves of its own. On August 26, 2015, Schlumberger (ticker: SLB) announced the $14.8 billion acquisition of Cameron International (ticker: CAM) in
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