SLB CEO Olivier Le Peuch reported a reduction in upstream spending in Guyana during his overview of the company’s 2024 performance and 2025 outlook. While acknowledging strong performances in various regions, he pointed out contrasting trends across international markets.
“In Latin America, growth in Argentina and Brazil will be tempered by decreased spending in Mexico and Guyana,” Le Peuch said. No reason was shared for the reduction.
Le Peuch emphasized the resilience of SLB’s portfolio despite shifting investment patterns globally. He noted, “The current level of global upstream investment seems to be keeping the market in balance, absent of any further geopolitical disruptions.”
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Highlighting the company’s financial achievements, Le Peuch shared that SLB reached a full-year adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) margin of 25% and generated US$4 billion in free cash flow. He also pointed to momentum in low-carbon markets, with revenues exceeding US$850 million in 2024, and a strong outlook for 2025.
Globally, he expects steady upstream investment in 2025, with increases in the UAE, Kuwait, Iraq, China, and India offset by declines in Saudi Arabia, Egypt, and Australia.
Le Peuch concluded by expressing confidence in SLB’s capacity to navigate evolving industry dynamics, driven by its diverse portfolio and innovative solutions.
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SLB asserts its position as the foremost technology provider in reservoir characterization, drilling, production, and processing for the global oil and gas sector. As a prominent service provider, SLB extends substantial technical support to Exxon, particularly in the Stabroek Block, facilitating the proving of hydrocarbon reserves.
In 2017, SLB (formerly Schlumberger) made a substantial investment, establishing a lasting presence in Guyana with the inauguration of its US$75 million oil services facility base in Houston.
