Schlumberger, now called SLB, the world’s largest oilfield services provider and a key contractor for ExxonMobil’s operations in Guyana, has recorded a US$7.5 billion earning in the 2022 third quarter. This represents a 10% growth over the 2022 second quarter and 28% growth compared to the same period last year.
As part of its 10-Q filing with the US Securities and Exchange Commission, the company said this strong third-quarter 2022 results reflected the acceleration of international momentum and solid execution across its divisions and geographic areas.
This was also expounded on by SLB’s Chief Executive Officer Olivier Le Peuch. In an earnings release to investors, Le Peuch commented that revenue growth was led by well construction and production systems as global activity strengthened—particularly in the offshore and international markets. He said too that SLB’s leading position in these markets continues to propel strong and profitable growth in the Core. He said, “The quarter was also supported by continued backlog conversion, strong technology adoption, and the growing effects of pricing improvements.”
Even as it projects to close the year with double-digit growth, it said concerns remain over the broader economic climate. Against the backdrop of the energy crisis and limited spare global capacity, SLB in its 10-Q form said the world faces an urgent need for increased investment to rebalance markets, create supply redundancies, and rebuild spare capacity. It said all of these are exacerbated by geopolitics and increasing instances of supply disruptions by Russia and Organisation of Petroleum Exporting Countries+ (OPEC+) which its team is closely monitoring.
In the meantime, the company is moving ahead with efforts to establish a state-of-the-art source storage and calibration facility to support Exxon’s offshore exploration and production activities.
The company had applied to the Environmental Protection Agency (EPA) for Environmental Authorisation for the project which is to be located at 1 Area X Houston, East Bank Demerara, on the outskirts of Georgetown.
SLB has also said it is pursuing an aggressive local content programme in Guyana.
