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Exxon’s contractor Schlumberger says Int’l oil drilling boosts its first quarter profits

Apr 22, 2024 News

(OILPRICE.COM) Schlumberger, the world’s largest oilfield services provider and a contractor for ExxonMobil Guyana on Friday reported 14% higher net income for the first quarter compared to the same period last year, amid strong international drilling demand that more than offset a weaker North American market.

SLB has been saying for several consecutive quarters that it expects strong international drilling business going forward, boosted by a rebound in offshore drilling and growing demand for oil and gas. SLB saw its net income rise to US$1.07 billion for the first quarter, up by 14% year-on-year and in line with analyst expectations.

Revenues of US$8.71 billion increased by 13% compared to Q1 2023 and were slightly above the analyst consensus estimate of US$8.7 billion. Strong international revenue growth of 18% offset a softer drilling demand in North America, where SLB’s revenue fell by 6% year-over-year in the first quarter of 2024, chief executive Olivier Le Peuch said in a statement.

“During the quarter, we continued to benefit from our favorable exposure to the international markets, with remarkable year-on-year growth of 29% in the Middle East & Asia, in addition to growth of 18% in Europe & Africa,” Le Peuch added.

Following an “exciting start to the year”, SLB expects growth momentum to continue, the executive noted. “The oil and gas industry continues to benefit from strong market fundamentals driven by a growing demand outlook. This is resulting in a significant baseload of activity, particularly in the international and offshore markets, closely aligned with the strengths of our business,” Le Peuch said.

In its report the company mentioned that in Guyana, its technologies set a new standard for performance in an open-water-work campaign for ExxonMobil Guyana. Advanced SLB tools deployed in the 13-well campaign improved the rate of penetration by 60%, reduced the time for gyro surveys by 85%, and improved steering by 20%.

The campaign saw the first use of a 26-inch polycrystalline diamond cutter bit in Guyana, the application of the GyroLink™ definitive gyro-while-drilling service, and the first global implementation of a nine-inch DynaForce™ high-performance drilling motor integrated with the DynaPower XE™ extreme-environment motor elastomer in the PowerDrive vorteX™ powered rotary steerable system. The first use in Guyana of an AccuStrike™ short-makeup drill bit expanded the performance capabilities in complex trajectory wells.

Also in Guyana, the SLB SureRock™ enhanced sidewall coring solution was utilized as a key enabler to avoid drilling a bypass well for whole core in the Stabroek Block. Using advanced digital capabilities and real-time insights from nearby wells, ExxonMobil Guyana Limited (EMGL) and SLB established an efficient strategy that acquired 118 sidewall cores in only two runs, representing a recovery rate of 96%.

Through elimination of the bypass well, EMGL saved 15 days of rig time, equating to 2,550 metric tons of CO2 emissions, while achieving all formation evaluation objectives.

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