SLB and HAL see better times ahead - Jan 24
Posted: Mon Jan 24, 2022 11:41 am
'Increased confidence': Schlumberger bullish on multi-year surge for oilfield services.
The oilfield services industry is on the verge of experiencing a “strong multi-year upcycle,” Schlumberger chief executive officer Olivier Le Peuch said during the company’s fourth quarter 2021 earnings call Friday. Le Peuch said a combination of oil and gas demand growth that should surpass the pre-Covid peak, tight supplies and declining inventories have already led to an increase in planned capital spending by producers in 2022. “Looking ahead, we have increased confidence in our view of robust, multi-year market growth,” he said.
Halliburton doubles quarterly profit raises dividend as oil rebounds. Reuters.
Halliburton Co's (HAL.N) fourth quarter adjusted profit doubled from a year earlier, it said on Monday, beating analysts' forecasts and prompting the oilfield services company to lift its dividend following a rebound in crude and natural gas prices. U.S. oil prices rose more than 50% last year and have made a strong start to 2022, hovering around $85 a barrel, thanks to the global economic recovery from the coronavirus pandemic and supply cuts by producer group OPEC. That has encouraged producers to ramp up drilling activity, with the U.S. rig count rising 68% year-over-year to 586 at the end of the fourth quarter, according to Baker Hughes data. < Active rig count is still less than half of where it was in 2014.
The oilfield services industry is on the verge of experiencing a “strong multi-year upcycle,” Schlumberger chief executive officer Olivier Le Peuch said during the company’s fourth quarter 2021 earnings call Friday. Le Peuch said a combination of oil and gas demand growth that should surpass the pre-Covid peak, tight supplies and declining inventories have already led to an increase in planned capital spending by producers in 2022. “Looking ahead, we have increased confidence in our view of robust, multi-year market growth,” he said.
Halliburton doubles quarterly profit raises dividend as oil rebounds. Reuters.
Halliburton Co's (HAL.N) fourth quarter adjusted profit doubled from a year earlier, it said on Monday, beating analysts' forecasts and prompting the oilfield services company to lift its dividend following a rebound in crude and natural gas prices. U.S. oil prices rose more than 50% last year and have made a strong start to 2022, hovering around $85 a barrel, thanks to the global economic recovery from the coronavirus pandemic and supply cuts by producer group OPEC. That has encouraged producers to ramp up drilling activity, with the U.S. rig count rising 68% year-over-year to 586 at the end of the fourth quarter, according to Baker Hughes data. < Active rig count is still less than half of where it was in 2014.