If management can hit its restructuring goals and a long cycle of investment in the industry plays out, then this equipment and services company is set to benefit.
The world’s largest oilfield services providers saw last year their highest combined net profits since the shale boom of 2014
The “Big Three” international oilfield services groups last year registered their most profitable 12 months since the heyday of the US shale boom as high energy prices in the wake of Russia’s invasion of Ukraine spurred global drilling activity. Halliburton, Baker Hughes and SLB reported aggregate net income of $4.4bn in 2022, the highest combined figure since 2014, as the war in Ukraine exacerbated fears over fuel shortages and triggered a rush to boost oil and gas production. Olivier Le Peuch, chief executive of SLB — previously known as Schlumberger — described 2022 as a “pivotal” year for the energy industry, which he said had entered the “early phase of a structural upcycle”.