Schlumberger is an oilfield services company. A big un.

  • biggest offshore drilling contractor in terms of revenue

Chief Executive Officer Olivier Le Peuch is bullish energy for the year ahead. Much of the firm's earning call/report is focused on the oil services business, as you'd expect, but there are a few snippets of relevance to oil/energy markets more generally. In brief:

On Q4 2022:

  • In the Middle East, revenue increased by double digits sequentially, with growth in Saudi Arabia, Iraq, and the United Arab Emirates in the solid teens, affirming the much-anticipated acceleration of activity in the region.
  • In North America, US land rig count remains at robust levels, although the pace of growth is moderating.

Looking ahead,

If he's right (he'll be accused of talking his book, of course, but aside from that) more tailwinds for the oil price, in the near term at least.

oil weekly 2 23 January 2023