Group 1 - The core viewpoint of the article is that American oil service companies, particularly SLB and Halliburton, are poised to rapidly expand their operations in Venezuela if the necessary permits and compliance requirements are met [3] - SLB is currently the only international oil service company actively operating in Venezuela, providing services for Chevron under its licensing framework, while Chevron is the only major U.S. oil company producing crude oil in the country [3] - Halliburton has expressed interest in re-entering the Venezuelan market once commercial and legal conditions are clarified, indicating that they have begun recruiting engineers and technicians for positions in Venezuela [3] Group 2 - SLB's peak annual revenue in Venezuela exceeded $1 billion over a decade ago, with local employment at one point exceeding 3,000 personnel, and the company still retains facilities, equipment, and personnel infrastructure [3] - Analysts believe that if Venezuela's energy sector reopens to foreign investment, SLB and Halliburton are the most likely beneficiaries among oil service companies [3] - The article mentions a significant military action by the U.S. against Venezuela, which involved the forceful control of President Maduro and his wife, with the Trump administration claiming it would "manage" Venezuela and exploit its vast oil reserves [3]

SLB表示，公司十多年前在委内瑞拉的年收入峰值曾超过10亿美元，当地员工一度超过3000人，目前仍 保留设施、设备和人员基础。分析人士认为，若委内瑞拉能源领域重新对外开放，SLB和哈里伯顿将是 最有可能受益的油服企业。 1月3日凌晨，美国对委内瑞拉发动大规模军事打击，强行控制委总统马杜罗及其妻子并将他们带到美 国。特朗普政府宣称将"管理"委内瑞拉并开采其巨大的石油储备。 来源 | 央视新闻 当地时间1月23日，央视记者获悉，美国油田服务商SLB公司（前称斯伦贝谢Schlumberger）表示，在获 得必要许可并满足安全与合规要求的前提下，公司可以迅速扩大在委内瑞拉的业务活动。 据悉，SLB近期与白宫官员会晤，讨论潜在的对委内瑞拉投资机会。SLB目前是唯一仍在委内瑞拉开展 实际业务的国际油服公司，为雪佛龙在其许可框架下提供服务。雪佛龙也是目前唯一在委内瑞拉生产原 油的美国大型石油公司。 与此同时，竞争对手哈里伯顿公司也表示，一旦商业和法律条件明朗、付款确定性得到解决，将寻求重 新进入委内瑞拉市场。该公司称，相关许可证机制预计将逐步到位，并已开始为委内瑞拉岗位招募工程 师和技术人员。 编辑 | 杜小溪 监制 | ...

Revenue and Operations - Non-US operations accounted for approximately 82% of consolidated revenue in 2025, 85% in 2024, and 84% in 2023[50]. - Russia represented approximately 4% of worldwide revenue during 2025, with net assets in Russia valued at approximately $0.7 billion as of December 31, 2025[51]. Market Influences - Demand for products and services is significantly influenced by customer expenditures, which are affected by oil and gas price fluctuations[46]. - Anticipated declines in oil and gas prices may lead to lower capital expenditures, project modifications, and payment delays, adversely impacting financial condition and cash flows[48]. Competitive Environment - The company operates in a highly competitive environment, necessitating continuous innovation to maintain technology leadership and market share[61]. - The success of the ChampionX acquisition depends on the ability to integrate businesses and realize anticipated synergies[59]. Regulatory and Compliance Risks - Compliance with complex and frequently changing laws and regulations is essential, as violations could materially affect financial condition and reputation[65]. - Existing or future regulations to limit greenhouse gas emissions may reduce demand for products and services, impacting financial performance[68]. - Environmental compliance costs and liabilities from regulations could materially impact SLB's business and financial results, as laws governing emissions and waste management become more stringent[71]. Financial Risks - Approximately 70% of SLB's revenue in 2025 was denominated in US dollars, while a significant portion of expenses was incurred in foreign currencies, leading to increased costs when the US dollar weakens[191]. - SLB maintains forward contracts for the US dollar equivalent of $10.8 billion in various foreign currencies, with $4.5 billion related to hedges of debt balances denominated in currencies other than the functional currency[195]. - A 10% appreciation in the US dollar from December 31, 2025 market rates would decrease the unrealized value of SLB's forward contracts by $154 million, while a 10% depreciation would increase the unrealized value by $166 million[194]. - The company is exposed to substantial liability claims due to operational risks, including incidents at well sites, which could adversely affect its financial condition and cash flows[73]. Operational and Environmental Risks - The company faces risks from cyber incidents that could adversely impact reputation, business operations, and financial results[56]. - SLB's sustainability goals, including net-zero emissions targets, expose the company to operational, reputational, and financial risks if not achieved[74]. - Severe weather events, exacerbated by climate change, have historically affected SLB's operations and may continue to do so, leading to increased operating costs or decreased revenue[78]. - The company uses cross-currency interest rate swaps to hedge against cash flow risks related to fixed-rate debt denominated in currencies other than its functional currency[192]. Human Resources and Investor Relations - SLB's ability to attract and retain qualified personnel is critical for operations, with competition for skilled workers intensifying as industry activity increases[76]. - The company faces increased scrutiny from investors regarding its sustainability practices, which could negatively impact its reputation and access to capital if expectations are not met[75].

Core Viewpoint - SLB reported strong revenue growth and exceeded market expectations for EPS, but faced a decline in profitability year-over-year, indicating mixed financial performance in the energy sector [2][3][4]. Financial Performance - SLB's earnings per share (EPS) for the quarter was $0.78, surpassing the Zacks Consensus Estimate of $0.74, but down from $0.92 in the same quarter last year [2][6]. - The company's revenue reached approximately $9.75 billion, exceeding the estimated $9.55 billion, representing a 9% increase from the previous quarter and a 5% rise compared to the same period in 2024 [3][6]. - Income before taxes on a GAAP basis decreased by 6% sequentially and 32% year-on-year, totaling $943 million, with a margin decline to 9.7% from 11.2% in the previous quarter and 14.9% in the same quarter last year [4]. Shareholder Returns - SLB announced an increase in its dividend and plans to return over $4 billion to shareholders in 2026, reflecting confidence in future performance and commitment to enhancing shareholder value [5][6]. - The company maintains a price-to-earnings (P/E) ratio of approximately 19.90 and a debt-to-equity ratio of about 0.50, indicating a balanced financial position [5].

Key Takeaways SLB reported Q4 EPS of 78 cents and revenue of $9.75B, beating estimates despite a year-over-year EPS decline.SLB's Digital unit revenue rose 17% to $825M, driven by Digital Exploration sales in Brazil and Angola.Production Systems revenue climbed to $4.08B as SLB benefited from the acquired ChampionX businesses.SLB (SLB) has reported fourth-quarter 2025 earnings of 78 cents per share (excluding charges and credits), which beat the Zacks Consensus Estimate of 74 cents. The bottom line, however ...

与此同时，竞争对手哈里伯顿公司也表示，一旦商业和法律条件明朗、付款确定性得到解决，将寻求重 新进入委内瑞拉市场。该公司称，相关许可证机制预计将逐步到位，并已开始为委内瑞拉岗位招募工程 师和技术人员。 当地时间1月23日，记者获悉，美国油田服务商SLB公司（前称斯伦贝谢Schlumberger）表示，在获得必 要许可并满足安全与合规要求的前提下，公司可以迅速扩大在委内瑞拉的业务活动。 据悉，SLB近期与白宫官员会晤，讨论潜在的对委内瑞拉投资机会。SLB目前是唯一仍在委内瑞拉开展 实际业务的国际油服公司，为雪佛龙在其许可框架下提供服务。雪佛龙也是目前唯一在委内瑞拉生产原 油的美国大型石油公司。 （文章来源：央视新闻） SLB表示，公司十多年前在委内瑞拉的年收入峰值曾超过10亿美元，当地员工一度超过3000人，目前仍 保留设施、设备和人员基础。分析人士认为，若委内瑞拉能源领域重新对外开放，SLB和哈里伯顿将是 最有可能受益的油服企业。 ...

It’s been an eventful week on Wall Street, with plenty of harbingers for market moves including President Trump’s reversal on Greenland, accommodating economic prints on PCE inflation and Jobless Claims, the World Economic Forum in Davos bringing the world’s elite financiers together, and Q4 earnings season completing the first leg of reportage in good/decent condition. Small-cap stocks are leading among major indexes, with the S&P 500 and Nasdaq slightly in the red.Massive Winter Storm This WeekendSpreadin ...

Core Viewpoint - U.S. oilfield service companies, particularly SLB and Halliburton, are looking to increase their operations in Venezuela following the recent political changes, contingent on the establishment of appropriate licensing and compliance measures [1][3]. Group 1: SLB's Position and Plans - SLB has indicated it can rapidly scale up its activities in Venezuela if the necessary licensing and safety measures are in place [1]. - The company reported a larger-than-expected profit for the fourth quarter and has maintained its operational presence in Venezuela, providing services for Chevron [4]. - SLB previously generated over $1 billion in peak annual revenue from Venezuela and employed more than 3,000 people there a decade ago, though it currently has about 80 Venezuelans working on-site [5]. Group 2: Halliburton's Intentions - Halliburton is also seeking to re-enter the Venezuelan market, contingent on resolving commercial and legal terms, including payment certainty [3]. - The company is actively recruiting for various positions in Venezuela and has stated it can quickly mobilize equipment to become operational [6]. Group 3: Market Context and Analyst Insights - Both SLB and Halliburton are viewed as well-positioned to benefit from potential new investments in Venezuela, according to industry analysts [6]. - President Trump has indicated that U.S. oil companies will soon begin drilling in Venezuela, although there are concerns regarding the feasibility of a rapid return to operations [7].

S&P 500 oilfield service giant SLB (SLB) reported early Friday better-than-expected fourth-quarter earnings and revenue while also increasing its quarterly dividend and telling investors business headwinds are in the rearview mirror. SLB, formerly known as Schlumberger, saw Q4 EPS fall 15.2% to 78 cents with sales totaling $9.75 billion, up 5.1% vs. a year ago. Prior to Friday's, earnings release,… ...

Production Systems: Revenue of $4.1 billion increased 17% sequentially, reflecting a full quarter of ChampionX activity. Excluding ChampionX, Production Systems revenue rose 11% sequentially, driven by completions and artificial lift sales and project milestones in process technologies, subsea, and valves. Pre-tax operating margin increased 20 basis points to 16%.Well Construction: Revenue of $2.9 billion declined 1% sequentially, with declines in the Middle East and Asia offsetting higher offshore drilling ...