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。 ...

Market Overview - Wall Street experienced significant events, including President Trump's Greenland reversal, positive economic indicators on PCE inflation and Jobless Claims, and the World Economic Forum in Davos, while small-cap stocks led major indexes despite the S&P 500 and Nasdaq being slightly down [1] Natural Gas Market - Natural gas prices have surged to around $4.90 per MMbtu, reflecting a 58% increase over the past week and reaching 14-month highs, driven by colder temperatures and supply constraints [3] - Sub-zero temperatures are causing freezing in gas lines, contributing to the scarcity of natural resources, while the U.S. is compensating for energy supply shortages due to embargoes on Russian gas [4] SLB Corp. Performance - SLB Corp. reported Q4 earnings of 78 cents per share, exceeding estimates by 4.8%, although down from 92 cents per share in the same quarter last year, with revenues of $9.75 billion, a 2.2% improvement from consensus [5] - SLB shares have increased by 28.5% since the beginning of the year, reflecting positive market sentiment [5] Upcoming Economic Data - The market anticipates the release of the final January Consumer Sentiment number and S&P flash PMI figures for Services and Manufacturing, both expected to indicate growth [6] - The upcoming Fed meeting is expected to maintain the current interest rate range of 3.50-3.75%, with a focus on healthy economic data influencing future rate decisions [7] - Delayed economic data, including Producer Price Index (PPI) numbers and retail Consumer Price Index (CPI) reports, will be released soon, alongside major Q4 earnings reports from leading companies such as Apple, Microsoft, Alphabet, Amazon, Meta, and Tesla [8]

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,… ...

Core Insights - The company reported a strong fourth quarter with total revenue of $9.7 billion, reflecting a sequential increase of 9% driven by contributions from ChampionX and organic growth [5][6][8] Production Systems - Revenue reached $4.1 billion, up 17% sequentially, with an 11% increase when excluding ChampionX, attributed to completions and artificial lift sales [1] - Pre-tax operating margin improved by 20 basis points to 16% [1] Well Construction - Revenue declined to $2.9 billion, a decrease of 1% sequentially, impacted by lower activity in the Middle East and Asia, despite higher offshore drilling in North America and Europe/Africa [2] - Pre-tax operating margin was slightly down at 18.7% [2] Digital Segment - Revenue increased to $825 million, a 25% sequential rise, with pre-tax operating margin expanding by 557 basis points to 34% [3] - For the full year, Digital revenue totaled $2.7 billion, up 9%, with an EBITDA margin of 35% [3] Financial Performance - The company generated $3.0 billion in cash flow from operations and $2.3 billion in free cash flow in the fourth quarter, with full-year free cash flow at $4.1 billion [8] - Net debt was reduced by $1.8 billion to $7.4 billion, with capital investments totaling $716 million in the fourth quarter [9] Shareholder Returns - The company returned $4.0 billion to shareholders in 2025, including $2.4 billion in buybacks and $1.6 billion in dividends, with a 3.5% dividend increase announced [9][10] 2026 Outlook - Revenue is guided between $36.9 billion and $37.7 billion for 2026, with adjusted EBITDA expected between $8.6 billion and $9.1 billion [12] - North America is expected to benefit from ChampionX activity, while international revenue is projected to trend upward, particularly in Latin America and the Middle East [13] Strategic Focus - The company emphasizes production recovery as a key area for value creation, integrating intelligent and autonomous digital capabilities into its offerings [15] - Significant subsea activity is anticipated, with over 500 subsea trees expected to be awarded in 2026 and 2027, representing a 20% increase from 2025 [17] Market Opportunities - The company is actively operating in Venezuela and is positioned to ramp up activities quickly, contingent on licensing and compliance [19]

Core Viewpoint - SLB's CEO Olivier Le Peuch stated that the company can rapidly expand its operations in Venezuela, highlighting its unique position as the only active service provider in the country [1] Group 1: Company Operations - SLB is currently the only service provider actively operating in Venezuela, providing a range of services to Chevron [1] - The company maintains operational facilities, equipment, and local personnel in Venezuela, which positions it well for future growth [1] Group 2: Market Reaction - Following the announcement, SLB's stock price increased by 0.8% [1]

Core Viewpoint - Oilfield service company SLB is positioned to rapidly increase its operations in Venezuela, contingent upon the establishment of appropriate licensing, safety parameters, and compliance measures [1] Group 1 - SLB can enhance its activities in Venezuela, indicating a potential growth opportunity in the region [1]

Summary of Global Oil Services Conference Call Industry Overview - The focus is on the **Global Oil Services** industry, with a specific outlook for **2026** highlighted in the report [1][2]. Core Insights and Arguments - The report suggests that the oil services sector may be at an **inflection point**, primarily driven by changing investor perceptions rather than fundamental economic shifts [2][3]. - Investor interest has been historically low, but there are signs of a shift as the sector's valuation improved from **1.3x EV/Revenue** in October 2025 to **1.44x** in December 2025, following positive earnings calls from major companies [3][19]. - **Thirteen relevant themes** have been identified for the oil services sector, with five expected to gain momentum in 2026: 1. Investor interest 2. The Middle East 3. OCTG (Oil Country Tubular Goods) 4. Exploration 5. Digital advancements [4][23]. Key Themes and Trends - The **Middle East** is expected to see a significant increase in capital expenditures, particularly with **Adnoc** launching a **$150 billion** capex plan for 2026-2030 [4][24]. - **OCTG** volumes are anticipated to rise in the second half of 2026, with potential price increases due to steel tariffs and improved pricing power [4][24]. - **Exploration** spending is set to increase, with companies like **Chevron** planning to boost exploration capex by approximately **50%** [4][24]. - The **Digital** sector is highlighted as a growth area, with companies like **SLB** and **Adnoc** investing in AI tools to enhance operational efficiency [4][25]. Financial Strength and Valuation - The oil services industry is reported to be in a stronger financial position compared to previous cycles, with a **CFO-to-revenue ratio** of **15%**, a **net-debt-to-assets ratio** of **14%**, and a **ROIC** of **9%** [26][27]. - Despite a supportive macro environment, investor engagement in the sector has not met expectations, indicating potential for future growth [7][26]. Investment Recommendations - The report lists preferred stocks for 2026: - **Tenaris** (Target Price: €21) - **SLB** (Target Price: $52.3) - **Vallourec** (Target Price: €22.6) - **Saipem** (Target Price: €3.54) - **Subsea 7** (Target Price: NOK240) [5][41]. - Short-term trading opportunities are identified in **Technip Energies**, **GTT**, **Viridien**, **SBM Offshore**, and **Rubis** [5][41]. - Long-term value is seen in **Adnoc Drilling** and **Adnoc L&S** [5][41]. Additional Insights - The oil services sector has largely **decorrelated from oil prices** since 2022, indicating a shift in how the sector's performance is influenced by oil market fluctuations [32][36]. - The **free cash flow** for the industry reached **$26 billion** in 3Q25, surpassing the previous peak of **$15.5 billion** in 2015, reflecting strong cash generation capabilities [37][39]. Conclusion - The Global Oil Services industry is poised for potential growth in 2026, driven by improved investor sentiment, strategic capital investments in the Middle East, and advancements in digital technology. The financial health of the sector supports a positive outlook, with several companies identified as key investment opportunities.

Financial Data and Key Metrics Changes - The company reported fourth quarter revenue of $9.7 billion, an increase of $817 million or 9% sequentially, with approximately $300 million attributed to the acquisition of ChampionX [20][19] - Adjusted EBITDA margin for the fourth quarter was 23.9%, an increase of 83 basis points sequentially, driven by strong digital performance [20][19] - Earnings per share, excluding charges and credits, was $0.78, reflecting a sequential increase of $0.09 but a decrease of $0.14 compared to the same quarter last year [19] Business Line Data and Key Metrics Changes - Digital revenue reached $825 million, a 25% sequential increase, with a pre-tax operating margin of 34%, up 557 basis points [21] - Reservoir Performance revenue was $1.7 billion, a 4% sequential increase, driven by strong international activity [21] - Production Systems revenue increased by 17% sequentially to $4.1 billion, reflecting a full quarter of activity from ChampionX [22] Market Data and Key Metrics Changes - Internationally, organic revenue increased by 7%, with North America seeing a 6% increase [6] - The Middle East showed increased activity, particularly in Saudi Arabia and UAE, contributing to the overall revenue growth [6][12] - The company noted a stabilization in global upstream activity, with key markets showing early signs of a rebound [6] Company Strategy and Development Direction - The company aims to leverage technology and digital solutions to enhance operational efficiency and reduce costs for customers [10][11] - There is a focus on production recovery as a critical domain for value creation, integrating equipment with intelligent digital capabilities [11][66] - The company anticipates a gradual recovery in upstream investment, particularly in international markets, as supply and demand rebalance [10][12] Management's Comments on Operating Environment and Future Outlook - Management expects near-term oversupply to exert downward pressure on commodity prices, but geopolitical uncertainties may provide a price floor [9][10] - The outlook for 2026 includes revenue expectations between $36.9 billion and $37.7 billion, driven by a full year of ChampionX activity and growth in digital operations [15][16] - The company is optimistic about the recovery in international markets, particularly in Latin America and the Middle East, while anticipating slight declines in Europe and Africa [15] Other Important Information - The company generated $3 billion in cash flow from operations during the fourth quarter, with free cash flow of $2.3 billion [22] - A total of $4 billion was returned to shareholders in 2025, with plans for a similar amount in 2026 through dividends and stock buybacks [26] - The company is the only international service provider actively operating in Venezuela, with plans to ramp up activities as conditions allow [18][56] Q&A Session Summary Question: CapEx trends and capital intensity - Management indicated a slight increase in CapEx to $2.5 billion for 2026, emphasizing improved capital efficiency compared to the past [31][32] Question: Customer mix and market opportunities in the Middle East - Management expressed confidence in national companies executing capital programs and noted a rebound in Saudi Arabian drilling activity [35][36] Question: Exit rate expectations for 2026 - Management expects the fourth quarter of 2026 to be higher than that of 2025, driven by international market recovery [45][46] Question: Digital business penetration - Management highlighted the potential for digital platforms to transform the industry, with increasing customer adoption of digital solutions [47][48] Question: Opportunities in Venezuela - Management noted readiness to ramp up operations in Venezuela, leveraging historical partnerships and existing assets [56][58] Question: Offshore market outlook - Management anticipates improved offshore activity in 2026, supported by FID and project developments in various regions [91][92]

Financial Data and Key Metrics Changes - The company reported fourth quarter revenue of $9.7 billion, an increase of $817 million or 9% sequentially, with approximately $300 million attributed to the acquired ChampionX businesses [20] - Adjusted EBITDA margin for the fourth quarter was 23.9%, an increase of 83 basis points sequentially, driven by strong digital performance [20] - Earnings per share, excluding charges and credits, was $0.78, reflecting a sequential increase of $0.09 but a decrease of $0.14 compared to the same quarter last year [19] Business Line Data and Key Metrics Changes - Digital revenue for the fourth quarter was $825 million, a 25% sequential increase, with a pre-tax operating margin expanding to 34% [21] - Reservoir Performance revenue increased by 4% sequentially to $1.7 billion, driven by strong international activity, particularly in Saudi Arabia and East Asia [21] - Production Systems revenue rose by 17% sequentially to $4.1 billion, reflecting a full quarter of activity from ChampionX, with an 11% increase when excluding ChampionX [22] Market Data and Key Metrics Changes - International markets are stabilizing, with Latin America and the Middle East leading the rebound in 2026 [12] - The Middle East is expected to see a resurgence in drilling and workover activity, particularly in Saudi Arabia, with rig counts potentially returning to early 2025 levels by the end of 2026 [12] - Offshore markets are anticipated to present long-term growth opportunities, particularly in deepwater, with over 500 subsea trees expected to be awarded in 2026 and 2027 [13] Company Strategy and Development Direction - The company aims to leverage its integrated portfolio, including ChampionX, to meet the growing demand in production recovery and optimization [11] - A focus on digital solutions and technology integration is emphasized to enhance efficiency and reduce costs for customers [10] - The company is strategically positioned to capitalize on the expected rebound in international activity as supply and demand rebalances [14] Management's Comments on Operating Environment and Future Outlook - Management anticipates near-term oversupply may exert downward pressure on commodity prices, but geopolitical uncertainties could provide a price floor [9] - The company expects 2026 revenue to be between $36.9 billion and $37.7 billion, benefiting from a full year of ChampionX activity and stronger offshore activity [15] - Management expressed confidence in the gradual recovery of upstream investment, particularly in key international markets, as economic growth and infrastructure investments drive demand [10] Other Important Information - The company generated $3 billion of cash flow from operations in the fourth quarter, with free cash flow of $2.3 billion [22] - A total of $4 billion was returned to shareholders in 2025, with plans to return more than $4 billion in 2026 through dividends and stock buybacks [26] - The company is the only international service company actively operating in Venezuela, with plans to ramp up activities as conditions allow [18] Q&A Session Summary Question: CapEx trends and capital intensity - Management indicated a slight increase in CapEx to $2.5 billion for 2026, emphasizing improved capital efficiency and readiness to capture new opportunities as activity recovers [32] Question: Customer mix and market opportunities in the Middle East - Management reinforced confidence in national companies executing capital programs and noted a rebound in Saudi Arabian drilling activity, with positive momentum in Kuwait and UAE [35] Question: Exit rate expectations for 2026 - Management expects the fourth quarter of 2026 to be higher than the fourth quarter of 2025, driven by international market recovery [45] Question: Digital business penetration - Management highlighted the significant potential of digital solutions to transform the industry, with increasing customer adoption of platforms like Lumi and Tela [48] Question: Opportunities in Venezuela - Management expressed readiness to ramp up operations in Venezuela, citing historical partnerships and existing local resources [56] Question: Data center infrastructure business growth - Management anticipates reaching a $1 billion run rate in revenue for the data center solutions business by year-end, with plans for international expansion [59]