Global energy technology firm SLB has secured two five-year contracts from Petroleum Development Oman (PDO), strengthening its role in one of the Middle East’s most strategically important upstream provinces as Oman looks to maximize recovery from mature assets while building domestic industrial capacity. SLB told Oilprice.com that under this agreement, it will supply wellheads and artificial lift systems for operations in Block-6, Oman’s largest oil and gas concession and the backbone of the country’s ...

Core Insights - Summit Street Capital Management has established a new position in Weatherford International, acquiring 398,661 shares valued at approximately $27.3 million during the third quarter [1][2][9] - Weatherford's stock price is currently $79.47, reflecting a 2% increase over the past year, which is underperforming compared to the S&P 500's 13% gain in the same period [3][4] Company Overview - Weatherford International is a leading global provider of oilfield services and equipment, supporting the entire lifecycle of well development and production [5] - The company offers a broad range of services including drilling, evaluation, completion, and intervention activities, leveraging technology and operational expertise [5][8] - Weatherford's market capitalization stands at $5.7 billion, with a total revenue of $5 billion and a net income of $405 million over the trailing twelve months (TTM) [4] Financial Performance - In the latest quarter, Weatherford reported a sequential revenue increase of 2% to $1.2 billion, with adjusted EBITDA rising 6% to $269 million, resulting in expanded margins of 21.8% [9] - Despite the positive revenue growth, net income fell by 40% sequentially, indicating mixed near-term performance [10] Strategic Positioning - The new investment by Summit Street indicates a strategic shift towards cyclical energy sectors, as Weatherford's fundamentals stabilize [9] - Weatherford has secured consistent contract wins with major clients such as Petrobras, Romgaz, Talos, and Shell, which may enhance its credibility and operational efficiency [10]