SLB affirms FY24 guidance

CEO Olivier Le Peuch stated: “We acknowledge the decision by Saudi Aramco to maintain its Maximum Sustainable Capacity at 12 million barrels per day, and not to continue increasing MSC to 13 MMBD. We continue to work very closely with Saudi Aramco, and our understanding is that all ongoing oil and gas projects remain intact and that only two offshore oil increment projects not yet started will be suspended. Our forecast for significant growth for 2024 in the Kingdom remains intact. Looking ahead, the combination of our revenue mix in the Kingdom, which is weighted toward onshore and the expanding gas market, and our unique market position in other countries in the Middle East will continue to support the multi-year growth cycle in the region. As we shared during our most recent earnings release, global energy demand continues to increase, and international production is expected to play a key role in meeting supply through the end of this decade. Given this, we are confident in the strength and longevity of this cycle through 2024 and beyond.”