Schlumberger Rebrands As SLB, With New Identity Focusing On Energy Innovation and Decarbonization

  • The world's largest oilfield services provider, Schlumberger NV SLB, is rebranding itself with a new name, color scheme, and logo that underscores its ambitions for a lower-carbon future.
  • The nearly 100-year-old firm was initially named after its founding family.
  • The rebranding is not a shift away from fossil fuels, Chief Executive Officer Olivier Le Peuch said in an interview. But it is a nod to how the renamed SLB can apply its skills to develop lower carbon businesses, many of which received a financial boost from the U.S. Inflation Reduction Act.
  • Related: Why Schlumberger Shares Could Decline After Earnings.
  • "We believe that we have an opportunity in selected markets and selected domains to innovate and scale solutions for clean energy," Le Peuch said, noting the renamed SLB can leverage its capabilities in areas such as subsurface analysis to support emerging technologies like carbon capture and sequestration.
  • In 2020, it launched a New Energies business unit to explore low-carbon and carbon-neutral technologies.
  • In 2021, SLB became the first company in the energy services industry to commit to a net-zero target inclusive of total Scope 3 emissions from the use of its technologies.
  • Last week, the company reported Q3 sales of $7.5 billion, +28%, and adjusted EPS of $0.63, beating the consensus of $7.15 billion and $0.56, respectively.
  • Price Action: SLB shares are down 0.81% at $50.00 during the premarket session on the last check Monday.
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