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SLB Shows Confidence in Its Multi-Year Growth Cycle
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SLB (SLB - Free Report) made an announcement reiterating its full-year 2024 guidance. It has mentioned Saudi Aramco’s decision to not expand the Maximum Sustainable Capacity (MSC) to 13 million barrels per day (MMBD). Instead, the MSC would be maintained at 12 MMBD. Additionally, SLB has said that it will continue to work closely with Saudi Aramco and its ongoing oil and gas projects will not see any changes; only two offshore oil production development projects that haven’t begun operations yet will be suspended.
SLB has reiterated its 2024 growth forecast for the Kingdom of Saudi Arabia. The company believes that its multi-year growth cycle be upheld by its revenue mix in the Kingdom and its unique market position in the Middle Eastern countries. In the Kingdom of Saudi Arabia, a major portion of the revenue mix is supported by its onshore business and the expanding gas market.
In its latest earnings release, SLB acknowledged the rising global energy demand. It said that international production is expected to play a crucial role in meeting the supply through the end of this decade. SLB showed confidence in the strength and longevity of the multi-year growth cycle through 2024 and beyond.
Repsol is a global multi-energy company, involved in exploration and production activities as well as refining and marketing petroleum products. The company is also actively involved in transitioning toward cleaner and more sustainable energy solutions. Recently, it announced the expansion of its network of renewable fuel refilling stations in Europe, demonstrating its commitment to a sustainable energy model.
Enbridge is an energy infrastructure company with a diversified portfolio of midstream assets. With a huge network of transportation and storage assets, the company derives stable fee-based revenues.
Harbour Energy is a leading independent oil and gas company, primarily involved in upstream operations. Upon completion of the recently announced acquisition of Wintershall Dea asset portfolio, its estimated production will increase to 500,000 boepd. The company has also done well in reducing its debt in the past year.
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SLB Shows Confidence in Its Multi-Year Growth Cycle
SLB (SLB - Free Report) made an announcement reiterating its full-year 2024 guidance. It has mentioned Saudi Aramco’s decision to not expand the Maximum Sustainable Capacity (MSC) to 13 million barrels per day (MMBD). Instead, the MSC would be maintained at 12 MMBD. Additionally, SLB has said that it will continue to work closely with Saudi Aramco and its ongoing oil and gas projects will not see any changes; only two offshore oil production development projects that haven’t begun operations yet will be suspended.
SLB has reiterated its 2024 growth forecast for the Kingdom of Saudi Arabia. The company believes that its multi-year growth cycle be upheld by its revenue mix in the Kingdom and its unique market position in the Middle Eastern countries. In the Kingdom of Saudi Arabia, a major portion of the revenue mix is supported by its onshore business and the expanding gas market.
In its latest earnings release, SLB acknowledged the rising global energy demand. It said that international production is expected to play a crucial role in meeting the supply through the end of this decade. SLB showed confidence in the strength and longevity of the multi-year growth cycle through 2024 and beyond.
Zacks Rank and Key Picks
Currently, SLB carries a Zacks Rank #3 (Hold).
Investors might want to look at some better-ranked stocks in the energy sector, such as Repsol (REPYY - Free Report) , Enbridge (ENB - Free Report) and Harbour Energy (HBRIY - Free Report) . While Repsol currently sports a Zacks Rank #1 (Strong Buy), both Enbridge and Harbour Energy hold a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Repsol is a global multi-energy company, involved in exploration and production activities as well as refining and marketing petroleum products. The company is also actively involved in transitioning toward cleaner and more sustainable energy solutions. Recently, it announced the expansion of its network of renewable fuel refilling stations in Europe, demonstrating its commitment to a sustainable energy model.
Enbridge is an energy infrastructure company with a diversified portfolio of midstream assets. With a huge network of transportation and storage assets, the company derives stable fee-based revenues.
Harbour Energy is a leading independent oil and gas company, primarily involved in upstream operations. Upon completion of the recently announced acquisition of Wintershall Dea asset portfolio, its estimated production will increase to 500,000 boepd. The company has also done well in reducing its debt in the past year.