We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
SLB Secures $1.5 Billion Contract for Mutriba Field Development
Read MoreHide Full Article
Key Takeaways
SLB won a $1.5B, five-year deal from KOC to design and manage production at the Mutriba oil field.
The project targets deep, high-pressure, high-temperature and sour reservoirs using SLB's field expertise.
The contract expands SLB's responsibilities and supports stable, predictable cash flow generation.
SLB (SLB - Free Report) has been awarded a five-year, $1.5-billion contract by Kuwait Oil Company (KOC) to design, develop and manage production at the Mutriba field in Kuwait.
The energy equipment and service provider is leveraging its in-depth understanding of the Mutriba oil field to support development efforts in deeper, more complex subsurface conditions. The work involves dealing with intense pressure and temperature, as well as sour reservoirs.
The project aims to develop difficult and hard-to-reach oil and gas resources more quickly, while keeping costs under control and minimizing environmental impact.
The contract represents trust and cooperation between KOC and SLB, while expanding SLB’s scope of work and responsibility. Contracts like this allow SLB to generate predictable and enhanced cash flow, thereby increasing business stability.
SLB and other oilfield equipment and service companies rely heavily on capital spending by upstream energy producers, which is strongly influenced by fluctuations in oil prices. SLB currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Some other players in the oil and gas equipment and service industrywhose revenues areinfluenced by crude price volatility are Cactus, Inc. (WHD - Free Report) , Baker Hughes Company (BKR - Free Report) and Halliburton Company (HAL - Free Report) . With West Texas Intermediate crude oil prices hovering above $60 per barrel, the business environment for oil and gas exploration firms is favorable, positively impacting the business models of Cactus, Baker Hughes and Halliburton. HAL and BKR currently carry a Zacks Rank #3 each, whereas WHD has a Zacks Rank #4 (Sell).
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
SLB Secures $1.5 Billion Contract for Mutriba Field Development
Key Takeaways
SLB (SLB - Free Report) has been awarded a five-year, $1.5-billion contract by Kuwait Oil Company (KOC) to design, develop and manage production at the Mutriba field in Kuwait.
The energy equipment and service provider is leveraging its in-depth understanding of the Mutriba oil field to support development efforts in deeper, more complex subsurface conditions. The work involves dealing with intense pressure and temperature, as well as sour reservoirs.
The project aims to develop difficult and hard-to-reach oil and gas resources more quickly, while keeping costs under control and minimizing environmental impact.
The contract represents trust and cooperation between KOC and SLB, while expanding SLB’s scope of work and responsibility. Contracts like this allow SLB to generate predictable and enhanced cash flow, thereby increasing business stability.
SLB and other oilfield equipment and service companies rely heavily on capital spending by upstream energy producers, which is strongly influenced by fluctuations in oil prices. SLB currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Some other players in the oil and gas equipment and service industrywhose revenues areinfluenced by crude price volatility are Cactus, Inc. (WHD - Free Report) , Baker Hughes Company (BKR - Free Report) and Halliburton Company (HAL - Free Report) . With West Texas Intermediate crude oil prices hovering above $60 per barrel, the business environment for oil and gas exploration firms is favorable, positively impacting the business models of Cactus, Baker Hughes and Halliburton. HAL and BKR currently carry a Zacks Rank #3 each, whereas WHD has a Zacks Rank #4 (Sell).