SLB Reaffirms 2024 Financial Guidance Despite Saudi Aramco's Decision On Oil Capacity
Portfolio Pulse from Benzinga Newsdesk
SLB CEO Olivier Le Peuch reaffirmed the company's 2024 financial guidance despite Saudi Aramco's decision to maintain its Maximum Sustainable Capacity at 12 MMBD instead of increasing it to 13 MMBD. Le Peuch stated that all ongoing oil and gas projects with Saudi Aramco remain intact, with only two offshore oil increment projects being suspended. He emphasized SLB's strong position in the Middle East, with a revenue mix weighted towards onshore and the expanding gas market, and expressed confidence in the global energy demand and the role of international production through 2024 and beyond.
January 31, 2024 | 6:22 am
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SLB's financial guidance for 2024 remains unchanged despite Saudi Aramco's decision on oil capacity. The company's ongoing projects with Aramco are unaffected, and SLB's strong position in the Middle East is expected to support growth.
SLB's reaffirmation of its financial guidance for 2024 suggests a positive outlook for the company's performance, indicating that the decision by Saudi Aramco is not expected to significantly impact SLB's business operations or growth prospects in the short term. The CEO's confidence in the global energy demand and SLB's strategic position in the Middle East further supports the potential for stock price appreciation.
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