US Oil Giant SLB Reportedly Bolsters Presence In Russia As Western Rivals Exit Market Amid War With Ukraine
Portfolio Pulse from Benzinga Neuro
Schlumberger NV (NYSE:SLB), also known as SLB, is reportedly expanding its operations in Russia despite Western rivals exiting the market due to the Ukraine conflict. SLB had committed to stopping shipments from its worldwide facilities to Russia but continued importing materials from other sources. The company's operations in Russia accounted for 5% of its $33.1 billion revenues in 2023. SLB's expansion comes amid geopolitical risks and its planned acquisition of ChampionX.
August 16, 2024 | 9:46 am
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SLB is expanding its operations in Russia despite Western rivals exiting due to the Ukraine conflict. The company's Russian operations accounted for 5% of its $33.1 billion revenues in 2023. This expansion comes amid geopolitical risks and its planned acquisition of ChampionX.
SLB's decision to expand in Russia, despite geopolitical risks, indicates a strategic move to capitalize on market opportunities left by exiting competitors. This could positively impact short-term revenues, especially with rising oil prices.
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