Oilfield services group SLB resists rising pressure to exit Russia

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Financial Times 12h ago

Oilfield services group SLB resists rising pressure to exit Russia - Financial Times

Quick Summary:

But the company’s chief executive Olivier Le Peuch told investors on a conference call that he believed at this point its operations “aligned with the new sanctions”.

Oilfield services providers carry out much of the less glamorous work for the global oil and gas industry — everything from building roads and laying pipes to drilling wells and pumping crude.

The Houston-headquartered company added the contribution of its Russian operations fell to 4 per cent of its global revenues in 2024, or about $1.4bn, from 5 per cent a year earlier.