Schlumberger Says Russia Isolation Spurs Drilling Elsewhere
- Oil-services giant boosts dividend first time in seven years
- Quarterly revenue advanced by the most in almost half a decade
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Schlumberger called Russia a dynamic situation full of uncertainties and raised the possibility that further sanctions could be placed on the warring nation.
The world’s biggest oilfield-services provider said its suspension of future investment in Russia, a market that has represented about 5% of its total sales, means it can shift its own spending to other parts of the world as President Vladimir Putin’s assault on Ukraine spurs an exploration boom for alternative crude supplies.