SLB Warns Cautious Oil Explorers Have Slowed Growth in Spending
- Company expects to beat goal of $3 billion in investor returns
- International oil-spend growth for ‘25 seen in single digits
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SLB, the world’s biggest oilfield services provider, warned oil explorers’ spending growth has waned in recent months as they take a cautious approach amid lower crude prices.
The company, which helps clients drill oil wells and map underground pockets of crude, also told investors in a statement Friday that it expects to exceed its target of $3 billion in shareholder returns this year as most of its customers’ projects are going ahead.