Not sure if anyone else heard but when Olivier visited Midland, he explicitly said that SLB needs to exit the core business marker sooner than later and focus on other areas of growth. I 100% see this happening.
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@m3v luckily, SLB is not a USL-only company. But yes, from my experience in Bits, it is looking very grim.
@m3v You are right but you have to take into account the increasing digitalization, automation, increaasing perforances of bits (so you sell less bits per rig) you have to take into account of the reduction of the number of rigs... not happy to be in Oil & Gas for the next 10 or 20 years... there will be much more blood than crude oil...
Salary increases to happen soon in Q4
There are ~540 active rigs in the US; about 50% of which are in Texas/NM. Most drilling in US is horizontal, which effectively is 'manufacturing'. Drill faster and continuously lower costs. How many people are really needed in the US O&G business to 'drill & repeat'? What is SLB's market share? DO THE MATH!! You probably do not have a long-term 'career' in SLB or O&G.
Seems like we’re closing the chapter on the first engine of growth — and not in a good way. Lotta folks about to be shown the door. Rough road ahead
Did you mean 'core business market'?
What 'core business' would he have meant, coring operations and testing, or core as in, the heart of downhole energy services?
SLB is trying to sell cameron since years but it seems market is not interested.... And now also trying to exit from Bits! There is no future in there...
waiting to be fired
Interesting. curious to hear more about this