(CercleFinance.com) – SLB confirmed its objectives for 2024 on Wednesday despite the decision of the Saudi oil company to maintain its production capacities.
Saudi Aramco said yesterday that following directives from the Ministry of Energy of the Kingdom of Saudi Arabia, it would maintain its oil production capacity at 12 million barrels per day.
As a reminder, the group had set itself the objective, in 2020, of achieving a maximum production capacity of 13 million barrels per day by 2027.
Quoted in a press release, the general director of SLB, Olivier Le Peuch, said he took note of Saudi Aramco’s decision, while showing his confidence in the vigor of the current investment cycle.
‘We continue to work closely with Saudi Aramco, and from what we understand, all oil and gas projects remain intact, with the exception of two offshore expansion projects which had not yet started and which are going to be suspended,’ he explains.
Around 10:15 a.m., SLB shares fell by almost 2% on the New York Stock Exchange after having already corrected by more than 7% yesterday.
‘We consider the correction excessive while the pipeline of new projects remains significant (allowing better selectivity of contracts entering the backlogs) and the financial situations continue to strengthen,’ Oddo BHF analysts temper today.
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