SLB NV (SLB) wins historic contract with Aramco for the development of Saudi unconventional gas
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TheFly reported on December 18 that Piper Sandler analyst Derek Podhaizer maintained an overweight on SLB and raised the price target from $42 to $45. This $3 increase reflects confidence in SLB’s international margin expansion and its ability to capture high-growth opportunities in the Middle East, such as the aforementioned Aramco contract.
On December 23, SLB NV (NYSE: SLB) announced that it had been awarded a major five-year contract from Aramco to provide stimulation services for Saudi Arabia’s unconventional gas development program. The deal is part of Aramco’s broader multibillion-dollar initiative to increase domestic gas production and diversify the Kingdom’s energy mix.
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Under the terms of the agreement, SLB will deploy its advanced stimulation, well intervention and fracturing automation technologies. Steve Gassen, SLB’s executive vice president of digital and integration, noted that the collaboration aims to redefine operational performance in unconventional resource development, leveraging SLB’s digital solutions to accelerate production efficiency.
SLB NV (NYSE: SLB) is a leading energy technology and oilfield services company headquartered in Houston, Texas, and was founded in 1926 as Schlumberger. It offers a broad range of technologies, products and services to the global energy sector, serving customers in more than 100 countries.
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