Hardide to benefit from increased oil prices and drilling activities

Schlumberger plc (NYSE:SLB) announced on Friday its Fourth-Quarter and Full-Year 2021 Results in which it reported sequential revenue growth was broad based across geographies and divisions.

International revenue was driven by strengthening activity, strong offshore activity in Africa and new projects in Europe.

This growth was complimented by start-ups and activity gains in the Middle East and Asia and sustained activity growth in Latin America.

Strong offshore and land drilling activity was seen in North American operations.

Schlumberger CEO Olivier Le Peuch commented

“Looking ahead into 2022, the industry macro fundamentals are very favorable, due to the combination of projected steady demand recovery, an increasingly tight supply market, and supportive oil prices. We believe this will result in a material step up in industry capital spending with simultaneous double-digit growth in international and North American markets. Absent any further COVID-related disruption, oil demand is expected to exceed prepandemic levels before the end of the year and to further strengthen in 2023. These favorable market conditions are strikingly similar to those experienced during the last industry supercycle, suggesting that resurgent global demand-led capital spending will result in an exceptional multiyear growth cycle.”

Hardide coatings are used extensively in the oil & gas industry on downhole and directional drilling tools that are subject to severe slurry and chemical erosion combined with abrasive wear. 

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