SLB to Sell Palliser Block Assets in Alberta by Late Q4 2024

Zacks10-21

SLB SLB, an American oilfield services company, announced a definitive agreement to sell its interests in the Palliser Block in Alberta, Canada. The deal marks another strategic move by SLB to ...

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The deal marks another strategic move by SLB to ...</p>\n\n<a href=\"https://finance.yahoo.com/news/slb-sell-palliser-block-assets-114100469.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0300736062.USD","symbol_name":"FRANKLIN NATURAL RESOURCES \"A\" (USD) ACC","start_time":0,"source_url":"https://finance.yahoo.com/news/slb-sell-palliser-block-assets-114100469.html","article_id":"2477863668","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/zQMdyBoWi9sVD.4RjmYn_g--~B/aD00MDA7dz02MzU7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/zacks.com/841b616719fec3f5c7ceecd7f8917de1"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2477863668","pubTimestamp":1729510860,"columns":[],"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"SLB SLB, an American oilfield services company, announced a definitive agreement to sell its interests in the Palliser Block in Alberta, Canada. The deal marks another strategic move by SLB to streamline its portfolio and sharpen its focus on technology-driven energy solutions.The Palliser Block comprises oil and gas wells, surface facilities, a pipeline network, and oil and gas development rights across approximately 800,000 acres. In 2017, SLB acquired these assets from Cenovus Energy CVE in partnership with Torxen Energy for roughly $1 billion CAD. At the time of acquisition, the assets had a daily production rate of 54,000 barrels of oil equivalent per day . SLB, a majority non-operating partner, provided exclusive services to the project, while Torxen operated the wells and infrastructure.The sale, subject to regulatory approval and customary closing conditions, is expected to be finalized in the fourth quarter of 2024. 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The deal marks another strategic move by SLB to streamline its portfolio and sharpen its focus on technology-driven energy solutions.\nDetails of SLB’s Palliser Block Assets\nThe Palliser Block comprises oil and gas wells, surface facilities, a pipeline network, and oil and gas development rights across approximately 800,000 acres. In 2017, SLB acquired these assets from Cenovus Energy CVE in partnership with Torxen Energy for roughly $1 billion CAD. At the time of acquisition, the assets had a daily production rate of 54,000 barrels of oil equivalent per day (boepd). SLB, a majority non-operating partner, provided exclusive services to the project, while Torxen operated the wells and infrastructure.\nThe sale, subject to regulatory approval and customary closing conditions, is expected to be finalized in the fourth quarter of 2024. While financial terms have not been disclosed, this transaction marks SLB’s continued efforts to realign its operations and potentially free up capital for future investments in its core areas.\nSLB's Broader Strategy\nThe company has been pivoting toward a more technology-centric role in the energy industry, with a particular focus on digitalization, decarbonization and sustainable energy solutions. The divestment of Palliser Block aligns with its strategy of moving away from legacy oilfield assets to concentrate on energy innovation and decarbonization efforts. The decision has come at a time when global energy markets are undergoing rapid transformation, with a shift toward cleaner and more sustainable energy production methods.\nThe sale of Palliser Block may offer insight into SLB’s long-term financial planning, signaling its readiness to divest non-core assets while capitalizing on higher-margin technology and service offerings.\nSLB’s Zacks Rank & Key Picks\nCurrently, SLB carries a Zack Rank #4 (Sell).\nInvestors interested in the energy sector may look at a couple of better-ranked stocks like PEDEVCO Corp. PED and Archrock Inc. AROC, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.\nPEDEVCO is engaged in the acquisition and development of energy assets in the United States and Pacific Rim countries. PED stands to benefit significantly from its holdings in the Permian Basin, one of the most prolific oil-producing regions in the United States, as well as in the D-J Basin in Colorado, which includes more than 150 high-quality drilling locations.\nThe Zacks Consensus Estimate for PED’s 2024 EPS is pegged at $0.08. The company has a Value Score of B. It has witnessed upward earnings estimate revisions for 2024 in the past 60 days.\nArchrock is an energy infrastructure company based in the United States, with a focus on midstream natural gas compression. It provides natural gas contract compression services and generates stable fee-based revenues.\nThe Zacks Consensus Estimate for AROC’s 2024 EPS is pegged at $1.04. The company has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.\nWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report\nSchlumberger Limited (SLB) : Free Stock Analysis Report\nCenovus Energy Inc (CVE) : Free Stock Analysis Report\nPedevco Corp. (PED) : Free Stock Analysis Report\nArchrock, Inc. (AROC) : Free Stock Analysis Report\nTo read this article on Zacks.com click here.\nZacks Investment Research","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2477863668"}