强劲的国际业绩提振油田服务公司

油田服务公司 SLB、贝克休斯和哈里伯顿报告了国际业务第二季度的强劲业绩。

油田服务公司 SLB、贝克休斯和哈里伯顿报告了第二季度海上和国际业务的强劲业绩。（来源：Shutterstock.com）

经过
约瑟夫
马克曼
哈特能源

高层管理人员在上周第二季度财报电话会议上表示，随着北美市场疲软，油田服务公司继续在国际和海上市场扩张。

SLB首席执行官 Olivier Le Peuch 对此表示满意，他的公司正是为此做好了准备。

“这正在发挥我们业务的优势，因为国际收入占我们全球投资组合的近 80%，而离岸收入则占其中的近一半，”他告诉分析师。

Le Peuch表示，国际投资势头正在加速。SLB 预计 2022 年至 2025 年间全球最终投资决策 (FID) 将超过 5000 亿美元，其中深水领域将超过 2000 亿美元。

但即使在短期内，SLB 78% 的收入来自北美以外，也从中受益。

晨星公司分析师凯瑟琳·奥莱克萨（Katherine Olexa）在一份研究报告中写道，“SLB 大约一半的国际市场同比增长超过 30%，其中以中东和亚洲为首。” “预计至少到年底，SLB 将继续受益于需求增加和有利的运营动态。”

SLB 第二季度收入为 81 亿美元，比第一季度增长 5%，比 2022 年第二季度增长 20%。季度净利润为 10.3 亿美元，环比增长 11%，同比增长 8%。与标普石油和天然气勘探与生产精选行业指数相比，该指数今年迄今上涨了 6.5%，该指数在 2023 年持平。

油价反弹

贝克休斯73% 的收入依赖于国际业务，第二季度收入环比增长 10%，达到 63 亿美元，同比增长 25%。净利润环比下降 29% 至 4.1 亿美元，但与 2022 年第二季度 8.39 亿美元的亏损相比，这一总额已大大改善。

本季度国际收入同比增长 23%，而北美地区收入同比增长 13%。随后，该数字上涨了 10%，而北美则上涨了 5%。

“尽管今年上半年油价下跌，但我们对 2023 年全球上游支出保持建设性前景，”董事长兼首席执行官洛伦佐·西蒙内利 (Lorenzo Simonelli) 在电话会议中表示。“预计北美市场的疲软将被国际和离岸市场的强劲所抵消。”

该公司股价今年迄今已上涨 21%，自 7 月初以来已上涨 13%。富国银行在 7 月 19 日的研究报告中将目标股价从每股 32 美元上调至每股 37 美元，并指出其对 2024 年油价复苏“相当看好”。

稳定的增长

相比之下，国际收入仅占哈里伯顿总收入的 54%。尽管北美地区下降 2.5%，但本季度总收入环比增长 2.1%。国际盈利增长 6.5%。

富国银行指出，在财报公布以及北美今年剩余时间的前景不温不火之后，股价下跌。今年迄今，股价已下跌 2.8%。

净利润较第一季度下滑 6% 至 6.16 亿美元，但远高于 2022 年第二季度的 1.17 亿美元。

与去年同期相比，季度情况更加明朗。总收入达 58 亿美元，同比增长 14%。国际收入增长 17%，其中北美增长 11%。该公司预计 2023 年国际支出将增长 15% 至 20%，其中北美增长约 10%。

哈里伯顿董事长、总裁兼首席执行官杰夫·米勒表示：“同样重要的是，除了中东和拉丁美洲的强劲增长之外，我们还看到全球范围内的活动稳步增长。”

富国银行对该公司的前景持乐观态度。

“HAL 的宏观基本面依然强劲，尤其是在国际和离岸市场，”分析师在 7 月 19 日的一份报告中表示。“全球服务能力仍然紧张，这应该会带来更大的定价能力和进一步的收入/利润改善。”

原文链接/hartenergy

Robust International Results Lift Oilfield Service Companies

Oilfield service companies SLB, Baker Hughes and Halliburton report solid second quarter results from international operations.

Oilfield Service Companies SLB, Baker Hughes and Halliburton report solid Q2 results from offshore and international operations. (Source: Shutterstock.com)

By
Joseph
Markman
Hart Energy

Oilfield service companies continue to expand in international and offshore markets as the North American market softens, top executives said during second quarter earnings calls over the last week.

And that’s fine with Olivier Le Peuch, CEO of SLB, whose company is positioned for it.

“This is playing to the strengths of our business, as international revenue represents nearly 80% of our global portfolio, and offshore comprises nearly half of that,” he told analysts.

The investment momentum is accelerating internationally, Le Peuch said. SLB anticipates more than $500 billion in global final investment decisions (FIDs) between 2022 and 2025, with more than $200 billion of that total in the deepwater sector.

But even in the short term, SLB benefits from deriving 78% of its revenue outside of North America.

“About half of SLB’s international markets posted year-over-year growth exceeding 30%, led by the Middle East and Asia,” Morningstar analyst Katherine Olexa wrote in a research note. “We expect SLB will continue to benefit from elevated demand and favorable operating dynamics through at least year-end.”

SLB’s second-quarter revenues of $8.1 billion beat its first quarter by 5% and second quarter 2022 by 20%. Quarterly net income of $1.03 billion was up 11% sequentially and 8% year-over-year. Its stock price is up 6.5% year-to-date, compared to the S&P Oil & Gas Exploration & Production Select Industry Index, which is flat for 2023.

Oil price rebound

Baker Hughes, reliant on international work for 73% of its revenues, saw its second quarter revenue rise 10% sequentially to $6.3 billion, which was a 25% increase year-over-year. Net income fell 29% sequentially to $410 million, but that total was much improved over the $839 million loss in second-quarter 2022.

International revenue in the quarter rose 23% year-over-year, compared to 13% for North America. Sequentially, it was up 10%, compared to 5% for North America.

“Despite lower oil prices over the first-half of the year, we maintain a constructive outlook for global upstream spending in 2023,” Lorenzo Simonelli, chairman and CEO, said during the call. “Market softness in North America is expected to be more than offset by strength in international and offshore markets.”

The company’s stock price is up 21% year-to-date and has jumped 13% since the start of July. Wells Fargo raised its price target to $37/share from $32/share in a July 19 research note and noted that it was “fairly bullish” on an oil price recovery in 2024.

Steady growth

By contrast, international revenues only account for 54% of Halliburton’s total. Total revenues rose 2.1% sequentially in the quarter, despite a 2.5% dip in North America. International earnings were up 6.5%.

Wells Fargo noted that shares fell following the earnings announcement and a lukewarm outlook in North America for the rest of the year. The stock price is down 2.8% year-to-date.

Net income slipped 6% to $616 million from the first quarter, but was far above the $117 million recorded in second-quarter 2022.

The quarterly picture brightens in the year-over-year comparison. Total revenue of $5.8 billion was up 14% year-over-year. International revenue was up 17%, with North America rising 11%. The company expects international spending to increase between 15% and 20% for 2023, with North American growth about 10%.

“Equally important, in addition to strong growth in the Middle East and Latin America, we see steady growth in activity across the globe,” said Jeff Miller, Halliburton’s chairman, president and CEO.

Wells Fargo was optimistic on the company’s outlook.

“Macro fundamentals remain robust for HAL, particularly in international and offshore markets,” analysts said in a July 19 report. “Global service capacity remains tight, which should allow for greater pricing power and further revenue/margin improvements.”