Venezuela Formalizes Oil Deals with Hunt Oil and SLB
SLB sits 68% above its 52-week low of $31.64 on light trading volume (0.4× avg).
Summary
Venezuela signed a production sharing contract for two onshore oil areas with Hunt Oil and an alliance with SLB for reservoir studies, formalizing preliminary agreements from earlier this year. This follows SLB's June 11 long-term agreement with PDVSA to modernize Venezuela's oil and gas sector. The new pacts expand SLB's footprint in a country with significant oil reserves, though the financial terms and scope remain undisclosed. The deal adds to SLB's recent string of international contracts, including a seven-year Kuwait Oil Company agreement and a strategic alliance with Liberty Energy.
At the time of this announcement, SLB was trading at $53.25 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $79B. The 52-week trading range was $31.64 to $58.82. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Reuters.