The Big Four oil service companies increased their profits in Russia by 1.5 times

At the end of 2023, the net profit of the former “Big Four” oil service companies in Russia increased by 54.1% in annual terms, to 31.4 billion rubles, they report “Vedomosti” with reference to reporting according to RAS. We are talking about the companies Weatherford (the Russian structure of the American Weatherford), the Schlumberger Technology Company (the structure of the American SLB), Burservice and OFS Technologies (former Russian divisions of the American Halliburton and Baker Hughes).

The revenue of the four companies for the year increased by 37%, to 133.3 billion rubles, the cost of sales – by 30%, to 86.8 billion rubles. Sales profit increased by 62.5%, to RUB 36 billion. As the newspaper clarifies, the cost of sales increased the most for OFS Technologies (1.5 times, to 31.3 billion rubles) and Burservice (almost twice, to 21.4 billion rubles). The profit of Burservice increased by 15.6%, to 12 billion rubles, of Technologies OFS – by 34.1%, to 6.4 billion rubles, of Weatherford – by 83%, to 6.4 billion rubles ., Schlumberger – almost four times, to 6.5 billion rubles.

Thanks to the growth in profits, Weatherford returned to paying dividends and allocated 7.8 billion rubles for payments to the management company Weatherford Holdings (Rus). from the profit of previous years and based on the results of nine months of 2023. The technology company Schlumberger last year received dividends worth RUB 3.7 billion from its subsidiaries.

The Big Four oil service companies Schlumberger, Halliburton, Baker Hughes and Weatherford jointly began to reduce their presence in the Russian Federation in the spring of 2022 against the backdrop of the Russian military operation in Ukraine. Only Halliburton and Baker Hughes completely left the Russian Federation – the business was sold to local management. Kommersant’s sources reported that Weatherford will continue to fulfill existing contracts and enter into new contracts with customers.

About the situation on the oil market – in the material “Kommersant” “Iranian consulate connected to oil”.

Laura Keffer