8 Best Crude Oil Stocks To Buy Right Now

4. Schlumberger Limited (NYSE:SLB)

Number of Hedge Fund Holders: 65

Schlumberger Limited (NYSE:SLB) is the world’s largest oilfield services company, providing technology and expertise to oil and gas operators globally. Schlumberger Limited (NYSE:SLB) is integral to the crude oil industry due to its drilling, exploration, and production solutions to clients, including major oil companies such as ExxonMobil and Chevron.

In Q3, Schlumberger Limited (NYSE:SLB) reported a 10% year-over-year revenue increase, reaching $9.16 billion. This growth was propelled by a 31% year-over-year revenue jump in its Production Systems segment to $3.1 billion and an 11% year-over-year rise in digital and integration revenue, driven by the adoption of AI-powered tools and digital solutions. Regional growth was led by Europe & Africa and the Middle East & Asia, both experiencing 16% year-over-year revenue increases, while North America’s growth remained modest at 3% year-over-year.

Schlumberger Limited (NYSE:SLB) is focusing on enhancing crude oil extraction efficiency and reducing environmental impact. The company continues to grow by expanding its service offerings and leveraging digital technologies for better resource management. Schlumberger Limited (NYSE:SLB) has also expanded its digital portfolio by introducing the Lumi AI platform and forming strategic partnerships with NVIDIA, AWS, and Aramco.

On November 12, Schlumberger Limited (NYSE:SLB) launched a new technology called Stream, which is a high-speed intelligent telemetry system designed to improve drilling performance and confidence in complex wells. This technology combines proprietary artificial intelligence (AI) algorithms with SLB’s TruLink definitive dynamic survey-while-drilling service.

Schlumberger Limited’s (NYSE:SLB) launch of Stream marks a significant milestone in the development of drilling technology. By harnessing the power of AI and advanced telemetry, Stream is poised to revolutionize the way operators drill complex wells, enabling them to make more informed decisions and achieve better outcomes.