Schlumberger hikes dividend by 42.9%

On January 20, 2023, oil services company Schlumberger (SLB) announced that it will hike its dividend by 42.9 percent to 25 cents quarterly per share. This is the second increase by SLB since 2015 and follows a dividend hike of 40% last year. The current dividend rate however still is half of the record level from 2020, when SLB paid 50 cents quarterly.

The next SLB dividend will be baid on April 6, 2023 to shareholders of record on February 8, 2023. The new annualized dividend rate of $1.00 per share yields 1.7% at a stock price of $57.35. Schlumberger will now pay an estimated $1.4 billion in dividends annually.

Schlumberger NV is a provider of technology for reservoir characterization, drilling, production, and processing to the oil and gas industry. The company operates worldwide and provides a range of products and services, from exploration through production, and integrated pore-to-pipeline solutions that optimize hydrocarbon recovery to deliver reservoir performance sustainably. Schlumberger has paid a quarterly dividend since 1957. The original Schlumberger business was founded in 1926 by the brothers Conrad and Marcel Schlumberger, two French engineers and physicists, to provide wireline logging services (electronic measurement of underground formations) for oil drilling operations. Schlumberger incorporated was incorporated on November 6, 1956 in the Netherlands Antilles.