Schlumberger hikes dividend by 10%

On January 19, 2024, oil services company Schlumberger (SLB) announced that it will hike its dividend by 10 percent to 27.5 cents quarterly per share. 

This is the third increase by SLB since 2015 and follows a dividend hike of 42.9% last year. The current dividend rate however still is half of the record level from 2020, when SLB paid 50 cents quarterly.

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.