Schlumberger changes name to SLB with focus on decarbonization

Schlumberger Ltd. SLB, +10.33% said Monday it has changed its name to SLB to underscore its shift from an oil services company to a business focused on decarbonized energy. The new name affirms SLB’s change “from the world’s largest oilfield services company to a global technology company focused on driving energy innovation for a balanced planet,” the company said. SLB has already introduced products that help reduce methane gas emissions from oil and gas drilling. SLB’s New Energy unit includes its Celsius Energy unit to reduce the carbon footprint of buildings as well as Genvia, a clean hydrogen technology company jointly launched with French research agency CEA and other partners. SLB chief strategy and sustainability officer Katharina Beumelburg said, “Our new identity boldly symbolizes our ambition to accelerate the energy transition with sustainability at the center of everything we do.” Shares of SLB are down 1% in premarket trades. The stock is up 68.3% in 2022 compared to a 21.3% loss by the S&P 500 SPX, +2.37%.