Schlumberger to sell Palliser Block interests
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Schlumberger (NYSE:SLB) has agreed to sell its interests in the Palliser Block located in Alberta, Canada.
Financial terms of the deal were not disclosed. The transaction, which is subject to regulatory approval and other customary closing conditions, is expected to close late in the fourth quarter of 2024.
The Palliser Block consists of oil and gas wells, surface facilities, a pipeline network and certain oil and gas development rights. SLB and Torxen Energy had purchased the Palliser crude oil and natural gas assets from Cenovus Energy in 2017.
The sale announcement comes ahead of SLB’s third quarter results due today. Analysts expect the energy technology company to earn $0.88 (+12.8% Y/Y) on revenue of $9.3B (+11.9% Y/Y).