(Reuters) – Top U.S. oilfield services company SLB said its net assets in Russia amounted to about $600 million at the end of 2024, unchanged from 2023, but revenue from the region had slipped.
SLB has been under pressure to leave Russia after the U.S. Treasury Department on Jan. 10 issued new sanctions that included adjusting an executive order to cut off Russia’s access to U.S. services related to the extraction and production of crude oil and other petroleum products.
The world’s largest oilfield service company is one of the few Western firms to remain in Russia after the country’s 2022 invasion of Ukraine.
Revenue from SLB’s operations in Russia has been declining and accounted for 4% of its total revenue in 2024, down from 5% the year before, according to the company’s latest regulatory filing.
(Reporting by Seher Dareen in Bengaluru; Editing by Shailesh Kuber)
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