{"date":"2026-03-04T00:00","headerImageUrl":"https://structuredproducts-ch.leonteq.com/product-news/product-homepage-banner/slb_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"At the Pulse of the Oil Markets","windowTitle":"SLB","category":"underlying-in-focus","title":"SLB","body":"<p>Strictly speaking, there can be no talk of a shortage in the global oil markets. In a forecast published on February 10, 2026, the U.S. Energy Information Administration (EIA) assumes that average global production of the key energy source will reach 107.85 million barrels per day this year \u2013 1.5% more than in 2025. This compares with expected average daily oil consumption of 104.79 million barrels. As a result, global storage levels would increase by around 3 million barrels each day. However, the recent escalation in the Middle East casts serious doubt on the assumption of oversupply. After Israel, together with the United States, attacked Iran, the oil price climbed to its highest level since early 2025. Alongside the commodity itself, sector stocks are moving into focus. This also applies to SLB (formerly Schlumberger).<\/p>\n\n\n<div><generic-chart title=\"SLB (formerly Schlumberger) (in USD)\"> \n    <chart-line title=\"SLB\" path=\"Chart_SLB.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as of March 02, 2026<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Growth Slowdown in the Anniversary Year<\/h3>\n<p>Headquartered in Houston, Texas, the company employs 96,000 people in more than 100 countries. It offers a wide range of technical solutions and services used in the exploration, production and processing of oil and gas. In recent years, the long-established group \u2013 celebrating its 100th anniversary in 2026 \u2013 has benefited from the massive expansion of oil production in the United States. Although revenues in North America rose by a double-digit percentage in 2025, overall group business volume declined slightly. At the same time, operating profit (adjusted EBITDA level) fell noticeably (see chart). Nevertheless, SLB\u2019s latest earnings presentation was well received on Wall Street, mainly because the industry leader exceeded expectations in the fourth quarter of 2025. At 78 US cents, adjusted earnings per share were 4 cents above consensus.<\/p>\n\n<h3>Talks with the White House<\/h3>\n<p>SLB had already been in the spotlight prior to the latest earnings release. The trigger was the arrest of Venezuelan President Nicolas Maduro by US special forces at the beginning of the year. SLB is considered a candidate for rebuilding oil infrastructure in the South American country. According to its own statements, the company is the only international service provider currently active on site. However, business is running at a low level. More than a decade ago, SLB generated peak revenues of over USD 1 billion in Venezuela and employed more than 3,000 people there. The workforce has since shrunk to around 80 positions. According to US President Donald Trump, American companies should soon begin producing oil in Venezuela again. His administration has held talks with SLB and other sector representatives to this end. CEO Olivier Le Peuch stated that SLB could quickly ramp up its activities in the country. However, issues regarding licenses, security and compliance would first need to be clarified.<\/p>\n\n<div>\n<generic-chart title=\"Revenue (in USDbn) and Ebitda-Margin (in %)\">\n  <x-axis categories=\"2020,2021,2022,2023,2024,2025\"/>\n      <chart-column title=\"Revenue (in USDbn)\" data=\"23601,22929,28091,33135,36289,35708\" format=\"number\"/>\n      <chart-line title=\"Ebitda-Margin (in %)\" data=\"18.27,21.48,23.00,24.47,24.99,23.70\" format=\"number\" yAxisRight=\"true\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Refinitiv, as of March 2026<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>Attractive Source of Returns<\/h3>\n<p>There is no such need for clarification regarding the terms of the new softcallable barrier reverse convertible on SLB. Leonteq has launched two versions of this popular structure. In the product currency CHF, the guaranteed coupon amounts to 9% p.a. The USD-denominated version offers a coupon that is 300 basis points higher. The barrier is set uniformly at 59% of the initial level. As long as the SLB share does not fall to or below this threshold over the next 18 months, the issuer will repay the nominal amount at 100% \u2013 meaning the investment would generate the maximum return. However, if the barrier is breached, the partial protection lapses. In that case, the BRCs would be fully exposed to the downside risk of SLB\u2019s share price. Please also note the softcallable feature, which allows for early redemption and, if applicable, repayment of this issuance.<\/p>\n\n<h3>Callable Barrier Reverse Convertible<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;countrySpecificTitles&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;underlyings&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;marketVenues&quot;:[],&quot;productTypes&quot;:[],&quot;barrierTypes&quot;:[],&quot;issuers&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1525084104\\&quot;\\&quot;CH1525084187\\&quot;&quot;,&quot;strikeLevelRanges&quot;:[],&quot;productCategories&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;],&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;productGroups&quot;:[],&quot;conditions&quot;:{&quot;&quot;:true,&quot;-_exists_:snapshot.product.in_subscription&quot;:false,&quot;+snapshot.product.attributes.extended_trading_hours:true&quot;:false,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;+snapshot.product.secondary_market:true&quot;:false},&quot;barrierLevelRanges&quot;:[],&quot;assetClasses&quot;:[],&quot;currencies&quot;:[]}\">\n                <\/SavedSearch>\n  <\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-slb","investmentThemeVerticalImageUrl":"https://structuredproducts-ch.leonteq.com/product-news/sidenav-banner/slb_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch.leonteq.com/product-news/thumbnail/slb_leonteq-structured-products_thumbnail.jpg"}