MONACO - SLB (NYSE: SLB), a global energy technology company, announced the launch of its new Lumi data and AI platform. The platform is designed to integrate advanced artificial intelligence (AI) capabilities, including generative AI, to streamline workflows across the energy value chain.
The Lumi platform aims to provide high-quality data access for various domains such as subsurface, surface, planning, and operations. It is intended to foster cross-domain collaboration and deliver new intelligence and insights, which could potentially improve decision-making quality and speed at the enterprise level.
According to Rakesh Jaggi, president of Digital and Integration at SLB, the Lumi platform is set to "liberate and contextualize data" for the company's global customers, enabling them to scale AI workflows and advance their digital transformation efforts.
SLB's existing digital platform, Delfi, is expected to be enhanced by the Lumi platform's data foundations and machine learning capabilities. This enhancement is anticipated to result in more robust and agile reservoir modeling, seismic and wellbore interpretation, and drilling workflows, among other benefits.
The Lumi platform is built on the latest industry standards and will be available on all major cloud service providers as well as on-premises. It complies with National Institute of Standards and Technology (NIST) cybersecurity standards and emerging AI standards and legislation.
The announcement was made at the SLB Digital Forum held this week in Monaco. The Lumi platform integrates technologies from leading technology partners, combining SLB's digital and domain expertise to enhance access to data and AI capabilities throughout the energy production cycle.
SLB has emphasized that the Lumi platform complies with the Open Group's OSDU Technical Standard, an open data standard for the energy industry, and leverages Cognite Data Fusion to optimize operations by connecting and analyzing production data.
The information in this article is based on a press release statement.
In other recent news, Schlumberger (NYSE:SLB) Limited has been the focus of several noteworthy developments. CFRA downgraded its rating for Schlumberger from Buy to Hold, adjusting the price target to $42 from $59 based on projected macroeconomic challenges and a lower expected enterprise value to EBITDA multiple for 2025. The company's earnings per share estimates have also been revised, reducing the 2024 and 2025 forecasts to $3.43 and $3.91, respectively.
Schlumberger's proposed acquisition of ChampionX, valued at $7.75 billion, has met with a delay due to a request for additional information from the U.S. Department of Justice. Meanwhile, the company has made significant strides in sustainable technology development, announcing the successful operation of its sustainable lithium production technology at a demonstration plant in Nevada.
The company has also reported robust second-quarter earnings for 2024, exceeding expectations with an adjusted earnings per share of $0.85 and an adjusted EBITDA margin of 25%. A 5% quarter-over-quarter revenue growth across all regions further bolsters this performance. Analyst firms UBS, TD Cowen, RBC Capital, and Citi have maintained their buy ratings for Schlumberger, expressing confidence in its financial performance and strategic direction.
Schlumberger has also secured contracts for significant projects. It has been awarded a contract from Petrobras for Santos Basin development and, in partnership with Aker Carbon Capture and CO280 Solutions Inc., for a large-scale carbon capture project at a pulp and paper mill on the U.S. Gulf Coast. These recent developments underscore Schlumberger's commitment to technological innovation and environmental sustainability.
InvestingPro Insights
SLB (NYSE: SLB) has been making strides in the digital domain with the launch of its innovative Lumi data and AI platform. As the company embarks on this technological advancement, it's important to look at the company from an investment standpoint. The following insights from InvestingPro may help investors understand SLB's financial health and market position.
InvestingPro Data reveals that SLB has a market capitalization of $57.36 billion and trades with a price-to-earnings (P/E) ratio of 13.07, which is slightly adjusted to 12.55 when considering the last twelve months as of Q2 2024. This suggests a reasonable valuation of the company's earnings. Additionally, SLB's revenue growth of 12.68% over the last twelve months reflects a solid upward trajectory in its financial performance.
One of the InvestingPro Tips indicates that SLB's stock generally trades with low price volatility, which could be a favorable factor for investors seeking stability in their investment. Moreover, the company has maintained dividend payments for 54 consecutive years, which may be appealing for income-focused investors, especially considering its dividend yield of 2.75% as of late 2024.
While SLB has been profitable over the last twelve months, it is also important to note that 18 analysts have revised their earnings downwards for the upcoming period. This suggests that investors should keep an eye on future earnings reports for any signs of changes in the company's financial outlook.
For more in-depth analysis and additional InvestingPro Tips related to SLB, interested readers can explore 15 more tips available at: https://www.investing.com/pro/SLB
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