Big three U.S. oilfield services companies pulling out of Russia
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Schlumberger (NYSE:SLB) and Baker Hughes (NASDAQ:BKR) have suspended their operations in Russia (I, II) in response to U.S. sanctions over the invasion of Ukraine, following Halliburton's (NYSE:HAL) announcement shortly after Friday's stock market close.
After holding off for several weeks, all three oilfield services companies have now said they are immediately suspending new investment and technology deployment to their Russia operations.
J.P. Morgan has estimated that Russia makes up as much as 8% of total sales for Schlumberger, while Baker Hughes has the second highest exposure to Russia, and Halliburton gets as much as 2% of revenue from the country.
SLB +2.1%, HAL +2.2%, BKR +1.7% pre-market as WTI crude oil futures surge as much as 5% past $108/bbl.