Schlumberger, now rebranded as SLB, said Thursday that it is hiking its quarterly dividend by 43 and will resume share buybacks after a stellar third quarter. During its annual investor conference in New York, the company said it will increase its quarterly payout to 25c per share and restart its $9 billion buyback program next year. It also gave investors a peek at its capital allocation plans on Thursday as it continues to transform itself into an energy technology company. CFO Stephane Biguet told attendees that SLB expects to return at least 50 of free cash Uow to it shareholders in the next three years. "We are off to a great start, with steady momentum building through 2022 as you have seen from our recent results, " said Biguet. "Our year-on-year revenue growth rate is at the highest it's been in more than a decade. "
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