The largest Players of Oil Personalists reduce the growth rate of income
The three largest oilfieldrs in Russia reduced the growth rate of their main financial indicators. In 2024, the total profit of the “Shlumberg” “Burervice” and “Naurford” increased by 0.81%, and revenue – by 10.54%. In 2023, the increase was much higher: by 31.74% and60.26%, respectively. Analysts explain the slowdown in cost growth indicators and a cautious strategy of companies in the conditions of sanctions.
The total revenue of the Burervice (the former unit of the American Halliburton), the Schlumberge technological company) and the Waatherford (part of the American Weatherford) in 2024 increased by 10.54%, to 100.4 billion rubles. Net profit increased by 0.81%, to 25.2 billion rubles. This follows from the reporting of companies for RAS. In 2023, the revenue of companies grew by 31.74%, net profit by 60.26%.
“Burervice”, “Shlumberge” and “Naurford” are included in a quarter of the largest oilfield companies in the Russian Federation. The fourth player – “OFS technologies” (the former unit of the American Baker Hughes) on April 10 did not reveal financial results over the past year. In “Burervice”, “Shlumberge”, “Naurford” and “OFS technologies” did not answer “Kommersant”.
The leader of the revenue and net profit last year was the Burervice. The company’s indicators increased by 21.1% and 17%, to 47.9 billion rubles. and 14.1 billion rubles. respectively. “Worserford” increased revenue by 7.1%, to 25.7 billion rubles, net profit – by 5.8%, up to 6.8 billion rubles. The “Shlumberg” revenue decreased by 1.7%, to 26.8 billion rubles, net profit decreased by 33.8%, to 4.3 billion rubles.
According to Kommersant’s source, according to the results of last year, the revenue of “OFS technologies” could grow by about 23%, up to 52 billion rubles. Kasatkin Consulting Managing Partner Dmitry Kasatkin says that the company is more relied on on the organic development of production capacities and increasing the share in high margin segments due to integration.
SLB, Halliburton, Baker Hughes and Weatherford began to reduce the presence in the Russian Federation in the spring of 2022 after the start of hostilities in Ukraine. Russian business Halliburton and Baker Hughes was sold to local management. SLB and WeatherFord structures did not change the owners.
Dmitry Kasatkin estimates the total share of the big four in the Russian market in 2024 at 8%. In 2022, according to Vygon Consulting, about 8% of the Russian market occupied only SLB, 2% had Halliburton and Baker Hughes. In 2025, Kasatkin Consulting predicts the preservation of the share of these companies in the market. But, Mr. Kasatkin believes, operating indicators will remain at the level of last year due to inflation and growth in costs. Vitaly Mikhalchuk, head of the DRT research center (previously Deloitte in the Russian Federation), estimates the share of the big four in the Russian Federation in 2024 above – at 15%. According to him, the indicator has practically not changed over the past eight years.
According to Dmitry Kasatkin, from the reporting it follows that the profit of the Burervice increased due to interest on deposits – the availability of free funds and a high rate. He notes that the optimization of managerial expenses, which significantly reduced last year, also influenced the increase in profit. “Burervice,” adds Mr. Kasatkin, continues the strategy for an active increase in the presence in the market due to the M&A scores, as well as a relatively low price supply, that is, the company’s resources allow you to take individual contracts below the cost. Thus, this year Burservice acquired Nafta Drilling Company with production facilities in the Khanty-Mansi Autonomous Okrug, which specializes in exploration and operational drilling (see Kommersant on December 16, 2024).
Vitaly Mikhalchuk explains that historically the companies of the big four occupied a strong position in the niches of the oilfield market, dependent on foreign competencies and technologies. In more capacious segments, due to savings on a scale, domestic services of key oil companies or large local independent players dominated the scale, he says. But, according to the analyst, in the future, the position of a large four in the Russian market is under threat. “Although after 2022, most of the competencies, assets and technologies in the oilfield industry managed to maintain access to new equipment and technologies. As the equipment is worn, their competitive advantage will be eroded, ”he explains. In general, Mr. Kasatkin notes, companies with foreign participation do everything to maintain the presence of the Russian Federation in the market and expect geopolitical “warming” without active development.
