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Schlumberger Rebrands as SLB, Dropping Family Name

Schlumberger Ltd.

SLB 2.18%

is changing its name to SLB, dropping the family name of the brothers who founded the oil-field services company nearly a century ago.

The company said the punchier moniker, which is effective Monday, is meant to embrace its focus on newer energy services, such as clean hydrogen and carbon-capture technology. The rebranding includes a new logo and comes as the company said it would focus on creating and scaling new energy systems such as carbon solutions, hydrogen, geothermal and geoenergy, energy storage and critical minerals.

“It’s simple, it’s bold, it’s still related to our heritage,” Chief Executive

Olivier Le Peuch

said. “We have to find a path to keep this heritage and, at the same time, [it’s] an opportunity to draw a new north for the company.”

Brothers Conrad and Marcel Schlumberger founded the predecessor to the company that would carry their family name in France in 1926, when they created the Société de Prospection Électrique, or the Electric Prospecting Company, according to the company website.

Throughout the 1930s, the company grew rapidly and established international business units bearing the Schlumberger name. In 1940, the company moved its headquarters to Houston, the burgeoning center of the U.S. oil drilling industry.

Over the past century, the company has evolved from its roots doing surface prospecting for the metal-ore mining industry. By the 1960s, its deep-sea drilling equipment was used in the search for sunken vessels and the company began providing high-precision sensors to the National Aeronautics and Space Administration.

Money is a sticking point in climate-change negotiations around the world. As economists warn that limiting global warming to 1.5 degrees Celsius will cost many more trillions than anticipated, WSJ looks at how the funds could be spent, and who would pay. Illustration: Preston Jessee/WSJ

The company has since grown aggressively through acquisitions, cementing its lead as the world’s largest oil-field services company through its 2010 acquisition of Smith International for over $11 billion.

More recently, Schlumberger has expanded into renewable-energy services along with the broader oil-and-gas industry. In 2020, Schlumberger launched a business unit to explore low-carbon and carbon-neutral technologies.

The following year, the company said it wanted to achieve net-zero greenhouse gas emissions by 2050, with minimal reliance on offsets. The company has since rolled out new offerings to reduce carbon dioxide and methane emissions from oil-and-gas operations.

Earlier this month, Schlumberger announced two partnerships, one meant to introduce sustainable technology into the production process for battery-grade lithium compounds and another to accelerate the industrialization of carbon-capture technology.

Shares of Schlumberger are up more than 68% so far this year, outperforming the S&P 500’s decline of 21% over the same period. Last week, the company posted third-quarter earnings that topped Wall Street expectations on 28% revenue growth from a year ago.

Write to Will Feuer at will.feuer@wsj.com and Benoît Morenne at benoit.morenne@wsj.com

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Earth will have Saturn-like rings ‘made of space junk’

For a planet that struggles with pollution on land, in the water and in the air, Earth’s orbit, too, is on track to become the junkyard of our solar system.

University of Utah researcher Jake Abbott said that “Earth is on course to have its own rings.”

“They’ll just be made of space junk,” he told the Salt Lake Tribune earlier this month.

Four of our solar neighbors — Jupiter, Saturn, Neptune and Uranus — boast some type of rings, the second of which is the most spectacular example of all, of course. The signature broad rings adorning Saturn are made of ice and rock that have been locked in the planet’s orbit. The same generally goes for the rest, with varying compositions of ice and cosmic dust.

But not Earth’s. Ours is wholly human-made — from discontinued and damaged satellites, rockets and other space-based collisions.

NASA’s Orbital Debris Program Office is tracking some 27,000 hunks of threatening space junk.
NASA

The Department of Defense as well as NASA’s Orbital Debris Program Office keeps detailed records of objects that circle Earth. There is currently an estimated 23,000 pieces of orbital debris, NASA’s term for Earth’s highway of space trash, that are larger than a softball, and up to hundreds of millions of more bits at smaller sizes. At speeds of 17,500 mph, those larger chunks pose a serious threat to aerospace travel and research.

Utah researchers are busy studying safe and economic ways to clean up our orbit. Abbott cautioned against proposed methods designed to stop space junk in its tracks.

Seven astronauts aboard the International Space Station were forced to seek shelter in their docked capsules when Russia exploded one of their own satellites in November 2021.
NASA via AP, File

“Most of that junk is spinning,” Abbott said. “Reach out to stop it with a robotic arm, you’ll break the arm and create more debris.”

Between 200 and 400 pieces are thought to fall back to Earth annually, although most of them burn up in the atmosphere before they can make an impact.

But as the commercial space race ramps up, observers are sure to see more objects dotting the night sky, and, subsequently, the potential for more junk. SpaceX founder Elon Musk, as well as Jeff Bezos’ Blue Origin, have each announced plans to launch tens of thousands of new satellites in the coming years.

Just last week, Russia’s space agency shot down one of its inert satellites without warning, exploding a nearly 2.5-ton satellite into bits and sending the crew on the International Space Station in a panic over the potential impact from its blast.

The key to Abbott’s research, published last month in the journal Nature, is in magnetism. “We’ve basically created the world’s first tractor beam,” the mechanical engineering professor told Salt Lake Tribune. “It’s just a question of engineering now. Building and launching it.”

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