Halliburton and Schlumberger, two of the world’s largest oilfield service companies, are suspending operations in Russia

  • Oilfield services companies Halliburton and Schlumberger are suspending operations in Russia.
  • The two companies announced the decision on Friday, saying it would take immediate effect.
  • Several other energy companies previously announced plans to exit their operations in Russia.

Two of the world’s largest oilfield service companies have suspended their operations in Russia in response to US sanctions over the invasion of Ukraine. 

Reuters and other outlets first reported the story.

Schlumberger and Halliburton respectively announced their decision in news releases on Friday, saying it would take immediate effect.

According to Oil Industry Insight, Schlumberger is the world’s largest oilfield company service, and Halliburton ranks third after Baker Hughes.

Olivier Le Peuch, the chief executive officer for Schlumberger, said in the news release it was suspending new investment and technology deployment to the company’s operations in Russia. The company plans to fulfil any existing activity in full compliance with international laws and sanctions.

“Safety and security are at the core of who we are as a company, and we urge a cessation of the conflict and a restoration of safety and security in the region,” Le Peuch added.

In its news release, Halliburton said, while the company had halted all shipments of specific sanctioned parts and products to Russia several weeks ago, it has immediately suspended future business in compliance with sanctions that prohibit transactions and work.  

Its chairman, president, and CEO Jeff Miller said: “The war in Ukraine deeply saddens us.”

He added: “We have employees in both Ukraine and Russia, and the conflict greatly impacts our people, their families, and loved ones throughout the region. Since the start of this conflict, we prioritized employee safety and compliance with all relevant sanctions.”

Baker Hughes did not immediately respond to Insider’s request for comment made outside of normal working hours.

Major companies such as ExxonMobil, BP, and Shell have pulled out of Russia, while McDonald’s, which said it would close all stores, have been unable to do so.