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Paal Kibsgaard
CEO, Schlumberger
Age:
Years as a CEO:
Tenure: 0
Industry: Energy & Natural Resources
CEO DOSSIER
A veteran Schlumberger employee, Paal was an obvious choice when it came to taking on the role of CEO in August 2011. But is he more than just a safe pair of hands charged with the task of continuing the oilfield services firm’s success?
early years
Paal achieved a master’s degree in petroleum engineering from the Norwegian Institute of Technology in 1991 and began working for ExxonMobil, where he was based in both Norway and Australia. The training he was given there helped him progress within the oil and gas industry.
He joined Schlumberger in 1997 as a reservoir engineer working in Saudi Arabia. Since then, Paal has held a variety of roles within Schlumberger, working all over the world. He held a number of field positions in technical sales and customer support including working as Wireline marketing manager in Scandinavia.
He then took on the role of GeoMarket manager for the Caspian region. Based in Kazakhstan, he set up the structure of the Caspian Geomarket, preparing the area for oil and gas exploration and development activity.
From that position, he moved to Paris where he was the Wireline open hole business development manager, responsible for product development and introducing new technology to the market. In February 2003 he became president of Schlumberger Drilling and Measurements before being given the role of vice president of personnel in April 2006. He has also held the position of vice president of engineering, manufacturing and sustaining and in May 2009 he became Schlumberger’s group president of reservoir characterization.
In February 2010 he was promoted to chief operating officer, the role he held until he was made CEO of Schlumberger in August 2011.
As ceo
Paal is focused on Schlumberger’s international expansion and the firm’s activity is expected to grow by 10% in 2012. The number of drilling rigs are increasing in the Gulf of Mexico, although they are declining in other areas of North America.
He also sees research and development and new technology as crucial to the company’s success. He says: “We invest more in R&D than anyone else in our industry and we see innovation and technology as key to maintaining our leadership position.”
His main challenge at the moment is continuing the work of his predecessor Andrew Gould, who expanded the firm’s global presence and put the company in a leading position in Iraq. Paal has a similar international outlook and will look to build on and develop Mr Gould’s achievements.
Paal says: “We have already invested heavily in our technology portfolio, our organisation, and our infrastructure, so now it’s about bringing all this together to create value for our shareholders. Longer term, we believe energy demand will continue to grow and the supply challenge will get even tougher. Our future direction will be toward greater technology integration and increased levels of equipment reliability.”
Leadership and philosophy
Paal is a hard worker, willing to put in long hours and expecting the same level of commitment from his employees. He says:
“I think it is important to attract people who are clearly aligned with what we have to offer and who understand that a Schlumberger career is far from being a regular 9-to-5 office job. When we are out recruiting, we are very transparent about this, so there are no surprises for new employees after they join. Then we try hard to deliver on what we promise through our technical training, borderless careers, and diverse company culture.”
He adds:
“From a personal standpoint, my parents were a big influence on me. They were always very supportive and they taught me to leave nothing on the table when it comes to effort. My wife and kids have also been great. It can be a tough lifestyle with a lot of travelling and time apart from your family but it helps when you know they are totally supportive.”
As a leader he is interested in building on and continuing past successes. He says:
“I am inspired by Schlumberger’s history. It makes me want to continue the 80-
year tradition of combining science, technology, and talented people to help solve our customers’ challenges. Also, when you see dedicated people on a daily basis who go out of their way to deliver excellence, it’s hard not to be inspired by their spirit.”
A team player, Paal says he learns from colleagues and encourages a spirit of camaraderie in the workplace. He says:
“Our people are unique, and we have a truly diverse mix of nationalities at every level of the company. We also move people around quite a lot so they develop a strong global network of friends and support. We promote based on merit, so how you progress is based on abilities and performance.
I look for people who are motivated and ambitious, both for themselves and for the company. What makes people stand out is when they have both a “yes we can” attitude and a team mentality. I also like to see people be prepared to stretch themselves and be open to new ideas.”
Our Three Questions
1. You’re proud of Schlumberger’s record in research and development. What’s the most exciting technological innovation in oilfield services?
2. Do employees always share your ethos that a job at Schlumberger is more than a ‘9 to 5’?
3. It is still fairly early days in your role as CEO, is there anything about the business you want to change or any new directions you feel Schlumberger should be moving in?
Date Written
23-02-2012Sources
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Latest News
Energy Companies Face Tough Road Ahead
“Demand is rising, supply is falling,” he said. “We think a shift in sentiment is imminent.” But Paal Kibsgaard, chief executive of Schlumberger Ltd. SLB 0.12 %, the largest oil-field service company in the world, recently told investors that ... read more...
2015-10-24 00:31:53
Schlumberger a Real Bargain in the Oil Patch (SLB)
In fact, in its recent earnings announcement, Schlumberger CEO Paal Kibsgaard said that he expects E&P not to recover until 2017. He suggested that even if prices do rise next year, many firms will use the price hike to repair their balance sheets before ... read more...
2015-10-23 16:25:08
Schlumberger Limited's Ominous Warning to Oil-Field Service Investors
Given that view, Schlumberger CEO Paal Kibsgaard provided investors with the following outlook for the oil-field service industry, with a real stern warning to investors in smaller oil-field service companies. He said I'm not very optimistic on any ... read more...
2015-10-22 14:38:56
Schlumberger's Q3 Earnings Call Was Depressing
Below are comments from Schlumberger's CEO Paal Kibsgaard and my interpretation. Kibsgaard On The Oilfield Services Recovery Q4 looks challenging and visibility had actually dropped in the past month or two now. So, formal [ph] activity is down ... read more...
2015-10-21 16:27:30
Schlumberger Limited Has Really Bad News for Precision Drilling Corporation Investors
That outlook was a real downer to say the least. Here’s what Schlumberger CEO Paal Kibsgaard had to say about his company’s outlook on the oilfield-service industry In spite of the expected improvements in oil prices, the market outlook for oilfield ... read more...
2015-10-20 23:52:30
Oil patch service providers also feel pinch of downturn
Schlumberger CEO Paal Kibsgaard And those service providers also suffer the slings and arrows from critics when oil prices and profits are high. Yet they get nothing but stony silence from those critics when profits plunge. Schlumberger, considered by ... read more...
2015-10-20 04:11:23
Schlumberger to lay off more employees, consolidate networks
In its third-quarter 2015 earnings statement, Paal Kibsgaard, chairman and CEO of Schlumberger, addressed the market outlook for oilfield services, noting that a recovery in the short term is not likely and that additional adjustments were likely. read more...
2015-10-19 23:39:22
Schlumberger No recovery in 2016; cuts coming
“The business environment deteriorated further in the third quarter,” Schlumberger Chairman and CEO Paal Kibsgaard said in a release. But he was optimistic that the figures the company is posting are better than the recession-driven downturn late last ... read more...
2015-10-19 23:10:44
Schlumberger CEO Rebound In Oil Will Take Longer Than Many Expect
In July, Schlumberger’s CEO, Paal Kibsgaard, said he expected oil prices to begin recovering by the end of 2015. But in a conference call with analysts on Oct. 16 he said prices may not begin rising until 2017. “The market is underestimating how long ... read more...
2015-10-19 21:59:09
4 Key Takeaways From Schlumberger's Q3 2015 Earnings
Schlumberger CEO Paal Kibsgaard, whose company is the world's largest oilfield/energy services and technology company, touched on several marquee areas of wonder during the Q3/15 investor call that followed formal earnings announcements. Kibsgaard took Q&A ... read more...
2015-10-19 16:08:24
Schlumberger third quarter income plunges by half
as the recovery now appears to be delayed,” Schlumberger chairman and CEO Paal Kibsgaard said. The company’s drilling group posted a pretax operating income of $604 million in the third quarter on $3.25 billion in revenues, down from $1.04 billion in ... read more...
2015-10-19 14:42:30
Signals From Schlumberger's Earnings Suggest Hallibruton Will Have a Rough Quarter
Based on comments from Schlumberger CEO Pall Kibsgaard, though, that activity pick-up may be further down the road than originally thought. In his opinion, the lack of cash flow from producers will lead to even smaller capital expenditure budgets in 2016 ... read more...
2015-10-18 23:11:55
How Is Schlumberger Limited Coping Up With The Industry Downturn?
In a conference call on Friday, CEO, Paal Kibsgaard was preparing for a long economic downturn ... In light of prevailing and future market conditions, Schlumberger has now decided to reduce its operational capacity and overhead costs. read more...
2015-10-17 16:17:56
No Oilfield Services Recovery Before 2017, Says Schlumberger CEO
Schlumberger Ltd., the world's largest oilfield services operator and industry bellwether, delivered somber third quarter results, with CEO Paal Kibsgaard warning that the worst isn’t over. During a lengthy conference call Friday morning, Kibsgaard said ... read more...
2015-10-16 23:57:15
No Oilfield Services Recovery Before 2017, Says Schlumberger CEO
Schlumberger Ltd., the world's largest oilfield services operator and industry bellwether, delivered somber third quarter results, with CEO Paal Kibsgaard warning that the worst isn’t over. During a lengthy conference call Friday morning, Kibsgaard said ... read more...
2015-10-16 23:57:15
There's Always Next Year, Right? Schlumberger Says No
Schlumberger (NYSESLB) said Friday that even more job cuts ... outlook from our customers is causing us to now take further action," Schlumberger CEO Paal Kibsgaard said on a conference call. View Enlarged Image The company will take an unspecified ... read more...
2015-10-16 23:28:37
There's Always Next Year, Right? Schlumberger Says No
Schlumberger (NYSESLB) said Friday that even more job cuts ... outlook from our customers is causing us to now take further action," Schlumberger CEO Paal Kibsgaard said on a conference call. View Enlarged Image The company will take an unspecified ... read more...
2015-10-16 23:28:37
Schlumberger Sluggish Oil Services ETFs Hit
“The business environment deteriorated further in the third quarter,” Chief Executive Paal Kibsgaard said. SLB is a large component of the oil and services sector ETFs, including 19.9% of OIH, 16.7% of IEZ, 2.6% of XES and 4.8% of PXJ. Schlumberger’s ... read more...
2015-10-16 20:22:30
Schlumberger Sluggish Oil Services ETFs Hit
“The business environment deteriorated further in the third quarter,” Chief Executive Paal Kibsgaard said. SLB is a large component of the oil and services sector ETFs, including 19.9% of OIH, 16.7% of IEZ, 2.6% of XES and 4.8% of PXJ. Schlumberger’s ... read more...
2015-10-16 20:22:30
There's Always Next Year, Right? Schlumberger Says No
Schlumberger (NYSESLB) said Friday that even more job cuts ... outlook from our customers is causing us to now take further action," Schlumberger CEO Paal Kibsgaard said on a conference call. View Enlarged Image The company will take an unspecified ... read more...
2015-10-16 18:42:17
Schlumberger's Earnings Beat Doesn't Make Up for Its Somber Outlook
That being said, Schlumberger CEO Paal Kibsgaard explained why the company was not that optimistic about a fast recovery in 2016 [T]he market outlook for the coming quarters looks increasingly challenging with activity expected to be reduced further ... read more...
2015-10-16 18:35:07
Schlumberger's Earnings Beat Doesn't Make Up for Its Somber Outlook
That being said, Schlumberger CEO Paal Kibsgaard explained why the company was not that optimistic about a fast recovery in 2016 [T]he market outlook for the coming quarters looks increasingly challenging with activity expected to be reduced further ... read more...
2015-10-16 18:35:07
Schlumberger it’ll be a slow, weak recovery for the oil sector
Even if crude prices improve next year, weak cash flows would curtail the ability of oil and gas companies to increase spending on exploration and production, Schlumberger Chief Executive Paal Kibsgaard said in a statement. “In light of conservative ... read more...
2015-10-16 18:27:58
Schlumberger plans additional layoffs in fourth quarter
The worsening oil bust will force Schlumberger to cut additional jobs in the fourth quarter as the company braces for extended pain across the industry that’s unlikely to subside for at least another year, CEO Paal Kibsgaard said in a conference call ... read more...
2015-10-16 18:06:29
Schlumberger plans additional layoffs in fourth quarter
The worsening oil bust will force Schlumberger to cut additional jobs in the fourth quarter as the company braces for extended pain across the industry that’s unlikely to subside for at least another year, CEO Paal Kibsgaard said in a conference call ... read more...
2015-10-16 18:06:29
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Financials
Business summary
Employees: N/A
Schlumberger Limited, together with its subsidiaries, supplies technology, integrated project management, and information solutions to the oil and gas exploration and production industries worldwide. Its Reservoir Characterization Group segment provides reservoir imaging, monitoring, and development services; wireline technology that offers open-hole and cased-hole services; exploration and production pressure and flow-rate measurement services; information solutions, such as consulting, software, information management system, and IT infrastructure services that support oil and gas industry; and data and consulting services. The companys Drilling Group segment designs, manufactures, and markets roller cone and fixed cutter drill bits, and drilling fluid systems; geo services; supplies engineering support, directional-drilling, measurement-while-drilling, and logging-while-drilling services; provides drill bits, borehole enlargement technologies, impact tools, and tubulars and tubular services; and dynamic pressure management solutions. Its Reservoir Production Group segment provides well services; well completion services and equipment; artificial lift; coiled tubing equipment and services; slickline services for downhole mechanical well intervention, reservoir monitoring, and downhole data acquisition; subsea solutions; and geological storage solutions, including storage site characterization for carbon dioxide, as well as engages in the development, management, and environmental protection of water resources. The companys Distribution segment markets pipes, valves and valve automation, fittings, mill and tool supplies, safety products, and artificial lift systems to the energy and industrial markets. This segment also provides warehouse management, vendor integration, and inventory management services. Schlumberger Limited was founded in 1926 and is based in Houston, Texas.
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