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Rising Electricity Demand Will Keep Fossil Fuels Around

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1. Oilfield Services Majors Enjoy International Boom

- The world’s largest oil services majors, SLB and Halliburton, have boosted their quarterly dividend as their Q4 performance beat expectations thanks to an improving international drilling portfolio.

- Halliburton generated $1.1 billion in free cash flow this past quarter, its best quarter in more than two decades, prompting it to lift its quarterly dividend to $0.17 per share, whilst SLB hiked its dividend to $0.275 per share.

- Both oil services giants have signaled a slowdown in US shale activities, with 2024 upstream capital spending expected to grow by a mere 2% compared to 19% last year, although their international portfolios could grow in low double digits.

- Recalibrating its growth abroad, SLB indicated that the Middle East will be a huge revenue generator for the upcoming years as record upstream investment in Saudi Arabia, UAE, and Iraq extends beyond 2025-2026.

2. Absent 2024 Terminal Launches, Natural Gas Markets Wait for 2025

- The entire 2024 Henry Hub curve has now moved below $4 per mmBtu as natural gas producers are anticipating 2025 when a string of new LNG could be ramping up liquefaction demand.

- Reflecting the market’s expectation of higher feedgas demand further down the road, the December 2025 Henry Hub contract trades at $4.1/mmBtu, up 60% compared to current levels.

- The US boasts 84 million tonnes per year of operational liquefaction…





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