As the world’s premier oil services company, Schlumberger Ltd’s (NYSE: SLB) earnings often provide valuable clues about the near and long-term direction of the energy business. What stands out from the company’s Q4 numbers and guidance?
The key point to remember about Schlumberger (NYSE: SLB) is that the company has the purest focus on international markets of any of the service majors.
The company completed the sale of its OneStim pressure pumping unit to Liberty Oilfield Services (NYSE: LBRT) at the end of 2020; SLB now owns more than 42% of LBRT’s outstanding shares.
Of course, pressure pumping – hydraulic fracturing services — are a key service for producing from US shale fields. However, this unit is a deeply cyclical and commodity-sensitive business that’s been plagued by excess capacity and weak margins in recent years.
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Elliott and Roger on Jul. 29, 2021
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