Schlumberger and Halliburton Call the Bottom: Now What?
Schlumberger and Halliburton’s management teams called a bottom in the North American oil-field services market, but the timing, pace and magnitude of the recovery may disappoint investors.
Oil-Field Services and Equipment: Exercise Caution
Despite the recent rally in shares of oil-field service providers, our negative outlook for activity levels in the international market and skepticism regarding the timing and magnitude of a recovery in North America explains why we remain underweight oil-field services and capital equipment. Many of these stocks have rallied too far, too fast and don’t account for overcapacity that remains to be worked off from the boom years.
The View from the Oil-Field Services Industry
Schlumberger’s wide-ranging earnings calls have long provided investors with useful insights into bigger-picture trends and developments affecting the energy value chain, thanks to the firm’s forthright management team and the breadth of its oil-field service offerings. In these uncertain times, investors should heed CEO Paal Kibsgaard comments on the supply-demand balance in global oil markets and the various forces pushing and pulling crude prices.
Key Takeaways from Schlumberger’s Fourth-Quarter Earnings Call
In these uncertain times, Schlumberger’s quarterly conference calls are must-attend events; here are our key takeaways from the last week’s call, our updated thoughts on the oil-field services company as an investment and read-throughs for other energy companies.
Schlumberger Still at the Head of the Class
Schlumberger’s first-quarter results and conference call demonstrates once again why the firm is the creme de la creme of the oil-field services industry and highlighted several investable opportunities. Meanwhile, Weatherford International continues to help itself to price appreciation.
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Experts
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Roger S. Conrad
Founder and Chief Analyst: Capitalist Times and Energy & Income Advisor
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Elliott H. Gue
Founder and Chief Analyst: Capitalist Times and Energy & Income Advisor
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Peter Staas
Managing Editor: Capitalist Times and Energy & Income Advisor