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re: Schlumberger
Posted on 2/17/22 at 9:29 am to Taxman2010
Posted on 2/17/22 at 9:29 am to Taxman2010
Schlumberger provides services that are generally associated with drilling activity. You'd probably be better off trying to correlate rig counts to SLB's stock price. Oil prices are high right now because there hasn't been much drilling over the last 2 years. The E&P companies (XOM, CVX, etc) are currently benefitting from high prices on existing wells - wells that the service companies (SLB) frac'd years ago. Higher prices should stoke more activity but with the sector focused on living within cash flow and ESG headwinds related to fossil fuels, a bet on SLB is not one I'm willing make.
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