• 6 minutes Trump vs. MbS
  • 11 minutes Can the World Survive without Saudi Oil?
  • 15 minutes WTI @ $75.75, headed for $64 - 67
  • 5 hours Satellite Moons to Replace Streetlamps?!
  • 1 day US top CEO's are spending their own money on the midterm elections
  • 3 hours EU to Splash Billions on Battery Factories
  • 3 hours U.S. Shale Oil Debt: Deep the Denial
  • 11 hours The Balkans Are Coming Apart at the Seams Again
  • 1 day OPEC Is Struggling To Deliver On Increased Output Pledge
  • 3 hours Owning stocks long-term low risk?
  • 11 hours The Dirt on Clean Electric Cars
  • 22 hours Uber IPO Proposals Value Company at $120 Billion
  • 13 hours 47 Oil & Gas Projects Expected to Start in SE Asia between 2018 & 2025
  • 1 day A $2 Trillion Saudi Aramco IPO Keeps Getting Less Realistic
  • 1 day 10 Incredible Facts about U.S. LNG
  • 1 day U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
Alt Text

Coal Use Rises As Renewables Fall In U.S. Electricity Generation

Though renewables for electricity generation…

Alt Text

Will The U.S.-Saudi Spat Upend Oil Markets?

Saudi Arabia appeared to threaten…

Alt Text

EIA Inventory Count Accelerates Oil Price Slide

Oil prices continued to slide…

Martin Tillier

Martin Tillier

More Info

Trending Discussions

This Oilfield Services Company Is A Buy

Oil

This morning, oilfield services giant Schlumberger (SLB) announced results for Q2 2017. SLB has dropped around twenty-five percent since the beginning of the year as the effects of the capex cuts by oil companies following crude’s collapse started to bite, and this morning’s numbers looked on the surface like more of the same. Read a little deeper, however, and there is good reason for optimism. That, combined with the type of technical setup that regular readers will know I favor, convinces me that SLB is a great buy at these levels for short and long-term investors alike.

First, the bad news. Schlumberger once again posted a net loss for the quarter, this time of $74 million, or 5 cents per share. That sounds bad, but compared to the $2.16 billion loss in the same quarter of 2016 it is a spectacular result. Adjusted earnings were positive, showing a profit of $0.35 per share on revenue of $7.46 billion, both of which beat expectations handily. That has caused the stock to trade a little higher early this morning, but when you look at the 1 year chart below it is obvious that move won’t put a dent in the recent declines.

However, what traders and investors should bear in mind here is that oil companies’ capex spending tends to change course a little like an aircraft carrier. Most firms learned a long time ago that reacting too quickly to fluctuations in the volatile oil markets is a bad idea: it creates confusion and ultimately ends…

To read the full article

Please sign up and become a premium OilPrice.com member to gain access to read the full article.

RegisterLogin

Trending Discussions





Oilprice - The No. 1 Source for Oil & Energy News