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David Messler

David Messler

Mr. Messler is an oilfield veteran, recently retired from a major service company. During his thirty-eight year career he worked on six-continents in field and…

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Is This The Most Underrated Upstream Player In The Industry?

Beginning in 2016 oil prices bottomed, and began a stop-start recovery that has restored WTI and Brent (two globally recognized bench marks for oil) to about 65-70 percent of their 2014 levels. Major oil companies have recovered 75-90 of their 2014 prices, driven largely by surging profits from cost cutting. Oilfield service companies have not participated in the stock price recovery to the same extent as oil companies. .vemba-player-sticky{ min-width: 800px; z-index: 100000; }

Segment leaders like Schlumberger, and Halliburton languish at levels that reflect about one third of their 2014 prices. Hit even harder are companies that would be early beneficiaries of a pronounced recovery. I am thinking of the offshore drillers primarily here. Transocean and Ensco, despite mergers and rig retirements, struggle currently at levels about 20 percent of their 2014 prices.

I discussed one of these companies, Transocean, in a recent OilPrice article, recommending it in the sub-$8.00/share range. In this article we will take a look at Core Laboratories, (CLB). Core is another company that will benefit early in the oilfield service recovery cycle I think could be in the offing. Accordingly, I think it presents a compelling value at today’s prices.

Following Warren Buffett’s advice, I like to buy good companies when others are fearful. There is…




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