Weakening in U.S. Pressure Pumping Margins Casts Shadow Over Schlumberger’s First-Quarter Results
Schlumberger’s first-quarter performance slightly disappointed versus our expectations, as the company posted a 4% sequential decline in revenue (led by a 7% decline in international revenue), along with a slip in operating margins to 12.4% from 14.1% in the prior quarter. We had expected essentially flat results. Our fair value estimate and narrow moat rating remain unchanged for now.The top-line issues were partly related to typical seasonality, but we are somewhat concerned with the large 16...
Schlumberger provides technology for reservoir characterization, drilling, production and processing to the oil and gas industry. The company has four segments: Reservoir Characterization, which consists of the principal technologies involved in finding and defining hydrocarbon resources; Drilling, which consists of the principal technologies involved in the drilling and positioning of oil and gas wells; Production, which consists of the principal technologies involved in the lifetime production of oil and gas reservoirs; and Cameron, which consists of the principal technologies involved in pressure and flow control for drilling and intervention rigs, oil and gas wells and production facilities.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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