Best Idea Schlumberger Posts Solid Q4, Considering Pressure Pumping Headwinds
Best Idea Schlumberger posted a solid fourth quarter, considering the severe industry headwinds affecting the company's pressure pumping business. Revenue declined 4% sequentially owing to a 12% decline in North America offset by a 1% increase in the international market. Adjusted operating margin slipped to 9% from 10.9% previously, owing chiefly to the North American slowdown along with international project startup costs in the Drilling segment. Our fair value estimate and narrow moat rating ...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.
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