1-Star Price
PREMIUM
5-Star Price
PREMIUM
Economic Moat
PREMIUM
Capital Allocation
PREMIUM
Schlumberger posted second-quarter revenue up 8% sequentially, and adjusted operating margins soared to 12% from 10% in the prior quarter. North America revenue increased 11% sequentially and International revenue was up 7%. Across product segments, the revenue increase and profitability improvement was broad based. Our fair value and narrow moat rating are unchanged following the results.
Schlumberger is the world’s largest supplier of products and services to the oil and gas industry. The company operates its business via multiple groups: reservoir characterization, drilling, production, and Cameron. It is investing more than any other services firm to make its offerings more bundled, which it believes is likely to be one of the key industry trends during the next 10 years. Efforts on this front are most visible via the Schlumberger Production Management business, which now accounts for 10% of its revenue.
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