BHPLF - Schlumberger: Good Results But Very Real Forward Risks Here

• Schlumberger's results were generally worse than last year, but they did show some signs of improvement over the second quarter.
• The market was unimpressed with the earnings beat, probably because of the sale of one of the company's biggest revenue growth drivers.
• Schlumberger managed to find some opportunities in DUC wells and secured some long-term contracts for work internationally, which should provide some stable revenues.
• The fracking services business generated 50% QOQ revenue growth, but it is being sold for stock.
• The FCF is impressive in today's world, but the loss of OneStim's cash flow creates a great deal of risk and uncertainty.

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