SLB - Schlumberger Is Rallying On Negative News Sign Of A Bottom?
Schlumberger Limited (SLB) reported a disappointing fourth quarter as operating income fell 16%. The company cited lower land activity in North America and seasonal weakness in their offshore segments as the prime reasons for the let down.
The struggles in North American land markets were widely expected by analysts, since takeaway issues wouldn't be resolved until 2019.
However, because E&Ps completed their drilling programs prematurely from increased efficiencies, oil prices having fallen from ever increasing shale production, and takeaway capacity being limited, a perfect storm of sorts was formed to pressure SLB's fourth