CHX - Schlumberger sees 'exceptional growth cycle' ahead for oil and gas business

Schlumberger ([[SLB]] +6.4%) leads oil services stocks higher after saying it expects FY 2021 revenues will exceed $22.5B, which is Wall Street's consensus estimate, and guides for full-year adjusted EBITDA margins of 20.8%-21.3% and free cash flow margins over 10%."With oil demand projected to reach pre-2019 levels by the end of 2022 and supply tightening, our oil and gas business is on the verge of an exceptional growth cycle," CEO Olivier Le Peuch tells a Bernstein conference. "Given our unique position and strategy, we are positioned to deliver outstanding returns in the short and medium term."The top oil services ETF ([[OIH]] +7.3%) surges to a 52-week high, and the PHILX oil services sector index soars as much as 7% to a YTD high.Gainers in the group include [[HAL]] +4.8%, [[NOV]] +4.5%, [[LBRT]] +11.6%, [[OII]] +11.1%, [[RES]] +10.4%, [[FTI]] +10.1%, [[NBR]] +9.7%, [[RIG]] +9.4%, [[CLB]] +9.4%, [[CHX]] +8.8%, [[HP]] +8.3%, [[OIS]] +8.3%,

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Schlumberger sees 'exceptional growth cycle' ahead for oil and gas business