SLB - This Warren Buffett Stock Just Got a Vote of Confidence From a Key Rival. Is It a Buy?
2024-04-01 20:02:00 ET
At first blush it reads like a press release posted when there's little else for a public relations department to talk about that day.
There's more to SLB 's (NYSE: SLB) plans to acquire 80% of Aker Carbon Capture, however, than there seems to be on the surface. While the $400 million earmarked for the deal will only put a small dent in the oil and gas services giant's current cash hoard of $7.8 billion, the decision itself quietly speaks volumes about where the energy business is ultimately headed. It just so happens to be saying it even louder for fellow oil and gas company Occidental Petroleum (NYSE: OXY) , which is arguably further down the carbon-capture road than any other name in the business.
But first things first.
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This Warren Buffett Stock Just Got a Vote of Confidence From a Key Rival. Is It a Buy?