- 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.
For further details see:
Schlumberger: Good Results, But Very Real Forward Risks Here