An integrated is two cyclical businesses that rarely peak together
It traded at 162.92, +0.43% on the session. Upstream and downstream hedge each other, which is the point and also why the shares lag the barrel.
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SLB
SLB
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Notes mentioning SLB
5Service costs are the tell, not the barrel
Oilfield services traded at 57.11, -1.53% today. If you want to know what producers actually believe, watch what they are willing to pay to drill.
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SLBXOM
Service budgets are the first thing producers cut
The producer budget signals I watch for the first cut in activity.
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Charging for results beats charging by the day
Oilfield services used to be rented by the day. The better business is technology priced on what it saves the producer.
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International drilling runs on a longer clock than shale
How I split service demand between the fast shale clock and the slow international one.
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