Schlumberger Sees Crude Demand Rebounding To Pre-Pandemic Levels By 2023

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    The world’s largest oil fields service company Schlumberger…



    Schlumberger $SLB 30.36, +1.35, +4.7% rising for the fourth consecutive day to its best level since mid-July.


    JP Morgan upgraded Schlumberger (SLB) to Overweight from Neutral with a price target of $37, up from $28.

    The firm believes U.S. exploration and production capex restraint will lead to less U.S. shale growth and higher levels of international activity will support an increase in productive capacity. The firm notes OPEC+ will return to its role as the “marginal” producer in 2022, which should not only lead to higher sustained oil prices but higher levels of upstream spending, including in Schlumberger’s MENA market. The firm believes the company’s international footprint, project integration capabilities, and signs of “strong digital adoption are poised to drive strong cash flow growth.”

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