uploads///SLB Cover page

Schlumberger’s 1-Week Returns on February 23


Feb. 26 2018, Published 12:53 p.m. ET

Schlumberger’s returns and the industry

Schlumberger’s (SLB) one-week returns were 0.3% as of February 23, 2018. In comparison, since February 16, 2018, the Energy Select Sector SPDR ETF (XLE) has risen 1%, and the VanEck Vectors Oil Services ETF (OIH) has risen 2.2%. SLB underperformed OIH and XLE in the past week. It has also underperformed the SPDR S&P 500 ETF (SPY) since February 16, 2018, which returned 0.6%. SLB accounts for 0.39% of SPY.

Article continues below advertisement

Crude oil price and rigs

On February 23, 2018, the price of WTI (West Texas Intermediate) crude oil was 3% higher than the previous week. Led by crude oil’s strength, three additional rigs came online in the United States last week. You can find out more about the latest energy prices in Market Realist’s US Crude Oil Inventories Add Bullish Momentum to Oil Futures.

Some factors that affected SLB’s returns

  • On February 23, 2018, SLB entered into negotiations to form a joint venture with Subsea 7. The joint venture will be owned 50% by Subsea 7 and 50% by Schlumberger. If the JV is formed, it is expected to strengthen the front end engineering, design, and execution of integrated projects.
  • On February 21, 2018, SLB received a project award from upstream producer Noble Energy (NBL). SLB will provide an engineering and supply contract for a process module to be installed on the Leviathan Platform in the Eastern Mediterranean.
  • SLB has redeployed an additional pressure pumping fleet following recent strong hydraulic fracturing activity in North America.
  • SLB has seen a decline in seasonal wireline activity in Russia.
  • SLB has had higher project volume and increased service revenue in the Cameron group, led by OneSubsea.

Series highlights

In this series, we’ll be looking at Schlumberger and its correlation with crude oil. Let’s start by looking at its stock price forecast.


More From Market Realist

    • CONNECT with Market Realist
    • Link to Facebook
    • Link to Twitter
    • Link to Instagram
    • Link to Email Subscribe
    Market Realist Logo
    Do Not Sell My Personal Information

    © Copyright 2021 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.