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SARKOZY AND CHENEY/Where They Meet

By Ben McClure  Posted by Auveline Robinson (about the submitter)     Permalink
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After Halliburton, Schlumberger is the No. 2 firm, with service
offices around the world. Oil companies turn to Schlumberger for its
cutting edge drilling, pumping, and data management technologies.
Further, the company's balance sheet is healthy.

The pickings are rich for Schlumberger. With crude oil prices pushing
the $40 per barrel mark, oil companies will be cranking up drilling
and production in the near term. At the same time, it's getting
tougher to find new oil and gas reserves, so producers need to spend
a lot more on exploration. That means Schlumberger, as well as Baker
Hughes (NYSE: BHI), will fare well even if crude prices dip.

Granted, Schlumberger trades at an above-market earnings multiple and
the stock has moved up steadily in the past year. But with 20%
earnings increases expected over the next five years, and now the
short-term opportunity to get work that might otherwise go to
Halliburton, Schlumberger's share price has room to stretch.

What's your opinion about Iraq and Halliburton? Should Schlumberger
benefit from Halliburton's poor PR? Talk about it with other Fools on
the Current Events discussion board.

Motley Fool contributor Ben McClure hails from the Great White North.
He doesn't own any shares of companies mentioned here.
http://www.fool.com/investing/general/2004/03/22/schlumberger-top-
pick.aspx

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