Market Reaction to Geopolitical Events - The arrest of Nicolás Maduro has led to a repricing of global risk, with Wall Street showing measured reactions despite the geopolitical shock [6][24] - Gold prices surged 2.1% to above $4,420 an ounce, driven by safe-haven demand amid geopolitical unpredictability and expectations of lower US interest rates [2][15] - Oil prices briefly dipped, with Brent near $60 and WTI around $57, but stabilized as markets assessed potential supply disruptions against a well-supplied global market [3][12] Oil Market Dynamics - Venezuela's oil production has decreased to less than one million barrels per day, accounting for under 1% of global supply, limiting long-term economic fallout from the geopolitical situation [8][24] - OPEC+ has paused additional supply increases, indicating that the situation remains too fluid for immediate action, with expectations of a surplus in global oil markets throughout the year [13][25] - Long-term investments from US oil majors could potentially triple Venezuela's output back to historic levels of 3 million barrels per day [14][25] Technology Sector Performance - Technology stocks are experiencing growth, driven by enthusiasm for artificial intelligence and semiconductor demand, with notable gains in companies like NVIDIA and Intel [17][20] - TSMC raised its price target by 35%, anticipating strong AI-driven demand and plans to invest $150 billion over the next three years to expand capacity [18][25] - The CES technology show is expected to further highlight innovation themes, reinforcing investor interest in tech stocks [17][25] Economic Data and Market Outlook - The upcoming US jobs report is a key focus, with expectations of payroll growth around 55,000, indicating a cooling labor market [21][22] - A softer jobs report could lead to further Federal Reserve rate cuts, which would generally support equities, particularly growth stocks [22][23] - Markets are currently displaying cautious optimism, willing to overlook geopolitical shocks as long as economic fundamentals remain stable [23][24]

分析人士指出，由于上周末委内瑞拉领导人马杜罗被美国抓获，为能源巨头雪佛龙扩大在该产油国的业 务奠定了基础。雪佛龙是目前唯一在委内瑞拉开展业务的美国大型石油公司，而该国在马杜罗及其前任 查韦斯执政期间，与华盛顿的关系多年来一直处于动荡之中。摩根大通分析师在致客户的报告中指出， 新政府领导下对雪佛龙运营限制的放宽，可能会推高委内瑞拉的石油产量。另一家可能从扩大委内瑞拉 业务中获益的美国能源公司是康菲石油。 | 代码 | 名称 | | 盘前涨跌幅 ∨ | | --- | --- | --- | --- | | COP | 康菲石油 | (0) | 8.73% | | CVX | 雪佛龙 | | 8.31% | | XOM | 埃克森美孚 | | 3.38% | | APA | 阿帕奇石油 | | 2.80% | | 代码 | 名称 | | 盘前涨跌幅 √ | | HAL | 哈里伯顿 | 0) | 10.14% | | SLB | 斯伦贝谢 | | 9.45% | | BKR | Baker Hughes | | 7.34% | 美股油气股盘前集体大涨，其中，哈里伯顿涨超10%，斯伦贝谢涨超9%，雪佛龙、康菲石油涨 ...

斯伦贝谢数字化业务总裁拉凯什·贾吉表示："数字技术与AI正在重塑能源行业。通过与壳牌等行业领导 者合作，我们将加速开发先进的数字与自主AI解决方案，通过自动化与自主化变革行业工作模式，从 规划到运营为上游业务创造价值。" 此次合作延续了两家公司长期的技术伙伴关系，标志着双方在行业数字化与智能化转型方面迈出更深一 步。 中化新网讯 近日，全球领先的能源技术公司斯伦贝谢与能源巨头壳牌签署战略合作协议，将联合开发 应用于油气领域的自主智能体人工智能(AI)技术，旨在提升行业技术专家与决策者的工作效率与能力。 根据协议，双方计划构建开放的数据与AI基础设施，在安全的数字环境中整合地下勘探、钻井建设和 生产运营等全链条数据与工作流程。斯伦贝谢将以其Lumi数据与AI平台为基础，推动智能化解决方案 的研发与应用。 ...

Core Insights - SLB N.V. is recognized as one of the best long-term investments for kids, with an Overweight rating maintained by Piper Sandler and a price target increase from $42 to $45, reflecting confidence in the company's international margin expansion and growth opportunities in the Middle East [1][2] Group 1: Contract and Business Development - SLB N.V. has been awarded a significant five-year contract by Aramco to provide stimulation services for Saudi Arabia's unconventional gas development program, which is part of a broader multi-billion-dollar initiative to increase domestic gas production and diversify the energy mix [2][3] - The contract will see SLB deploy advanced technologies in stimulation, well intervention, and frac automation, aiming to redefine operational performance in unconventional resource development and enhance production efficiency through digital solutions [3] Group 2: Company Overview - SLB N.V. is a leading energy technology and oilfield services company headquartered in Houston, Texas, originally founded in 1926 as Schlumberger, providing a wide range of technology, products, and services to the global energy industry across more than 100 countries [4]

Core Viewpoint - SLB is experiencing a positive stock performance, with a recent increase in share price and upcoming earnings report that may reflect a decline in earnings per share but an increase in revenue [1][2]. Group 1: Stock Performance - SLB closed at $38.55, marking a +1.72% change from the previous day, outperforming the S&P 500's loss of 0.14% [1]. - Over the past month, SLB shares have gained 3.55%, surpassing the Business Services sector's gain of 3.18% and the S&P 500's gain of 0.94% [1]. Group 2: Earnings Projections - The upcoming earnings report is scheduled for January 23, 2026, with projected earnings per share (EPS) of $0.74, indicating a 19.57% decrease from the same quarter last year [2]. - Revenue is projected to be $9.54 billion, reflecting a 2.74% increase from the equivalent quarter last year [2]. Group 3: Annual Estimates - For the annual period, earnings are anticipated to be $2.89 per share and revenue at $35.78 billion, representing declines of -15.25% and -1.41% respectively from the previous year [3]. - Recent modifications to analyst estimates for SLB indicate shifting business dynamics, with positive changes reflecting analyst optimism [3]. Group 4: Valuation Metrics - SLB is currently trading at a Forward P/E ratio of 13.12, which is below the industry average of 18.83, indicating a discount compared to its peers [6]. - The Technology Services industry, part of the Business Services sector, holds a Zacks Industry Rank of 95, placing it in the top 39% of over 250 industries [6]. Group 5: Analyst Ratings - The Zacks Rank system rates SLB at 4 (Sell), with the consensus EPS projection remaining unchanged over the past 30 days [5]. - The Zacks Rank has a historical track record of outperformance, with 1 stocks returning an average of +25% annually since 1988 [5].

Core Insights - SLB N.V. secured a multi-year contract from Aramco to enhance the production of Saudi Arabia's unconventional gas reserves, part of a larger multi-billion-dollar initiative to expand the country's unconventional gas sector [1][11] - The extraction of cleaner energy aligns with Aramco's strategy to diversify its portfolio, reduce dependence on conventional fuels, and support the global transition to lower-carbon energy sources, consistent with Vision 2030 targets [2] - Long-term contracts like this one strengthen SLB's order backlog and improve cash flow predictability, enhancing business stability and investor appeal [3][11] Technology and Services - Under the contract, SLB will provide advanced services and technologies, including stimulation services, well intervention, frac automation, and digital solutions, to improve production efficiency from unconventional gas reserves [4][11] - These capabilities will enable Aramco to extract natural gas from challenging resources, showcasing SLB's technical expertise in the sector [4] Market Trends - The global demand for cleaner energy is rising, as indicated by the U.S. Energy Information Administration's predictions of increased LNG export volumes, with daily U.S. LNG exports expected to rise from 11.9 billion cubic feet in 2024 to 14.9 billion cubic feet in 2025 [5] - The EIA also forecasts a rise in natural gas prices, with spot prices expected to increase from $2.19 per million BTU in 2024 to $3.56 in 2025, and further to $4.01 in 2026, indicating a favorable outlook for natural gas producers [6] Industry Outlook - The increasing demand and prices for natural gas suggest a promising future for producers and service firms, positioning SLB favorably in the market [7] - However, SLB's business model is vulnerable to crude oil price volatility, with current West Texas Intermediate crude oil prices below $59 per barrel, putting pressure on the company's operations [8]

Core Viewpoint - Analyst recommendations play a significant role in influencing stock prices, but their reliability is questionable, particularly for SLB [1][5]. Brokerage Recommendation Summary - SLB has an average brokerage recommendation (ABR) of 1.38, indicating a consensus between Strong Buy and Buy, based on 25 brokerage firms [2]. - Out of the 25 recommendations, 18 are Strong Buy (72%) and 4 are Buy (16%) [2]. Analyst Bias and Reliability - Brokerage firms often exhibit a positive bias in their ratings due to vested interests, leading to a disproportionate number of Strong Buy recommendations compared to Strong Sell [6][11]. - This misalignment of interests suggests that brokerage recommendations may not provide accurate insights into future stock price movements [7][11]. Zacks Rank Comparison - Zacks Rank, a proprietary stock rating tool, categorizes stocks from Strong Buy to Strong Sell and is based on earnings estimate revisions, making it a more reliable indicator of near-term price performance [8][12]. - The ABR is based solely on brokerage recommendations and may not be up-to-date, while Zacks Rank reflects timely earnings estimate revisions [10][13]. Current Earnings Estimates for SLB - The Zacks Consensus Estimate for SLB's earnings has remained unchanged at $2.89 over the past month, indicating growing pessimism among analysts regarding the company's earnings prospects [14]. - This consensus estimate decline has contributed to a Zacks Rank of 4 (Sell) for SLB, suggesting caution despite the Buy-equivalent ABR [15].

Company Overview - SLB N.V. has a market capitalization of $57.3 billion and is a global provider of technology and services for the energy industry, focusing on field development, hydrocarbon production, carbon management, and integrated energy systems [1] Financial Performance - SLB is expected to announce its fiscal Q4 2025 results on January 23, with analysts predicting an adjusted EPS of $0.74, a decrease of 19.6% from the previous year's $0.92 [2] - For fiscal 2025, analysts forecast an adjusted EPS of $2.89, down 15.3% from $3.41 in fiscal 2024, but a projected rise of 1.4% year-over-year to $2.93 in fiscal 2026 [3] Stock Performance - SLB stock has increased by 4.1% over the past 52 weeks, underperforming compared to the S&P 500 Index's nearly 16% gain and the Energy Select Sector SPDR Fund's 5.1% return during the same period [4] Recent Developments - Despite reporting a better-than-expected Q3 2025 adjusted EPS of $0.69, SLB's shares fell slightly due to management's indication of no significant increase in North American drilling activity, high production costs in certain shale basins, and an oversupplied oil market [5] - There was a 7% drop in international revenue to $6.92 billion, along with a 9% global revenue decline when excluding the ChampionX acquisition [5] Analyst Ratings - The consensus view on SLB stock is bullish, with a "Strong Buy" rating from 16 out of 23 analysts, while four analysts have a "Moderate Buy" and three have a "Hold" rating, indicating a slightly more bullish sentiment compared to three months ago [6]

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **North America Energy Services & Equipment (ESE)** sector, with a particular emphasis on the outlook for 2026 and the dynamics of oil and gas markets [1][4][10]. Core Insights and Arguments - **Market Outlook**: North America is nearing a bottom in terms of oil prices, with international onshore growth driven by OPEC activity. However, offshore growth is expected to be muted due to moderating efficiency gains [1][5]. - **Earnings and Valuations**: The ESE sector has seen a rally of approximately **30%** since the lows post-Liberation Day, resulting in year-to-date gains of about **5%**. Despite this, earnings estimates have fallen, leading to higher EV/EBITDA multiples and tighter free cash flow yields, now aligning with historical median levels [4][15]. - **Spending Trends**: North American onshore spending is expected to remain constrained, while international activity is projected to be flat in 2026 before increasing in 2027, driven by OPEC+ activity and unconventional gas opportunities [5][10][26]. - **Offshore Activity**: The outlook for offshore spending is more cautious, particularly for deepwater projects, due to anticipated efficiency gains that will limit the need for additional rigs [9][10][26]. Key Themes for 2026 - **Power and Data Centers**: There is an emerging opportunity in power generation, with demand expected to grow at a **2.6% CAGR** through 2035, driven by data center growth and electrification. Companies like HAL and LBRT are positioned to provide power solutions directly to end-users [10][35][41]. - **Oil and Gas Price Forecasts**: Oil prices are expected to decline by approximately **20%** since the start of 2025, with a forecasted surplus of **~2 mb/d** in 2026, potentially reaching **~3 mb/d** in the first half of 2026. Brent prices are anticipated to drop to around **$60/bbl** before a recovery begins in mid-2027 [10][63][64]. - **Rig Counts and Efficiency**: The total US rig count has decreased by **~7%** since the beginning of 2025, with oil-directed rigs down by **~14%** and gas-focused activity up by **25%**. Efficiency improvements have led to a reduction in drilling days per well [77][80][86]. Company-Specific Insights - **Top Picks**: HAL is identified as a top pick due to its exposure to the Middle East and power generation opportunities. The strategic partnership with VoltaGrid is highlighted as a key differentiator [14][54]. - **NOV Downgrade**: NOV has been downgraded to equal-weight due to its significant offshore capex exposure and less resilience in oil and gas production opex compared to peers [14][54]. Additional Important Points - **Investment Strategy**: The report emphasizes a preference for stocks with defensive and unique revenue streams, favoring gas over oil-focused activities and spending tied to existing production [54][43]. - **Long-term Trends**: The report notes that oil capex represents only **~55%** of revenues for the covered companies, with significant contributions from gas capex and non-upstream markets, indicating a shift in revenue dynamics [45][50]. This summary encapsulates the critical insights and projections for the North America Energy Services & Equipment sector as discussed in the conference call, highlighting both opportunities and challenges in the current market landscape.

Group 1 - SLB N.V. (NYSE:SLB) experienced a share price increase of 2.57% from December 5 to December 12, 2025, ranking among the top gaining energy stocks for that week [1] - On December 11, SLB announced a strategic collaboration agreement with Shell plc (NYSE:SHEL) to develop AI-driven digital solutions aimed at enhancing performance and upstream efficiency, utilizing SLB's Lumi data and AI platform [2] - Analysts from UBS raised SLB's stock price target from $44 to $50 on December 12, maintaining a 'Buy' rating, citing a positive outlook for the energy sector driven by improving oil and natural gas forecasts, M&A value creation, cost efficiencies, and attractive valuations [3] Group 2 - Additional analysts from Citi, TD Cowen, and Bernstein also increased their price targets for SLB on December 11, contributing to a bullish sentiment around the stock [4]