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SLB N.V.
Energy · Oil & Gas Equipment & Services
Largest pure-play global OFS - international + offshore mix is the structural differentiator vs $HAL / $BKR (NAM-heavier). Multi-year international upcycle (Middle East, offshore deepwater) underwrites Well Construction + Production Systems revenue; Digital & Integration is the margin lever (software-like incrementals, Lumi/Delfi AI).
ChampionX deal closes 2026 - adds production chemicals + artificial lift, accretive to FCF, levers SLB toward later-cycle production over early-cycle drilling.
- International + offshore rig count holding through commodity cycle, SLB ~75% non-NAM revenue
- Digital & Integration tracking 30%+ margins, AI/Lumi monetization optional upside
- ChampionX deal adds ~$4B revenue, immediately FCF-accretive, expands TAM into chemicals
- Capital return story: dividend + buyback, ~50%+ FCF payout target
- Decarbonization stack (CCS, geothermal, lithium-from-brine) is real optionality not priced in
- Commodity-linked: WTI <$60 or OPEC+ supply surprise compresses upstream capex
- ChampionX integration risk + regulatory delays (FTC scrutiny on OFS consolidation)
- NAM frac decline structural - peers more exposed but SLB not immune
- Energy transition narrative caps multiple vs AI/semis sector beta
- FX + Argentina/Russia headline risk on international book
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