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Schlumberger and Halliburton’s Capex Growth in 1Q18

Alex Chamberlin
Schlumberger and Halliburton’s Capex Growth in 1Q18

In this part, we’ll compare the capex growth for the two the OFS (oilfield equipment and services) companies that we’re discussing in this series. Schlumberger (SLB) recorded ~19% capex growth in 1Q18—compared to 1Q17. In 1Q18, Schlumberger spent ~$454 million on its capex—compared to $381 million the previous year. The capex excludes Schlumberger’s SPM (Schlumberger Production Management) investments and multiclient seismic data capitalized. Schlumberger capitalizes its cash investments in the SPM project and the direct costs associated with providing services. ...