J Capital Research

Independent Insight Provider

J Capital Research, a U.S. company, publishes highly diligenced research reports on publicly traded companies, relying on deep, on-the-ground primary research. J Capital has particular expertise in the Chinese market, but we look at over-valued companies throughout the world. As an activist short- and long-research shop, when we form a clear view, we publish free, public reports to inform the investing public and never disguise our identity. We believe the internet has afforded an opportunity to small, unaffiliated investors to leapfrog the big banks, with their conflicts of interest, and obtain unbiased information on traded companies. We pride ourselves on our independence and the quality of our work. We hope the work speaks for itself.

Equity Bottom-Up

<ul><li>Since our last newsletter addressing concerns about Schlumberger NV (SLB) dated in October of 2023, the company’s share price has fallen by 41% on an absolute basis, while the S&amp;P 500 is up 50.4% over the same period.</li><li>For a company with a market capitalization of $49.2 bln, this is significant.</li><li>Our primary concerns were that SLB had potential write offs related to outstanding receivables from its Mexican PEMEX customer as well as continued exposure to Russia.</li></ul>

Since our last newsletter addressing concerns about Schlumberger NV (SLB) dated in October of 2023, the company’s share price has fallen by 41% on an absolute basis, while the S&amp;P 500 is up 50.4% over the same period.For a company with a market capitalization of $49.2 bln, this is significant.Our primary concerns were that SLB had potential write offs related to outstanding receivables from its Mexican PEMEX customer as well as continued exposure to Russia.

The Equity Dispatch #48: SLB: Papering Over the Problems Is Making Them Worse

Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>Schlumberger’s Q2 2025 revenue is expected to drop 6.8% YoY but rise by 0.4% QoQ. Similarly, its EPS is projected to drop 14.1% YoY but rise 1.4% QoQ.</li>
<li>SLB’s Q2 performance looks weak as falling activity in Saudi Arabia and Latin America adds to the ongoing slowdown in North America.</li>
<li>Open interest data points to cautious sentiment, with positioning skewed toward downside protection and no clear directional conviction.</li>
</ul>


Schlumberger’s Q2 2025 revenue is expected to drop 6.8% YoY but rise by 0.4% QoQ. Similarly, its EPS is projected to drop 14.1% YoY but rise 1.4% QoQ.
SLB’s Q2 performance looks weak as falling activity in Saudi Arabia and Latin America adds to the ongoing slowdown in North America.
Open interest data points to cautious sentiment, with positioning skewed toward downside protection and no clear directional conviction.


[Earnings Preview] SLB’s Q2 Results to Disappoint as Growth Engines Stall

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>The latest financial results from Schlumberger reflect a mixed performance for the first quarter of 2025, indicating several challenges and opportunities within its diverse operational landscape.</li><li>The company, known for its expansive global energy services, reported a 3% year-on-year decrease in overall revenue, driven largely by a downturn in international markets.</li><li>This decline was attributed to reduced drilling activities in Mexico and Saudi Arabia, as well as a sharp fall in Russia.</li></ul>

The latest financial results from Schlumberger reflect a mixed performance for the first quarter of 2025, indicating several challenges and opportunities within its diverse operational landscape.The company, known for its expansive global energy services, reported a 3% year-on-year decrease in overall revenue, driven largely by a downturn in international markets.This decline was attributed to reduced drilling activities in Mexico and Saudi Arabia, as well as a sharp fall in Russia.

Schlumberger (SLB): Can It Capitalize On Growth in Saudi Arabia’s Gas Sector?

<ul>
<li>Schlumberger will report its Q1 earnings on 25/Apr, with revenue and EPS projected to fall sequentially and annually due to subdued oil prices and demand.</li>
<li>Schlumberger's OI PCR at 0.70, signalling neutral sentiment, with a 96% IV percentile indicating high volatility.</li>
<li>For the 25/Apr expiry, SLB’s OI shows calls concentrated at strikes 42, 43, and 45, while puts dominate at 34, 33, and 32, with lower put OI at key levels.</li>
</ul>


Schlumberger will report its Q1 earnings on 25/Apr, with revenue and EPS projected to fall sequentially and annually due to subdued oil prices and demand.
Schlumberger's OI PCR at 0.70, signalling neutral sentiment, with a 96% IV percentile indicating high volatility.
For the 25/Apr expiry, SLB’s OI shows calls concentrated at strikes 42, 43, and 45, while puts dominate at 34, 33, and 32, with lower put OI at key levels.


[Pre Earnings Options Flash] Schlumberger’s Options Data Suggests Mixed Signals Ahead of Q1

<ul>
<li>Schlumberger’s Q1 2025 revenue is expected to drop by 7.6% QoQ, while its EPS is anticipated to fall by 19.6%, marking the lowest EPS in five quarters.</li>
<li>SLB has underperformed the S&amp;P 500, XLE, and WTI futures since 2024, pressured by weak oil prices, lower drilling activity, and rising costs from tariff-related headwinds.</li>
<li>Despite weaker return ratios in Q4 2024 and macro uncertainty, SLB maintains a “Strong Buy” consensus, backed by its global presence, digital expansion, and strong cash flow.</li>
</ul>


Schlumberger’s Q1 2025 revenue is expected to drop by 7.6% QoQ, while its EPS is anticipated to fall by 19.6%, marking the lowest EPS in five quarters.
SLB has underperformed the S&amp;P 500, XLE, and WTI futures since 2024, pressured by weak oil prices, lower drilling activity, and rising costs from tariff-related headwinds.
Despite weaker return ratios in Q4 2024 and macro uncertainty, SLB maintains a “Strong Buy” consensus, backed by its global presence, digital expansion, and strong cash flow.


[Earnings Preview] SLB Faces Downward Pressure from Weak Oil Prices and Softening Demand

United States

Schlumberger Limited is an oil services company. The Company, through its subsidiaries, provides a wide range of services, including technology, project management and information solutions to the international petroleum industry as well as advanced acquisition and data processing surveys.

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Schlumberger Ltd (SLB US)

The Equity Dispatch #48: SLB: Papering Over the Problems Is Making Them Worse

Since our last newsletter addressing concerns about Schlumberger NV (SLB) dated in October of 2023, the company’s share price has fallen by 41%...

J Capital Research

[Earnings Preview] SLB’s Q2 Results to Disappoint as Growth Engines Stall

Schlumberger's Q2 revenue and EPS expected to drop YoY but rise QoQ, weak performance due to global slowdown and cautious sentiment in the market.

Mint Finance

Schlumberger (SLB): Can It Capitalize On Growth in Saudi Arabia’s Gas Sector?

The latest financial results from Schlumberger reflect a mixed performance for the first quarter of 2025, indicating several challenges and...

Baptista Research

[Pre Earnings Options Flash] Schlumberger’s Options Data Suggests Mixed Signals Ahead of Q1

Schlumberger's Q1 earnings expected to decline due to low oil prices, with neutral sentiment and high volatility in options market for 25/Apr expiry.

Mint Finance

[Earnings Preview] SLB Faces Downward Pressure from Weak Oil Prices and Softening Demand

Schlumberger's Q1 2025 revenue and EPS expected to decline, but "Strong Buy" consensus remains due to global presence and strong cash flow despite...

Mint Finance

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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The Equity Dispatch #48: SLB: Papering Over the Problems Is Making Them Worse

Since our last newsletter addressing concerns about Schlumberger NV (SLB) dated in October of 2023, the company’s share price has fallen by 41%...

J Capital Research

[Earnings Preview] SLB’s Q2 Results to Disappoint as Growth Engines Stall

​Schlumberger's Q2 revenue and EPS expected to drop YoY but rise QoQ, weak performance due to global slowdown and cautious sentiment in the market.

Mint Finance

Schlumberger (SLB): Can It Capitalize On Growth in Saudi Arabia’s Gas Sector?

The latest financial results from Schlumberger reflect a mixed performance for the first quarter of 2025, indicating several challenges and...

Baptista Research

[Pre Earnings Options Flash] Schlumberger’s Options Data Suggests Mixed Signals Ahead of Q1

​Schlumberger's Q1 earnings expected to decline due to low oil prices, with neutral sentiment and high volatility in options market for 25/Apr expiry.

Mint Finance

[Earnings Preview] SLB Faces Downward Pressure from Weak Oil Prices and Softening Demand

​Schlumberger's Q1 2025 revenue and EPS expected to decline, but "Strong Buy" consensus remains due to global presence and strong cash flow despite...

Mint Finance

Schlumberger's Q2 revenue and EPS expected to drop YoY but rise QoQ, weak performance due to global slowdown and cautious sentiment in the market.

Schlumberger's Q1 earnings expected to decline due to low oil prices, with neutral sentiment and high volatility in options market for 25/Apr expiry.

Schlumberger's Q1 2025 revenue and EPS expected to decline, but "Strong Buy" consensus remains due to global presence and strong cash flow despite...