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.

Equity Bottom-Up

<ul>
<li>Halliburton keeps beating estimates, but its EPS beats are shrinking while SLB converts better. Q3 looks priced in, so Q4 guidance will drive both stocks.</li>
<li>Halliburton must lift its C&amp;P margins by 125–175 bps after a Q2 miss. SLB's USD 10 billion revenue target hinges on Middle East revenue recovering.</li>
<li>SLB puts hedge just below spot with scattered upside calls; Halliburton is balanced, with little appetite for a rally.</li>
</ul>


Halliburton keeps beating estimates, but its EPS beats are shrinking while SLB converts better. Q3 looks priced in, so Q4 guidance will drive both stocks.
Halliburton must lift its C&amp;P margins by 125–175 bps after a Q2 miss. SLB's USD 10 billion revenue target hinges on Middle East revenue recovering.
SLB puts hedge just below spot with scattered upside calls; Halliburton is balanced, with little appetite for a rally.


SLB and Halliburton Q3 2026 Preview: Q4 Guidance Takes Centre Stage

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>Schlumberger Limited reported second-quarter 2026 revenue of $9 billion, up 3% sequentially as international growth and a North American rebound offset Middle East weakness.</li><li>Middle East revenue declined 13% sequentially to $1.66 billion because of regional conflict and security disruptions, particularly in Iraq.</li><li>Management expects activity to recover gradually, although the pace will vary by country and customer.</li></ul>

Schlumberger Limited reported second-quarter 2026 revenue of $9 billion, up 3% sequentially as international growth and a North American rebound offset Middle East weakness.Middle East revenue declined 13% sequentially to $1.66 billion because of regional conflict and security disruptions, particularly in Iraq.Management expects activity to recover gradually, although the pace will vary by country and customer.

SLB’s Data Center Revenue Jumps 80% — Can The Business Reach $2 Billion By 2027?

<ul><li>SLB has moved decisively to deepen its exposure to the AI infrastructure buildout by agreeing to acquire thermal-management specialist Kelvion for approximately $4.1 billion.</li><li>The transaction, announced on August 31, 2026, calls for SLB to pay roughly $3.4 billion in cash while assuming about $700 million of Kelvion debt, with closing targeted for the first half of 2027 subject to regulatory approvals and customary conditions.</li><li>Kelvion is expected to generate $2.3 billion to $2.4 billion of revenue in 2026, with data centers accounting for roughly 55% of sales and representing its fastest-growing and most profitable end market.</li></ul>

SLB has moved decisively to deepen its exposure to the AI infrastructure buildout by agreeing to acquire thermal-management specialist Kelvion for approximately $4.1 billion.The transaction, announced on August 31, 2026, calls for SLB to pay roughly $3.4 billion in cash while assuming about $700 million of Kelvion debt, with closing targeted for the first half of 2027 subject to regulatory approvals and customary conditions.Kelvion is expected to generate $2.3 billion to $2.4 billion of revenue in 2026, with data centers accounting for roughly 55% of sales and representing its fastest-growing and most profitable end market.

SLB's $4.1 Billion Kelvion Buyout Could Redefine Data Center Growth!

Chief Economist & Political Strategist, CrossASEAN Research

Prasenjit K. Basu

Chief Economist & Political Strategist

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Macroeconomics

<ul>
<li>On Election Day, the US faces a Dead Heat. Realclearpolitics predicts a Trump victory, The Economist a narrow Harris win (270-268), similar to fivethirtyeight's tally. Turmoil amid slow counting likely.</li>
<li>A Trump win would be good for conventional energy, banks, PE (via deregulation). Lower oil prices and a 60% tariff on imports from China would benefit Japan, India, Korea, Vietnam. </li>
<li>A Harris win would would be good for housing/property, green energy, semiconductors, negative for equities (as corporate &amp; capital-gains taxes rise) and retailers (anti-price-gouging!). Taiwan, Ukraine, UK, France would gain. </li>
</ul>


On Election Day, the US faces a Dead Heat. Realclearpolitics predicts a Trump victory, The Economist a narrow Harris win (270-268), similar to fivethirtyeight's tally. Turmoil amid slow counting likely.
A Trump win would be good for conventional energy, banks, PE (via deregulation). Lower oil prices and a 60% tariff on imports from China would benefit Japan, India, Korea, Vietnam. 
A Harris win would would be good for housing/property, green energy, semiconductors, negative for equities (as corporate &amp; capital-gains taxes rise) and retailers (anti-price-gouging!). Taiwan, Ukraine, UK, France would gain. 


US: Election Is a Dead Heat, but There'll Be Very Different Winners from Each Outcome

<ul><li>Schlumberger Limited’s first quarter 2026 results were notably influenced by geopolitical disruption in the Middle East, which led to operational shutdowns and production curtailments.</li><li>The conflict’s impact was most severe in Qatar and Iraq, affecting offshore operations and contributing to a sequential revenue decline of over 10%, exceeding prior expectations.</li><li>This region accounted for a significant portion of the company’s Middle East and Asia business, and the ongoing disruption is expected to continue to pressure earnings into the second quarter, with an estimated sequential earnings per share impact of $0.06 to $0.08.</li></ul>

Schlumberger Limited’s first quarter 2026 results were notably influenced by geopolitical disruption in the Middle East, which led to operational shutdowns and production curtailments.The conflict’s impact was most severe in Qatar and Iraq, affecting offshore operations and contributing to a sequential revenue decline of over 10%, exceeding prior expectations.This region accounted for a significant portion of the company’s Middle East and Asia business, and the ongoing disruption is expected to continue to pressure earnings into the second quarter, with an estimated sequential earnings per share impact of $0.06 to $0.08.

Schlumberger (SLB) The Stress Test Is Middle East Recovery Timing Not The 87% Digital Surge!

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)

SLB and Halliburton Q3 2026 Preview: Q4 Guidance Takes Centre Stage

Halliburton and SLB report back-to-back, with Q4 guidance likely to drive the market reaction. We examine margin recovery, Middle East exposure,...

Mint Finance

SLB’s Data Center Revenue Jumps 80% — Can The Business Reach $2 Billion By 2027?

Schlumberger Limited reported second-quarter 2026 revenue of $9 billion, up 3% sequentially as international growth and a North American rebound...

Baptista Research

SLB's $4.1 Billion Kelvion Buyout Could Redefine Data Center Growth!

SLB has moved decisively to deepen its exposure to the AI infrastructure buildout by agreeing to acquire thermal-management specialist Kelvion for...

Baptista Research

US: Election Is a Dead Heat, but There'll Be Very Different Winners from Each Outcome

RCP predicts a big Trump win, TheEconomist a narrow Harris one. Turnout key for Trump; his win would lower oil prices & hit China, benefitting the...

Prasenjit K. Basu

Schlumberger (SLB) The Stress Test Is Middle East Recovery Timing Not The 87% Digital Surge!

Schlumberger Limited’s first quarter 2026 results were notably influenced by geopolitical disruption in the Middle East, which led to operational...

Baptista Research

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