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>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?

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

PTT Exploration & Production / Equity Bottom-Up

<ul><li>Technically, the SET Index is expected to move in a sideways-down pattern, with the support levels at 1,143 points (10-day EMA) and 1,133 points and the resistance levels at 1,156 points (25-day EMA) and 1,164 points.</li><li>In the short term, the index remains in a bullish flag rally phase, aiming to retest the previous resistance at 1,176 points after hitting a new low for the year at 1,056.41 on April 8.</li><li>This upward movement is expected to be short-lived, followed by a larger correction that would confirm a medium-term trend reversal into a new upward cycle (with a higher low).</li></ul>

Technically, the SET Index is expected to move in a sideways-down pattern, with the support levels at 1,143 points (10-day EMA) and 1,133 points and the resistance levels at 1,156 points (25-day EMA) and 1,164 points.In the short term, the index remains in a bullish flag rally phase, aiming to retest the previous resistance at 1,176 points after hitting a new low for the year at 1,056.41 on April 8.This upward movement is expected to be short-lived, followed by a larger correction that would confirm a medium-term trend reversal into a new upward cycle (with a higher low).

<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>Halliburton’s Q1 revenue is set to drop 9.1% YoY, with EPS down 21.1%, driven by soft North American activity and weak oil prices.</li>
<li>Halliburton has underperformed the S&amp;P 500, XLE, and peers SLB and Baker Hughes, weighed down by its greater U.S. shale exposure and rising input costs.</li>
<li>Despite near-term headwinds, analysts retain a “Buy” rating on Halliburton, citing strong cash flows, a solid balance sheet, and strategic investments.</li>
</ul>


Halliburton’s Q1 revenue is set to drop 9.1% YoY, with EPS down 21.1%, driven by soft North American activity and weak oil prices.
Halliburton has underperformed the S&amp;P 500, XLE, and peers SLB and Baker Hughes, weighed down by its greater U.S. shale exposure and rising input costs.
Despite near-term headwinds, analysts retain a “Buy” rating on Halliburton, citing strong cash flows, a solid balance sheet, and strategic investments.


[Earnings Preview] Halliburton Pressured by North American Slowdown and Tariffs

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)

[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

Earnings Results of PTTEP and DELTA

Technically, the SET Index is expected to move in a sideways-down pattern, with the support levels at 1,143 points (10-day EMA) and 1,133 points...

Krungthai XSpring

[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] Halliburton Pressured by North American Slowdown and Tariffs

Halliburton's Q1 revenue and EPS are expected to decline due to soft North American activity and weak oil prices. Analysts maintain a "Buy"...

Mint Finance

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[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

Earnings Results of PTTEP and DELTA

Technically, the SET Index is expected to move in a sideways-down pattern, with the support levels at 1,143 points (10-day EMA) and 1,133 points...

Krungthai XSpring

[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] Halliburton Pressured by North American Slowdown and Tariffs

​Halliburton's Q1 revenue and EPS are expected to decline due to soft North American activity and weak oil prices. Analysts maintain a "Buy"...

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.

Halliburton's Q1 revenue and EPS are expected to decline due to soft North American activity and weak oil prices. Analysts maintain a "Buy"...