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.

Deep Fundamental Analysis

SLB and Halliburton: Robust Earnings and the Limits of Market Expectations

Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

Equity Bottom-Up

<ul>
<li>Since the conflict began on 28/Feb, SLB and Halliburton shares declined as Middle East disruptions forced demobilisation and activity cuts, with SLB expecting a USD 0.06–0.09 Q1 2026 EPS impact.</li>
<li>Elevated oil prices, potential production increases outside the Middle East, and structural supply tightness could boost upstream capex, creating a supportive medium-term demand environment for oilfield services companies.</li>
<li>However, prolonged geopolitical instability could delay upstream project approvals, potentially slowing the pace of recovery in oilfield services demand.</li>
</ul>


Since the conflict began on 28/Feb, SLB and Halliburton shares declined as Middle East disruptions forced demobilisation and activity cuts, with SLB expecting a USD 0.06–0.09 Q1 2026 EPS impact.
Elevated oil prices, potential production increases outside the Middle East, and structural supply tightness could boost upstream capex, creating a supportive medium-term demand environment for oilfield services companies.
However, prolonged geopolitical instability could delay upstream project approvals, potentially slowing the pace of recovery in oilfield services demand.


Oilfield Services in a Time of Conflict: Near-Term Disruptions, Medium-Term Opportunity

Schlumberger Ltd

Oilfield Services in a Time of Conflict: Near-Term Disruptions, Medium-Term Opportunity