SLB: Meeting the Red Queen Moment

In a freshly published note, the analyst argues that Schlumberger (SLB) isn’t the same oilfield‑services provider it used to be. These days, its “Digital” division is powering the company’s growth — with high margins, recurring revenue, and more momentum than traditional oil‑field services. Key takeaways: SLB’s Digital business is expected to hit US$1 billion in recurring revenue by 2026, with EBITDA margins approaching 35%. Factors driving the growth include expansion into data‑center solutions, integration with ChampionX, and stronger international upstream oil and gas activity — even though there are short‑term headwinds. The author views SLB as a long‑term buy, but suggests waiting for a price “pullback near US$32” before entering. The strength of both its digital arm and upstream operations underpin potential upside. In short: Schlumberger may be entering what the author calls a “Red Queen Moment” — reinventing itself to stay relevant and grow in a rapidly changing energy world. #SLB #EnergyTransition #OilfieldServices #DigitalEnergy #SlimScan #GrowthStocks #CANSLIM