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There is still growth in oil according to the world’s largest oil service company, Schlumberger Ltd. (NYSE:SLB). The company noted the European debt crisis and North America’s natural gas oversupply, but said, “We remain confident that any potential reductions in activity will be short-lived and that our competitive position remains strong.”
The company says demand keeps increasing for liquefied natural gas and expects oil prices to stay near current levels.
Schlumberger notes natural gas storage levels are high with futures at 10-year lows, but more investments are being pumped into exploration, production and oil services companies.
Here’s how shares closed the week:
Schlumberger Limited (NYSE:SLB): SLB shares recently traded at $73.80, up $0.94, or 1.29%. They have traded in a 52-week range of $54.79 to $95.64. Volume today was 18,082,789 shares versus a 3-month average volume of 9,597,780 shares. The company’s trailing P/E is 21.82, while trailing earnings are $3.38 per share.
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