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Tuesday, Aug 13
Schlumberger, Halliburton may be early beneficiaries of Mexican oil reforms
- Schlumberger (SLB) and Halliburton (HAL) posted solid gains today after Mexico said it wants to open the door to greater involvement by foreign companies following a seven-decade state oil monopoly.
- Oil service companies like SLB and HAL, which do the initial grunt-work and aren't interested in owning reserves, would see the earliest returns, Liam Denning writes; deepwater specialists such as Chevron (CVX) and Statoil (STO) could benefit over time.
- The reforms are hardly a done deal: The government is launching a public relations effort to convince a skeptical populace that Mexico, the country that invented oil nationalism, won't be selling out to foreigners.