Schlumberger among big winners in shale energy trend, Credit Suisse says

The move toward integrated oilfield services offerings is a hot topic in the energy industry, and the large OFS companies - Schlumberger (SLB), Halliburton (HAL), Baker Hughes (BHI) - are positioning themselves as one-stop shops for energy E&P customers, Credit Suisse says, believing it has spotted the biggest beneficiaries of the trend.

SLB is the most levered toward the trend but its integrated project management business is underappreciated by investors, the firm says; ~5% of SLB's workforce is dedicated to IPM, meaning the revenue contribution should be at least 5% and the contribution to margin even greater.

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