- The move toward integrated oilfield services offerings is a hot topic in the energy industry, and the large OFS companies - Schlumberger (NYSE:SLB), Halliburton (NYSE: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.