Why Does Schlumberger's Share Price Slump Below Crisis Levels?

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About: Schlumberger Limited (SLB), Includes: BP, CVX, RDS.A, RDS.B, XOM
by: Jonathan Weber
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Jonathan Weber
Value, dividend investing, Growth, growth at reasonable price
Summary

This year's oil price decline is not comparable to the one seen in 2015/2016.

The outlook for global oil markets is not bad at all.

Schlumberger's Q4 will not be strong, but it does not make sense that Schlumberger's shares are trading at a lower price than they did when oil was in the $20s.

The dividend looks safe and sustainable.

Thesis

After peaking in fall 2018, oil prices have declined substantially over the last couple of months. It is unlikely that we will see an oil price slump like the one we have seen a