The Rising Influence of Rising Affluence

[OakesCS]

WSJ SLB valuation article
That article is a bit shallow. SLB's presence in the shale gas market has been trivial so any decline there hasn't hurt them. That doesn't mean that $2/MBTU doesn't hurt. In addition, SLB has been trying to gain more market share in NA so to portray that as a negative is a bit off. If SLB has been successful in that market share gain, then HAL and BHI have lost share and that will matter more down the line.