Schlumberger is 'positively optimistic' for 2014, targets EPS up double digits Expects Q2 and Q3 to show strong sequential growth while Q1 will see a decline in margins due to seasonal slowdown. Sees FY14 CapEx $3.8B. Expects FY14 EPR to be in the low- to mid- 20s. Internationally, Sees E&P customer spending up 6% in 2014. Expects first license round for Mexico energy reform to be held in late 2014, with the earliest impact on the company's activity in 2015. The business environment remains difficult with lower activity in Q4 for Brazil, and the company expects another challenging 2014 before activity growth likely resumes in 2015. Sees strong growth in northern Iraq while the activity in the south will likely remain flat in 1H14. Going into 2014, the company expects to continue investing activity in Central Asia region. Expects growth in Europe and Africa region to be driven by sub-Sahara Africa and to a certain extent, the North Sea. The company is also expected to see strong growth in 2014 for the Gulf of Mexico. The main challenge in North America land market will continue to be pricing. The international gas market is expected to remain stable supported by strong demand in Asia and improving demand in Europe. In the U.S. the company is assuming production level and strong competition with coal. Comments taken from Q4 earnings conference call.
UBS to hold a conference Houston Energy Bus-less Tour is being held in Houston on September 17-19 with webcasted company presentations to begin on September 17 at 8:30 am; not all company presentations may be webcasted. Webcast Link