SLB: the backlog has repriced and the market has not noticed

Pricing power in this part of the chain shows up in contract terms long before it shows up in reported margin.

Mira Solberg@mira_solberg

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Discussion · 7

Sam WhitfieldAUG 21

Useful framing. The point about conversion rather than demand is the right one. What is the level where you would walk away?

Mira SolbergAuthorAUG 21

Fair challenge. Invalidation is a close below the lock price on volume, and I should have written that into the card rather than leaving it implicit. (779)

Noa BergmanAUG 20

This changed my mind. The capital intensity point is the one I keep coming back to. What is the level where you would walk away?

Mira SolbergAuthorAUG 21

Fair challenge. Invalidation is a close below the lock price on volume, and I should have written that into the card rather than leaving it implicit. (781)

Noa BergmanAUG 20

I hold the other side of this. The capital intensity point is the one I keep coming back to. How much does this depend on the macro cooperating?

Noa BergmanAUG 20

Good piece. The contract structure matters more than the headline rate. Interested in what the kill switch looks like in practice.

Mira SolbergAuthorAUG 20

Fair challenge. Invalidation is a close below the lock price on volume, and I should have written that into the card rather than leaving it implicit. (777)