Schlumberger (SLB, Financial) was another oil-patch participant benefitting from a better commodity price environment in the first quarter, though the oil field services firm also has continued to reap the benefits of its ongoing structural reorganization. With a new CEO at the helm since mid-2019, the company has been cutting costs aggressively and repositioning its business, perhaps most notably through the sale of its US shale drilling business to focus on its areas of strength in the international arena.
From First Eagle Investment (Trades, Portfolio)'s Global Value Team first-quarter 2021 commentary.
