Early this morning, oil service company Schlumberger Limited (SLB) announced it would be acquiring Smith International (SII), an oil and gas equipment maker, for $11 billion or $45.84 per share.
In a press release, Schlumberger says that Smith International’s drilling technologies will compliment Schlumberger’s and help the company advance its exploration technologies, with special regard to adverse drilling conditions.
Adverse drilling conditions: That means shale.
This is just the latest bullish shale bet, the mot notable being the Exxon/XTO merger;
Want to see why companies are so bullish on shale?
Read Exxon’s case for shale here >
Join the conversation about this story »
See Also:
- Exxon Hits Peak Oil… Reserves
- Exxon’s XTO Buy Is A Direct Affront To The Russians
- Iran Offers Up Huge Natural Gas Bribe To China To Stave Off Security Council Sanctions