US Oil Giant SLB is growing its business in Russia even as Western competitors are leaving. SLB didn't stop working in Russia in 2023, and even though some products from its company worldwide stopped being sent to Russia, SLB still imported materials worth $17.5 million from other places. This news is important because SLB's work in Russia makes up a small part of its business, but it is important for politicians and people who care about the world's oil prices. The fact that SLB is working more in Russia is also important because it is planning to buy another company called ChampionX, which could make SLB even bigger in the world of oil services. Read from source...

none. They did not identify any potential risks or challenges SLB might face in the long term due to their expansion into Russia. The story lacked a comprehensive analysis of the geopolitical situation, an assessment of the market conditions, and a thorough evaluation of SLB's business strategy. The author seemed to focus solely on the positive impact of SLB's operations in Russia on their revenue and did not consider any potential negative consequences. Additionally, the author failed to provide any context or background information on the oil industry in Russia or the ongoing conflict with Ukraine.

bullish

SLB's decision to expand in Russia despite the ongoing conflict suggests a bullish sentiment for the company. The move comes at a crucial time as operations in Russia accounted for 5% of its revenues in 2023, and it employed about 9,000 staff in the country. The expansion, despite geopolitical risks, indicates confidence in the company's ability to navigate potential challenges. Additionally, the planned acquisition of ChampionX and potential rise in oil prices could further boost SLB's revenues in the near future.

The investment recommendation for SLB is to buy, with a target price of $50.00. The risks include geopolitical risks, as SLB expands its operations in Russia while Western rivals exit the market due to the war with Ukraine. Additionally, the acquisition of ChampionX could potentially boost SLB's presence in the global oilfield services market, but regulatory approvals and other challenges could impact the success of the acquisition. Investors should also monitor the global oil market, which could impact SLB's revenues and profitability.