SLB (former Schlumberger). Dig deep ...Schlumberger N.V.BATS:SLBJHAlexSchlumberger, the world’s largest oil and gas company, has been through two key phases in recent years. The sustained decline from 2018-2020 and growth in 21-23. Although the movement was partly correlated with oil prices, there were other factors. Fall period: 1) Since 2016, the company has been actively investing in North America. By 2020, the company was gradually, roughly speaking, defeated. 2) In the 19-20’s, more than 10 billion dollars were written off, including drilling assets in North America. 3)The company approached a global crisis (price war of Russia and CA, covid) with high debt load (about 17 billion). 4) In 2019, the new CEO was Olivier Le Peuch, who replaced Paal Kibsgaard. He was forced to accelerate the exit from loss-making assets and restructure the business. Growth period: After the 2020 crisis, SLB managed not only to recover, but also to outpace the market by about 100%. 1) The company has made a focus on the Middle East and Latin America. 2) Reduction of the debt burden, optimization of costs, discipline in expenses. 3) Digital transformation and technology (you can search for 'Delfi'). 4) Buyback and dividends. War in Ukraine: The company left the Russian market relatively late, and not completely, but limited operations while maintaining its presence. Managed to catch criticism and reputational pressure (Ukraine included in the list of "international sponsors of war"). Also, the company took a minor advantage of rising prices, but eventually reduced the importance of the Russian market (although it compensated for this by expanding in BE and LA). In this context, it should be noted that the war has led to increased attention to energy security issues in Europe and elsewhere, which has stimulated investment in exploration and production in new territories. It was a fundamental, in-depth analysis. Has the company passed "bottom" or are current prices still high? It is not clear yet...