** Citigroup sees near-term challenge for oilfield services $(OFS)$ firms as the crude markets still appear well-supplied and efficiency gains are impairing utilization rates
** Says this backdrop will slightly favor domestic OFS cos over international cos, as production abroad likely lags upstream capex and declines modestly next year
** Brokerage adds that Halliburton HAL.N and SLB SLB.N present greater negative risk near-term on the international activity decline
** "Challenge for OFS is that the oil markets look well supplied in 2025 with downside risk to oil prices" - Citigroup says
** Brokerage slightly favors land drillers over offshore drillers, given less negative revision risk and greater free cash flow yields in 2025
** Citi cuts PT on NOV Inc NOV.N by $1 to $17 and SLB SLB.N to $53 from $54
(Reporting by Pooja Menon in Bengaluru)
((Pooja.Menon@thomsonreuters.com;))
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