Bumping Up Fair Value Estimates of Large Oilfield Service Companies

We're adjusting our fair value estimates for large diversified oilfield service companies. This accounts for positive recent financial results and improvement in the near-term outlook for industry spending in the light of high oil prices. One negative factor is the potential disruption to Russia operations, which affects Schlumberger the most. Our fair value for Baker Hughes increases to $31 per share from $29 per share previously, and Halliburton increases to $33 from $30 previously. Schlumberger stays at $49 per share. Our moat ratings for each remain unchanged.