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;
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