We've got a twofer today, folks. Smith International
Smith is an oilfield services player with a market cap about half the size of Weatherford
Earnings in the first quarter took a hit from a big headcount chop (14% of the North American workforce), but after backing out this charge, operating income still fell by roughly half from the prior quarter. Smith's international business, which only saw a 9% sequential revenue decline, just couldn't save it from a slumping North American market, which accounts for most of the deterioration to date.
You'd hardly suspect Southwestern Energy
On the bright side, the new budget reflects flat spending compared to 2008. That puts Southwestern in pretty limited company, with firms like Devon Energy
I don't talk about this company as often as I should, but Southwestern is one of the finest independent producers in this country. The Fayetteville has been a home run for both it and fellow shale dweller Chesapeake Energy