The following video is part of our "Motley Fool Conversations" series, in which senior analyst Michael Olsen discusses topics around the investing world.

Oil and gas services giant Schlumberger released earnings Friday, and while near-term margins are likely to remain under pressure, as oil and gas companies relocate drilling activity from natural gas to liquids-focused regions, Mike sees an opportunity in this sentiment. The industry's experienced its share of cyclicality, but cycles are just that -- short-term. He's also encouraged by recent contract wins and strength in deepwater and International revenues and margins. 

Across the longer term, Mike sees upside from increasing offshore and deepwater activity, Schlumberger's bread and butter; a recovery in natural gas-focused drilling, as natural gas prices perk up; greater demand for national oil companies, with which Schlumberger has strong relationships; and greater service intensivity, which should boost the top line and margins. At today's price, Mike thinks the shares are worth a look.

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Michael Olsen owns shares of ExxonMobil. The Motley Fool owns shares of Halliburton. Motley Fool newsletter services recommend Halliburton and Schlumberger. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.