Sometimes the trick with stocks like Schlumberger (NYSE:SLB) is that by the time they look cheap to folks who stick to strict ratio-based fundamental analysis, the move is over. Then again, as long as high energy prices continue to push producers to squeeze all they can from their assets, business for this leading energy services company should stay quite strong.

As expected, it was another exceptionally strong quarter. Revenue jumped a further 37%, margins continued to expand, and the company continued to book profits and cash flow hand over fist. Moreover, looking at the Baker Hughes (NYSE:BHI) weekly North American rig count (which, shockingly, measures the level of drilling rig activity in North America), we continue to see double-digit growth.

Seemingly wherever you look at Schlumberger's operations, there's strength. Oilfield services posted 36% higher revenue and better margins, as every single geographical region posted at least 20% revenue growth from last year. Likewise, the Western Geco unit has plenty of business as well -- revenue rose 47%, and the backlog continues to climb at a double-digit rate. Simply put, customers ranging from Chevron (NYSE:CVX) to Suncor (NYSE:SU) to Royal Dutch Shell (NYSE:RDS-B) continue to rely upon Schlumberger to help them evaluate, drill, and produce from energy reserves.

There's always a certain amount of fear that goes with energy stocks, since veteran investors in this space have seen more than a few boom and bust cycles. And with inventory and production data looking strong recently, some folks are concerned about the sustainability of pricing and ongoing capital investment into new production. For better or worse, though, that's just how it goes with Schlumberger. If you're investing in Intel (NASDAQ:INTC) or Dell (NASDAQ:DELL), you're worrying about competition or end-user demand; if you're investing in Schlumberger, you're worrying about tomorrow's drilling and production budgets.

I think Schlumberger is a fine, fine business with a legitimate technological lead over most of its would-be competitors. That said, I have enough cyclical stocks in my portfolio already, and I don't need the added headache of watching one vibrate in time to investor worries about energy services. But if you think you need some additional energy-industry exposure, this is a fine place to begin looking.

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Fool contributor Stephen Simpson has no financial interest in any stocks mentioned (that means he's neither long nor short the shares).