The world’s three largest oil field services companies closed on Friday at or near all-time high stock prices. And this is happening despite intense competition in North America, where services like pressure-pumping have seen margins evaporate.

Schlumberger Ltd. (NYSE: SLB), with a market cap of around $142 billion, is the largest of the oil field services companies and gets the smallest portion of its revenues from North America. About 30% of the company’s revenues come from operations in the United States and Canada. Schlumberger is also heavily exposed in Iraq and gets about a quarter of its revenues from its Middle East and Asia division. The stock closed at $108.83 on Friday, and the consensus analyst price target of around $119.30 indicates a potential upside of about 9.6%. Shares are up 52% in the past 12 months and shares have reached an all-time high.

Halliburton Co. (NYSE: HAL) shares are up about 40% since the beginning of the year and more than 63% over the past 12 months. North America and Latin America account for nearly two-thirds of the company’s revenues. The stock closed at $70.24 on Friday (an all-time high), and the consensus analyst price target of around $74.80 indicates a potential upside of about 6.6%.

Baker Hughes Inc. (NYSE: BHI) gets nearly half of its revenues from North American operations, and its stock is up 62% over the past 12 months. Year to date, shares are up 35%, and the stock is still about $15 a share below its all-time high near $90 in September 2007. Shares closed at $74.63 on Friday, after posting a 52-week high of $74.99. The consensus price target on the stock is around $78.50m for an implied upside of about 5.2%.

Schlumberger’s relatively lower exposure to North America was once a plus for the company. As drilling in the shale plays has increased, however, that advantage has slowly disappeared. The company’s exposure in Iraq is also a concern. Even so, its implied gain is the best among this group.

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