E3-37. Compute, Disaggregate, and Interpret RNOA of Competitors Halliburton and Schlumberger compete in the oil field services sector. Refer to the following 2018 financial data for the two companies to answer the requirements. $ millions HAL SLB Total revenue.. Pretax net nonoperating expense. . Net income.... Average operating assets. Average operating liabilities Marginal tax rate. Return on equity. $23,995 653 1,657 23,361 5,888 22% 18.56% $32,815 426 2,177 67,836 16,499 19% 5.86% a. Compute return on net operating assets (RNOA) for each company. b. Disaggregate RNOA into net operating profit margin (NOPM) and net operating asset turnover (NOAT) for each company. c. Discuss any differences in these ratios for each company. Identify the factor(s) that drives the differ- ences in RNOA observed from your analyses in parts a and b