SLB Sees Global Mid-Single-Digit Growth in Oilfield Services and Equipment Market Activity

SLB forecast mid-single-digit expansion in global oilfield services and equipment market activity for 2027, with the outlook tied to Middle East activity remaining at second-half 2026 levels and no material escalation in the regional conflict.

The forecast concerns industry activity rather than a 2027 sales or earnings target for SLB. A return to more normal activity in the Middle East could add upside to the forecast. SLB shares rose 7.08% Friday, Oct. 23, ending the session at $53.06 on the New York Stock Exchange, compared with $49.55 at the prior close. The market closed at 4 p.m. ET (20:00 UTC).

For the quarter ended Sept. 30, revenue reached $9.449 billion, up 6% from a year earlier and 5% from the second quarter. Adjusted earnings per share were $0.64, 16% above the preceding quarter but 7% below the year-earlier figure. GAAP diluted EPS was $0.49, down 2% year over year, and net income attributable to SLB totaled $735 million, a 1% decline.

ChampionX accounted for part of the revenue comparison. Acquired in 2025, the company contributed $956 million in the latest quarter, against $579 million a year earlier, when SLB's results included only two months of ChampionX. Excluding the acquisition, SLB's revenue rose 2% year over year.

Middle East revenue was about $1.9 billion, 13% higher sequentially. SLB's regional reporting combines the Middle East with Asia; together the area produced $2.807 billion, an increase of 9% sequentially and a 6% decrease year over year. Activity recovered during the quarter in Iraq, Kuwait, Oman, Saudi Arabia, Qatar and the United Arab Emirates after conflict-related operational interruptions. Some countries experienced further interruptions in the quarter's final weeks.

North American revenue totaled $2.401 billion, up 24% year over year. U.S. unconventional activity and demand for production chemicals and artificial lift supported North American revenue growth; Data Center Solutions also contributed to the sequential increase.

For the fourth quarter, SLB expects revenue of about $10 billion, a 5% to 7% sequential gain, if revenue from the Middle East remains flat at approximately $1.9 billion.