SLB revenue rises as Middle East oilfield activity recovers

SLB, which supplies equipment, technology and field services to oil and gas producers, reported third-quarter 2026 revenue of $9.449 billion, up 5% from the second quarter and 6% from a year earlier.^[1] Its Middle East business began gradually recovering after a difficult start to the year, supporting the revenue increase.^[2]

The recovery has support beyond the Middle East: coverage of SLB's earnings call also identified growth in North American land and international deepwater activity as contributors to results.^[3] When producers increase drilling and production work, they buy more services and equipment; sustained orders can help providers use crews and equipment more fully and spread fixed costs over more revenue.

SLB's overall profitability remained under pressure. Its pretax margin under US generally accepted accounting principles—the share of revenue left as profit before tax—was 10.8%, down from 11.4% in the second quarter; net income attributable to SLB was $735 million, down 1% from a year earlier.^[1] For rivals, rising activity creates an opportunity, while the profit benefit still depends on service pricing and cost control.

Impact