SLB First Quarter 2026 Financial Performance and Market Outlook

SLB, a US-based oilfield services company, reported a 6% decline in net profit for the first quarter of 2026, attributing the drop to disruptions from the ongoing Middle East conflict. Net profit attributable to the company was $752 million ($0.50 per share), down from $797 million ($0.58 per share) in the same period last year. Diluted earnings excluding charges and credit stood at $0.52 per share, matching Wall Street analyst consensus.

Net revenues increased 3% year-on-year to $8.72 billion, driven by a 26% surge in North America revenues to $2.17 billion. However, international revenues fell 4% to $6.47 billion. CEO Olivier Le Peuch noted that the impact of Middle East disruptions was most pronounced in the well construction and reservoir performance divisions, leading to demobilized operations in several regional countries due to customer safety measures.

Beyond the Middle East, revenue grew in all other markets, supported by strategic moves including the $7.8 billion acquisition of rival ChampionX in the third quarter of 2025, as well as digital and data center solutions. Looking ahead, SLB expects global liquid supply and demand to rebalance gradually through 2026 and into 2027, a process accelerated by the Middle East conflict. The company now anticipates post-conflict commodity prices to remain above pre-conflict levels, driven by near-term supply disruptions from infrastructure impairments, production impacts, and a larger geopolitical risk premium.