SLB Middle East revenue rises 13% in Q3 as oil field activity recovers

SLB, the world's biggest oil field services provider, reported that its Middle East revenue rose 13% in the third quarter from the prior period, despite disruptions late in the quarter. Rigzone reported that the company said so on Friday in its earnings statement.

Securities.io and OilPrice.com published further figures from the same results. Rigzone described the Middle East business as showing a gradual recovery despite disruptions from the Iran war.

What we know

• Rigzone reported that SLB said the growth reflected a rebound in activity, with improvements in Iraq, Kuwait, Oman, Saudi Arabia, Qatar and the United Arab Emirates.
• Securities.io reported third-quarter revenue of $9.45 billion, with Middle East & Asia revenue of $2.807 billion up 9% sequentially, including 13% growth in the Middle East as activity rebounded from conflict-related disruptions in the prior quarter.
• Securities.io also reported that certain countries experienced renewed disruptions during the final weeks of the quarter.
• OilPrice.com reported that Middle East and Asia revenue climbed 9% sequentially to $2.81 billion, although it remained 6% below year-earlier levels.
• Rigzone reported adjusted earnings of 64 cents a share, beating the average analyst estimate of 62 cents, and quoted Chief Executive Officer Olivier Le Peuch as saying: "We see a very compelling outlook for 2027, with further upside as Middle East activity recovers."
• Rigzone reported that rival Halliburton Co. said on Tuesday it has seen more business in Iraq, Saudi Arabia and Kuwait as the war in Iran drags on, and predicted higher revenue from the region in the fourth quarter.

What we don't know yet

• Securities.io did not name the countries that experienced renewed disruptions in the final weeks of the quarter.
• Rigzone said the region's oil and gas rig count has risen for the past five months, "suggesting" supply disruptions may be easing, but it did not say that they have eased.
• None of the three outlets gives a Middle East revenue forecast for 2027. Le Peuch referred only to "further upside" if activity recovers, and OilPrice.com said management expects international oilfield activity to strengthen in 2027.
• Rigzone reported that the Iran war is continuing but gave no indication of when the disruptions might end.