SLB, the world’s biggest oil field services provider, reported a 13% revenue increase in the Middle East during Q3, driven by a gradual recovery across Iraq, Kuwait, Oman, Saudi Arabia, Qatar, and the UAE. Despite disruptions from the Iran war, the region’s rebound reflects broader energy sector resilience. CEO Olivier Le Peuch highlighted a compelling outlook for 2027, citing supply diversification and reserve replacement as key drivers.
SLB’s adjusted earnings of 64 cents per share beat analyst estimates, following similar gains from rival Halliburton. The region’s rig count has risen for five months, signaling easing supply disruptions and sustained production demand.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing