SLB Tops Q3 Estimates on Middle East Recovery, North America Growth

SLB (NYSE: SLB) reported better-than-expected third-quarter results on Friday, as recovering Middle Eastern operations and strong North American activity offset a 7% year-over-year decline in earnings to $0.64 per share. Analysts had expected $0.62. Revenue rose 6% to $9.45 billion, beating Wall Street estimates of about $9.29 billion. North American revenue jumped 24% to $2.40 billion, aided by unconventional activity and production chemicals and artificial lift businesses from the ChampionX acquisition. International revenue edged up 1% to $6.99 billion, with Latin America growing 18% on offshore activity in Brazil, Guyana and Mexico. Middle East and Asia revenue climbed 9% sequentially to $2.81 billion, though still 6% below year-earlier levels amid continued disruptions from the Iran war. Production Systems revenue rose 15% to $4 billion, including nearly $950 million from ChampionX. Data Center Solutions revenue surged 76% to $230 million. SLB generated $828 million in free cash flow and repurchased $656 million of shares. Management expects international oilfield activity to strengthen in 2027.