Schlumberger (SLB) Is Positioned for a Powerful MENA Cycle—Kuwait, UAE, Libya, and Iraq Are the Wildcards!

The latest financial results of SLB, formerly known as Schlumberger, provide several insights into the company’s current status and future prospects. Fourth-quarter performance showed strong operational and financial outcomes, with sequential revenue growth of 9%, partly supported by a stabilized global upstream activity. Growth in international revenue was at 7% and North American at 6%, excluding ChampionX, indicating stabilization in global upstream markets. However, the macro environment remains challenging, which presents a considerable risk factor for sustained performance. Operational highlights include strong product sales in Production Systems globally, increased exploration data sales, and robust demand for Digital Operations. Activity in the Middle East, particularly in Saudi Arabia, has begun to recover, driven by a resurgence in gas and oilfield intervention projects. In Asia, increased activity in regions like Australasia and East Asia was also noted, thanks to offshore gas developments. Each of SLB’s divisions showed varied performance.