SLB sees mid-single-digit oilfield services growth in 2027

By Elena Vasquez

A mid-single-digit rise in global oilfield services and equipment market activity in 2027 is SLB's forecast.

The forecast concerns industry activity rather than a 2027 sales or earnings target for SLB. It assumes Middle East activity holds at second-half 2026 levels and that no material escalation occurs in the regional conflict.

SLB's stated outlook calls for "mid-single-digit expansion in global oilfield services and equipment market activity." The company also says a return to more normal Middle East activity could add upside to the forecast.

What does the 2027 forecast depend on?

The Middle East assumption carries the most weight because activity there rebounded after conflict-related operational interruptions. SLB ties its forecast to "Middle East activity remaining at second-half 2026 levels" and "no material escalation in the regional conflict."

For the fourth quarter, SLB expects revenue of about $10 billion, a sequential increase of 5% to 7%, if Middle East revenue remains flat at approximately $1.9 billion.

That target gives the outlook a clear near-term checkpoint. Some countries still experienced further interruptions during the third quarter's final weeks, making continued regional operating stability the condition attached to SLB's revenue guide.

The forecast is a view on industry activity, not guidance for SLB's own 2027 sales or earnings.

What did the third quarter show?

For the quarter ended Sept. 30, SLB reported revenue of $9.449 billion, up 6% from a year earlier and 5% from the second quarter. Adjusted earnings per share reached $0.64, 16% above the preceding quarter but 7% below the year-earlier result.

GAAP diluted earnings per share were $0.49, down 2% year over year. Net income attributable to SLB totaled $735 million, a 1% decline from a year earlier.

SLB's 2025 acquisition of ChampionX affected the revenue comparison. ChampionX contributed $956 million to the latest quarter, compared with $579 million a year earlier, when SLB's results included only two months of the acquired business. Excluding ChampionX, SLB said revenue rose 2% year over year.

That distinction separates underlying growth from the larger revenue base created by the acquisition. SLB delivered higher reported sales, while the adjusted comparison showed that revenue outside the acquired operation also expanded.

Which regions drove the results?

Middle East revenue reached about $1.9 billion, up 13% sequentially. Because SLB reports the Middle East together with Asia, the combined region generated $2.807 billion, an increase of 9% from the second quarter and a decrease of 6% from a year earlier.

Activity recovered during the quarter in Iraq, Kuwait, Oman, Saudi Arabia, Qatar and the United Arab Emirates after conflict-related operational interruptions. Some countries still experienced further interruptions in the quarter's final weeks, leaving the regional run rate exposed to further disruption.

North American revenue totaled $2.401 billion, up 24% year over year. U.S. unconventional activity and demand for production chemicals and artificial lift supported the increase. SLB's Data Center Solutions business also contributed to the sequential gain.

The regional figures show two different recovery paths. North America supplied the year-on-year growth, while the Middle East delivered a sequential rebound that remained sensitive to interruptions.

What should readers watch next?

For the fourth quarter, SLB expects revenue of about $10 billion, up 5% to 7% sequentially, with Middle East revenue holding at approximately $1.9 billion. The 2027 market forecast likewise depends on regional activity remaining at second-half 2026 levels and no material escalation in the conflict.

SLB shares rose 7.08% on Friday, Oct. 23, ending the New York Stock Exchange session at $53.06, compared with $49.55 at the prior close. The market closed at 4 p.m. ET, or 20:00 UTC.

The closing watch item is Middle East revenue: whether it stays near $1.9 billion as operating disruptions ease or intensify.