Oilfield services provider SLB reported third-quarter financial results on Friday, Oct. 23, 2026, that exceeded Wall Street expectations. The company recorded an adjusted profit of 64 cents per share, surpassing the 62 cents per share estimated by analysts. Total revenue for the quarter reached $9.45 billion, ahead of the $9.28 billion forecast. The results were supported by North American oilfield activity, which helped offset periodic disruptions in international markets.
The report comes during the eighth month of the U.S.-Iran conflict, a period that has created volatility for energy service companies with operations in the Middle East. While regional conflict led some customers to delay project decisions earlier in the year, SLB reported a 9% sequential increase in revenue from the Middle East and Asia, totaling $2.81 billion. Despite this quarterly growth, revenue from the region remained 6% lower than the same period in 2025.
In North America, SLB saw a 24% increase in revenue to $2.40 billion, supported by drilling activity in the United States. CEO Olivier Le Peuch also noted growth in Venezuela, where the company recently signed a contract with state-run PDVSA for oilfield data access. Additionally, SLB is expanding its non-oil business; in August 2026, it acquired cooling equipment manufacturer Kelvion for $4.1 billion to serve the growing data center and artificial intelligence infrastructure market.
The scale of the impact is reflected in the billions of dollars flowing through global energy infrastructure. Beyond traditional energy, the $4.1 billion acquisition of Kelvion indicates a shift in how energy companies are diversifying into the AI-driven cooling market. This move suggests that the infrastructure needs of the technology sector are becoming increasingly intertwined with the expertise of industrial energy firms.
Looking ahead, SLB management expressed a positive outlook for 2027, citing expected recoveries in Middle East activity and continued momentum in their digital and data center businesses. Industry-wide data from Baker Hughes supports higher oilfield activity in the region, showing a 4% sequential increase in the regional rig count to 504. While renewed disruptions were noted in the final weeks of the third quarter in some countries, the company intends to lean on its recent expansion into Venezuela and its new data center cooling division to drive future growth. No specific dates for upcoming project restarts in conflict zones were reported.