From Yahoo Finance: 2025-04-28 11:40:00

Oilfield services provider SLB reported a 3% drop in Q1 revenues to $8.49bn, citing reduced drilling activity in Mexico, slow starts in Saudi Arabia and offshore Africa, and Russian sanctions. Latin America revenue fell 10%, contributing to a 5% total international revenue decline. North America revenue rose 8% due to data center growth.

SLB, along with rivals Halliburton and Baker Hughes, expressed concerns about diminishing demand and tariff-related expenses impacting their earnings. SLB CEO expects global upstream investment to decline in 2025, with Asia and the Middle East showing more resilience. Half of SLB’s operations could be affected by tariffs, prompting cost reduction efforts.

SLB is optimizing supply chains, passing tariff costs to customers, and aligning resources with projected activity levels. The company expects revenue for H2 2025 to range from flat to a mid-single-digit increase over H1. Earlier, SLB won a contract to drill ultra-deep-water wells for the Trion project in Mexico.



Read more at Yahoo Finance: SLB reports lower spending by oil producers and impacts from tariffs