Baker Hughes (BKR)
Management upgraded the North America upstream outlook from "mid-single-digit decline" to "flat", but downgraded full-year OFSE EBITDA to the low-end ($2.325B) versus prior midpoint guidance, with Middle East OFSE expected to fall >20% sequentially in Q2. A new structural theme — "energy security as a foundational priority" — emerged as the strategic frame.
The narrative shifted dramatically from "steady execution amid macro softness" in Q4 2025 to "navigating a Middle East geopolitical shock" in Q1 2026, with the Strait of Hormuz closure and 20% of global LNG capacity offline becoming the dominant theme. Despite the disruption, IET orders accelerated to a record $4.9B (book-to-bill 1.5x) versus $4B in Q4, with Power Systems orders alone reaching $1.4B in Q1 — driving management to express increasing confidence the Horizon 2 IET order target will exceed $40B.
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Schlumberger (SLB)
For 2026 producer behavior, SLB now expects North American and Latin American short-cycle activity to strengthen first as a supply-security response, while NA upstream land activity is still flagged as declining year-on-year — directionally consistent with the Q4 2025 view that operators would remain disciplined and back-load 2026 budgets — but the broad-based upstream recovery thesis has been pushed from 2026 into 2027 and 2028. 3. Drilling and frac efficiency gains accelerated: edge drilling adoption is up 145% YoY, Digital ARR crossed $1B (+15% YoY vs +9% in 2025), the next-generation fully-electric Cameron frac fluid delivery system was launched, the longest well ever on the Norwegian Continental Shelf (10,895m MD) was completed, and the SLB-NVIDIA collaboration was expanded into an "AI Factory for Energy" with agentic AI for the energy industry.
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