Earnings Highlights SLB

Schlumberger (SLB)
Schlumberger said that upstream investments have been constrained by the oversupplied oil market. The company’s total Q1 2025 revenue dropped 3% YOY due to lower drilling activity in Mexico, Saudi, and Russia. Growth in the North American market was driven by the offshore market.

The company stated that customers are likely to take a more cautious approach going forward in 2025. SLB expects global upstream spending to decline YOY in 2025. The company still remains positive on the long-term prospects for oil and gas. Currently, SLB can't estimate the impact of tariffs.