SLB Sees Growth Broadening Beyond Mideast as Recovery Takes Time

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomePMN BusinessSLB Sees Growth Broadening Beyond Mideast as Recovery Takes TimeSLB, the world’s biggest oil field services provider, said it will take time for full production capacity to return to the Middle East and will require a durable resolution to the US-Iran conflict.Author of the article:Emma Sanchez and David Wethe You can save this article by registering for free here. Or sign-in if you have an account.(Bloomberg) — SLB, the world’s biggest oil field services provider, said it will take time for full production capacity to return to the Middle East and will require a durable resolution to the US-Iran conflict. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountThe company, which helps clients drill oil wells and map underground pockets of crude, said the conflict is encouraging customers to spread investment across more regions, supporting demand for deepwater drilling, exploration and projects that increase production from existing fields, according to a statement Friday. “While activity began to recover in certain countries during the second quarter, the timing of a full recovery remains uncertain and will depend on a durable resolution of the conflict,” Chief Executive Officer Olivier Le Peuch said in the statement. “As activity improves, we expect the return to full production capacity to take time.”Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againThe results follow mixed investor reactions to earnings from Halliburton Co. and Weatherford International Plc as oil-price volatility and geopolitics cloud the outlook for upstream spending through the end of 2027. Despite the robust profits reaped by major oil producers since the Iran war kicked off in late February, management teams are hesitant to increase drilling budgets without more clarity on where energy markets are headed.SLB posted adjusted second-quarter earnings of 55 cents a share, surpassing the 51-cent median of analyst estimates. Shares rose 4.3% before the start of regular trading in New York.Weatherford executives said earlier in the week they expect Middle East activity to continue to recover but that it’ll take some time to fully normalize. Activity has largely rebounded to pre-war levels in Saudi Arabia and the United Arab Emirates, though many wells in Kuwait and offshore Saudi Arabia remain shut, David Anderson, an analyst at Barclays, wrote in a note.Given its long-standing relationships with state-controlled oil companies, “SLB should be the first call for both near-term production restoration and the medium-term capacity catch-up,” Anderson wrote.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.