SLB tops estimates on resilient North America demand, sees Middle East rebound

Oct 23 (Reuters) SLB beat Wall Street estimates for third-quarter profit on Friday, supported by strong North American oilfield activity, while signaling recovery in parts of the Middle East following conflict-related ​disruptions. Repeated flare-ups in the US-Iran conflict, now in its eighth ‌month, have pressured oilfield services companies with significant exposure to the region as customers delayed project decisions and ongoing operations were interrupted. Revenue from the Middle East and Asia rose 9% sequentially to $2.81 billion in the third quarter, even as it was down ‌6% ​from a year earlier. The Middle East ⁠is SLB s biggest market, accounting ⁠for 34% of total revenue in 2025. Activity improved in Iraq, Kuwait, Oman, Saudi Arabia, Qatar and the United Arab Emirates, although certain countries experienced renewed disruptions during the final weeks of the quarter, the ​company said in a statement. Latest data from Baker Hughes backed higher oilfield activity in the region. I