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SLB filing events and research context

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SLB's research view summarizes recent SEC filing context, starting with mda_quarterly from Apr 29, 2026.

SLB filing events and research context
FiledItemContext
Apr 29, 2026mda_quarterlyFirst-quarter 2026 revenue reached $8.7 billion, a 3% year-over-year increase, though revenue declined 7% excluding the ChampionX acquisition. This organic decline was driven by 7% and 8% drops in international and North American markets, respectively. Geopolitical disruptions in the Middle East—which accounts for 70% of the region's $2.7 billion revenue—severely impacted the Well Construction and Reservoir Performance divisions, necessitating the demobilization of operations. Conversely, Production Systems revenue grew 23% to $3.5 billion, bolstered by ChampionX’s production chemicals and artificial lift businesses. Digital revenue rose 9% to $640 million, supported by Digital Operations. SLB anticipates a broad-based upstream recovery in 2027 and 2028, forecasting increased investment in deepwater offshore markets and short-cycle projects in North and Latin America as countries diversify supply. Financially, the company reported net debt of $8.2 billion and negative free cash flow of $23 million for the quarter. Full-year 2026 capital investments are projected at $2.5 billion. The company continues its $10 billion share repurchase program, having cumulatively repurchased $6.3 billion of common stock as of March 31, 2026.
Jan 23, 2026businessSLB operates as a global technology company providing integrated solutions across the energy value chain. The company organizes its business into four primary divisions: Digital, Reservoir Performance, Well Construction, and Production Systems. The Digital segment leverages cloud platforms like Delfi and Lumi, alongside AI-driven workflows, to optimize exploration and production. The Core divisions—Reservoir Performance, Well Construction, and Production Systems—provide the hardware and services necessary for drilling, well placement, and asset recovery. The 2025 acquisition of ChampionX significantly bolstered SLB’s leadership in production chemistry and artificial lift. Beyond traditional oil and gas, SLB is aggressively pursuing "New Horizons of Growth," including carbon capture and sequestration (CCS) through its SLB Capturi joint venture, geothermal energy, and critical minerals. Additionally, the company has expanded into Data Center Solutions, providing infrastructure for hyperscalers. SLB’s strategy balances these growth engines with a commitment to net-zero emissions by 2050, covering all three emission scopes. The company operates across five geographic basins, utilizing a decentralized structure to maintain agility. Key risks include seasonal weather disruptions, regional budget volatility, and the competitive necessity of continuous technological innovation. No single customer accounts for more than 10% of total revenue.
Jan 23, 2026mdaSLB’s 2025 performance was defined by a challenging macroeconomic environment, characterized by lower commodity prices and geopolitical uncertainty, which led to a 2% decline in global revenue to $35.7 billion. Excluding the $1.5 billion contribution from the $4.9 billion ChampionX acquisition, organic revenue fell 6% as growth in Digital and Data Center Solutions was offset by activity declines in Saudi Arabia, Mexico, and offshore Sub-Saharan Africa. Despite these headwinds, the company generated $4.1 billion in free cash flow and maintained its commitment to shareholder returns, distributing $4.0 billion. The company’s strategic pivot toward production and recovery is gaining traction, with increased demand for intervention services, artificial lift, and SLB OneSubsea. The Data Center Solutions business emerged as a high-growth engine, surging 121% year-on-year, while the Digital division saw 9% growth driven by automated operations. SLB expects 2026 to benefit from a recovery in Middle East rig activity and continued expansion in its digital and data center portfolios. Management remains focused on capital discipline, targeting $2.5 billion in capital investments for 2026 and a continued commitment to returning over $4 billion to shareholders through dividends and share repurchases.

Source: SEC EDGAR filing text and events; period Apr 29, 2026; filed Apr 29, 2026.

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