SLB, the world’s largest oilfield-services provider, raised its dividend and posted fourth-quarter earnings that beat estimates as activity in the Middle East and other key regions accelerated and its data-center business rapidly expanded.
The worst may be behind the global oil market, Chief Executive Officer Olivier Le Peuch said in a statement, predicting a gradual ramp-up in drilling activity in major regions including OPEC countries after a supply glut sent crude prices tumbling last year. Deriving the bulk of its revenue from overseas markets, Houston-based SLB is often regarded as a bellwether for the global oil industry and its financial health.
Shares rose by as much as 4.8% to $51.67, briefly hitting the highest price since April 2024 before paring gains.
“As we move into 2026, we believe that the headwinds we experienced in key regions in 2025 are behind us,” Le Peuch said. “In particular, we expect rig activity in the Middle East to increase compared to today’s level, and our footprint in the region puts us in a strong position to benefit from this recovery.”
The data-center business, which grew 121% from a year earlier, helped to shield the company from lower oil prices and geopolitical uncertainty, he added. SLB has also increased its focus on production and recovery services, which help drillers to boost efficiency and extract more crude at lower cost. SLB has been expanding into oilfield tech and other ancillary business lines to offset muted growth in traditional drilling and US shale activity.
SLB posted adjusted fourth-quarter earnings of 78 cents a share, surpassing analysts’ estimates of 74 cents. The company increased its quarterly divided 3.5% to 29.5 cents a share.
The company’s global footprint positions it to benefit from US government efforts to revive Venezuelan oil production, Bloomberg Intelligence analyst Scott Levine wrote in a note. Rival Halliburton Co. has expressed interest in a swift return to the South American nation.
SLB is already receiving calls from customers interested in working with the company in Venezuela, Le Peuch said during a call with investors and analysts Friday.
“Historically, we have been a leader in the country and we remain confident that with appropriate licensing, safety parameters and compliance measures in place, we can rapidly ramp up activities in support of the oil and gas industry in Venezuela,” Le Peuch said.
The Trump administration has no plans to directly provide security to oil producers in Venezuela, US Energy Secretary Chris Wright said Thursday.
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