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(Reuters) – SLB beat Wall Street estimates for third-quarter profit on Friday, as steady demand in North America and contributions from its recent ChampionX acquisition helped offset weakening oilfield activity in other regions.
The U.S. oilfield market appears to be stabilizing after months of reduced spending, but international demand, historically SLB’s major profit driver, remains tepid.
Latest data from Baker Hughes backed higher oilfield activity in North America. It showed that total rig count, an indicator of future output, in the region rose 3% to 718 at the end of the July-September quarter from the prior three-month period, while international rig count was steady at 1080.
CEO Olivier Le Peuch described the quarter as “resilient,” given an oversupplied oil market and geopolitical uncertainty.
Le Peuch said SLB expects international markets to rebound as supply and demand rebalance, supported by sustained investment in oil capacity, gas expansion projects and a constructive outlook for deepwater.
International revenue, which accounts for about 80% of SLB’s total, fell 7% to $6.92 billion in the third quarter, while North America revenue rose 14% to $1.93 billion.
The completion of SLB’s $7.75 billion acquisition of smaller peer ChampionX also added to its earnings in the latest quarter.
Excluding the impact of this acquisition, SLB’s third-quarter 2025 global revenue was down 9% from a year earlier.
The company reported an adjusted profit of 69 cents per share for the quarter ended September 30, compared with analysts’ estimate of 66 cents, according to data compiled by LSEG.
Reporting by Tanay Dhumal in Bengaluru; Editing by Anil D’Silva
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