The world’s largest oil services provider, Schlumberger (SLB), has announced a net profit of $1.01bn for Q2 2025, marking a 27% sequential increase, although 9% lower year-on-year.
The company’s Q2 revenue also rose 1% sequentially to $8.55bn, though 6% lower year-on-year.
Over 80% of the U.S.-based company’s revenue comes from its broad international markets, which is why SLB is often viewed as a barometer for the health of the global oil service sector. Meanwhile, let’s examine the revenues generated across its operational regions in Q2 2025.
- Latin America: $1.49bn, flat sequentially
- Middle East & Asia: $2.99bn, flat sequentially
- North America: $1.65bn, down 4% sequentially
- Europe & Africa: $2.37bn, increased 6% sequentially
The impressive revenue performance for Europe & Africa was driven by;
- subsea production systems in Nigeria
- significant sales of artificial lift in North Africa
- higher digital revenue and increased sales of production systems in Europe.
However, the company said, “these increases were partially offset by lower offshore drilling, evaluation and stimulation activity in Namibia due to project conclusions and a pause in exploration activity.”
On the whole, SLB expresses optimism and says the market will remain resilient in the second half of 2025, despite uncertainties around customer demand.
“Despite pockets of activity adjustments in key markets, the industry has shown that it can operate through uncertainty without a significant drop in upstream spending,” SLB CEO Olivier Le Peuch said.
“Looking ahead, assuming commodity prices stay range bound, we remain constructive for the second half of the year. This is supported by our position in key markets, the depth of our diversified portfolio, and our increased exposure to the growing production and recovery market through the acquisition of ChampionX,” Le Peuch added.