Schlumberger NV (SLB.N): 3Q26: Modest Beat; Focus on 2027

SLB delivered a modest 3Q beat, supported by a recovery in Middle East activity and strength across NAm and international offshore markets. 3Q EPS of $0.64 beat consensus of $0.62 (MSe $0.61), with revenue of $9.45B and EBITDA of $2.07B each 2% above expectations, while FCF missed by 17%. Growth broadened: ME +13% Q/Q, NAm +7% and international +5%, with Production Systems (+6% Q/Q) leading the Core on OneSubsea and ChampionX strength, while Well Construction and Reservoir Performance each grew ~5% Q/Q. 4Q guidance implies revenue of ~$10.0B and EBITDA of ~$2.32B at the midpoint, roughly in line with consensus, assuming ME revenue flat Q/Q at ~$1.9B. For 2027, management expects MSD% growth in global OFSE activity with SLB's Core divisions outperforming, driven by offshore development, renewed exploration, production/opex-levered spend and Venezuela;