SLB (SLB) official guidance

For the full year, we still expect capital investments to be approximately $2.5 billion.

As a result, we anticipate finishing the year with double-digit year-on-year growth and adjusted EBITDA margins exceeding 35%.

We also expect adjusted EBITDA margins to expand 100-150 basis points.

We continue to see this opportunity broaden across Latin America, Africa, the Eastern Mediterranean, and Asia, with FID expected to increase more than 30% year-on-year in 2026 and many projects advancing from sanction into execution.

Looking ahead, consistent with our historical pattern, we expect a meaningful step-up in free cash flow in the fourth quarter, supported by lower inventory following year-end product sales and higher customer collections.

Looking ahead to 2027, assuming Middle East activity remains at second half 2026 levels and that the conflict doesn't materially escalate, we expect global OFS market activity to grow in the mid-single digits with normalization of activity in the Middle East providing further upside.

And we are well on track for surpassing $1 billion by the end of this year as a run rate.

And we are still on track and very well on track to surpass $2 billion in exit rate for 2027.

Given the ongoing uncertainty, our fourth quarter outlook assumes Middle East revenue remains flat sequentially at approximately $1.9 billion, representing about 83% of revenue generated in the first quarter of 2025.

Based on this assumption and supported by continued deepwater momentum as well as the typical year-end strength in Digital and product sales, we expect overall fourth quarter revenue to reach approximately $10 billion, representing an increase of 5%-7% sequentially.

At the division level, we anticipate combined revenue from the core division to sequentially increase by low single digits, led by high single-digit growth in Production Systems and with Well Construction Reservoir Performance essentially flat.

Beyond the core, we expect Digital to continue its established growth trajectory, while our Data Center Solutions business will continue to accelerate as a meaningful growth engine for the company.

As a result, we anticipate finishing the year with double-digit year-on-year growth and adjusted EBITDA margins exceeding 35%.

Beyond the core, we expect Digital to continue its established growth trajectory, while our Data Center Solutions business will continue to accelerate as a meaningful growth engine for the company.

In Digital, revenue is expected to increase in line with fourth quarter historical trends, led by significant uptake in typical year-end Digital exploration sales.

As a result, when excluding the Middle East, global fourth quarter revenue is expected to grow in the high single digits year-on-year.

At the division level, we anticipate combined revenue from the core division to sequentially increase by low single digits, led by high single-digit growth in Production Systems and with Well Construction Reservoir Performance essentially flat.

At the division level, we anticipate combined revenue from the core division to sequentially increase by low single digits, led by high single-digit growth in Production Systems and with Well Construction Reservoir Performance essentially flat.

Our revenue in Venezuela is on track to more than double this year, with strong momentum among U.S. and European E&Ps, supporting the potential for multifold growth in 2027.

Our revenue in Venezuela is on track to more than double this year, with strong momentum among U.S. and European E&Ps, supporting the potential for multifold growth in 2027.