Increased offshore development activity in Guyana, Brazil and Mexico supported SLB’s Latin America performance during the second quarter of 2026, with the oilfield services company reporting US$1.71 billion in regional revenue.
SLB reported its second-quarter results on July 24, showing that Latin America revenue increased 12% compared with the previous quarter and 9% year over year.
The company attributed the quarterly increase to higher SLB OneSubsea revenue, increased digital exploration sales in Brazil, stronger offshore drilling activity in Brazil, and production systems sales in Guyana and Mexico.
“SLB delivered solid second-quarter results, as broad-based sequential growth across international markets — led by offshore activity in Latin America, Europe & Africa and Asia — more than offset the impact of continued disruptions in the Middle East,” SLB Chief Executive Officer Olivier Le Peuch said.
SLB’s OneSubsea business provides subsea production technologies used in offshore oil and gas developments.
SLB is a key contractor to ExxonMobil in Guyana, where the U.S. oil major and its co-venturers are advancing multiple deepwater projects in the prolific Stabroek Block. Production has already surpassed 900,000 barrels per day, with additional developments scheduled to come online this year and in the years leading up to 2030.
Globally, SLB generated US$8.97 billion in revenue during the quarter, representing a 3% sequential increase and a 5% increase compared with the same period in 2025. Net income attributable to SLB totaled US$786 million, while adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) reached US$1.90 billion.
“Production Systems revenue grew 7% sequentially supported by U.S. unconventionals and international markets, as customers increasingly prioritized solutions that enhance production, improve recovery and extend asset life,” Le Peuch stated.
Looking ahead, SLB said its growth outlook for 2027 will be supported by continued offshore momentum, stronger demand for production and recovery technologies, and ongoing expansion of its digital businesses.
According to the company’s CEO, SLB expects deepwater, exploration and production activities to remain strategically important as energy markets focus on supply diversification.
“The combination of improving activity in the Middle East, strengthening offshore momentum led by exploration and deepwater, stronger demand for production and recovery solutions, continued Digital growth and increasing adoption of our Data Center Solutions business provides a strong foundation for SLB’s growth heading into 2027,” Le Peuch said.
