斯伦贝谢公司 (SLB.US) 2026年第二季度业绩电话会
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会议摘要
SLB reported strong Q2 earnings with a 7% increase in production systems revenue, driven by subsea and artificial lift valves. The company anticipates continued growth in offshore projects and data center solutions, aiming for a $2 billion annualized revenue by 2027. It expects 3-4% Q3 revenue growth and Q4 revenue to surpass 2025 levels by 5%, with a target adjusted EBITDA margin of 24%. SLB is confident in its strategic execution and market positioning for solid growth in 2027, supported by investments in pollution recovery and advanced science, and a commitment to returning over $4 billion to shareholders in 2026.
会议速览
SLB's Q2 Earnings Highlight: International Growth, North America Rebound, and Strategic Focus on Pollution Systems and DigitalThe dialogue discusses SLB's Q2 2026 earnings, emphasizing international growth, particularly in Latin America and Asia, alongside a North America rebound. Key areas of focus include pollution systems, digital, and enhanced recovery solutions. Despite challenges in Iraq, the company maintains a strategic approach to protect personnel and facilities, aiming for gradual activity restoration. Adjusted EBITDA margins surpassed 20%, reflecting strong execution and cost management, especially in pollution systems and Chopin, which achieved margin expansion for the third consecutive quarter.
Strong Digital Growth, Strategic Execution, and Data Center Expansion in a Dynamic MarketThe dialogue highlights robust digital performance with a 35% EBITDA margin, strategic execution, and data center solutions growth. Despite market challenges, the company anticipates a favorable upstream investment environment, driven by inventory replenishment and energy security needs. Digital operations, AI, and data center strategies are emphasized, aiming for $2 billion annualized revenue by 2027 and expanding into decarbonized power and cooling solutions, positioning the company as a key player in the AI economy.
Outlook for Revenue Growth Amid Geopolitical Uncertainty in the Middle EastThe company forecasts 3-4% revenue growth for Q3, considering a gradual Middle East recovery. A downside scenario due to geopolitical volatility could reduce revenues by $150 million. Q4 outlook anticipates revenue surpassing $2 billion, with a 5% YoY growth and an EBITDA margin of 24%, positioning for solid growth in 2027.
Q2 Financial Results: EPS Up 3 Cents, Revenue Grows 3% Despite Middle East DisruptionsEarnings per share increased by 3 cents sequentially to 55 cents, excluding charges, while revenue rose 3% to $9 billion. The quarter saw 3 cents of merger and integration charges, with Middle East disruptions noted.
Q2 Financials Highlight: Revenue Growth in Asia, Latin America, and Africa Offsets Middle East DeclineDespite a 13% sequential drop in Middle East revenue, global performance showed resilience with gains in Asia, Latin America, and Africa. Digital revenue surged 9%, driven by exploration data and platform sales, while reservoir performance dipped 2% due to regional conflicts. Production systems revenue rose 7%, benefiting from subsea and artificial lift sales. Improved profitability in key regions led to margin expansions, and free cash flow saw a significant boost, marking a strong Q2 financial performance.
2026 Shareholder Returns Target and Financial Projections for the YearThe company forecasts higher free cash flow in the second half of the year due to improved earnings and reduced inventories. Capital investments are expected to total around $2.5 billion for the year, with $643 million allocated for the second quarter. Stock repurchases of at least $2.4 billion are planned for the year, aligning with 2025 goals. The company aims to return over $4 billion to shareholders in 2026 through dividends and buybacks.
Initiating QA Session with Citigroup's Scott GruberA moderator initiates the question-and-answer session, instructing participants on how to ask questions and announces the first question from a Citigroup representative.
Analysis of Q4 Revenue Growth and Exploration Cycle Durability in the Energy SectorThe dialogue discusses anticipated revenue growth in Q4, particularly highlighting the Middle East's recovery and the strengthening of data center sales. It also explores the durability of the exploration cycle, attributing its strength to energy security needs and reserve replacement, supported by advanced technologies and digital offerings in the industry.
Middle East Oil Industry Recovery Post-Conflict: Urgency and Initial Work PrioritiesDiscusses the urgency to restore oil production and drilling activities in the Middle East post-conflict, highlighting initial focus on pollution recovery, well interventions, digital deployment, and capacity expansion to meet lost supply, with varying recovery speeds across countries.
Offshore Business Growth and Middle East Production Recovery InsightsDiscusses the robust growth in offshore business, highlighting increased production and activity, particularly in Africa, the Mediterranean, East Asia, and Latin America. Anticipates a gradual recovery of Middle East production, noting security and capacity challenges will extend the timeline beyond immediate expectations.
Simplifying Modular Data Center Solutions: A Value Proposition for Scalability and EfficiencyExplained the modular construction and manufacturing process for data center components, emphasizing the benefits of reliability, scalability, and reduced lead times. Highlighted the economic advantages including higher free cash flow conversion, despite potentially lower EBITDA margins. Showcased the capability to deliver large-scale, high-quality equipment to diverse data center sites globally, leveraging engineering, logistics, and design expertise.
Expanding Data Center Operations: Prefab Work Scaling, Capital Efficiency, and System IntegrationThe discussion focuses on the financial benefits and scalability of a data center business, highlighting its positive impact on earnings and free cash flow. The speaker addresses opportunities for expansion, such as the gigawatt data center project in Canada with Meta, and discusses constraints to scaling, including facility size and optimizing current operations. The business model is praised for its low capital intensity, and the company is ready to scale by leveraging lessons learned from previous projects, enhancing system integration capabilities, and expanding into new markets.
Middle East Pipeline Opportunities and Market Position ReinforcementThe dialogue discusses the Middle East pipeline of potential opportunities, highlighting recent wins in Saudi Arabia, UAE, and Kuwait, and expresses confidence in upcoming awards to solidify market position.
Digital Transformation and Subsea JV Progress Drive Growth and Margin ImprovementsThe dialogue highlights advancements in digital capabilities, subsea joint ventures, and margin improvements across segments, emphasizing the strategic importance of digital operations and AI for future growth and customer value creation.
Venezuela's Recovery & SLB's Strategic Expansion in Offshore DrillingDiscusses SLB's strategic framework agreement in Venezuela, post-earthquake recovery, and the company's positioning for future growth. Highlights the importance of FID projects for multi-year revenue growth, emphasizing the timeline from FID to revenue realization and the phased nature of offshore drilling projects.
Middle East Market Dynamics and Data Center Solutions ExpansionDiscusses pricing dynamics and cost impacts in the Middle East, highlighting recovery strategies and improved logistics. Also covers the expansion of data center solutions, aiming for significant growth through organic and inorganic means, targeting a $2 billion exit rate by year-end.
Strategies for Achieving a 2 Billion Run Rate in Cooling and Data Center SolutionsThe discussion focuses on reaching a 2 billion run rate through existing backlogs and expanding opportunities in cooling and data center solutions. It highlights confidence in current pipeline, plans to enhance technology offerings, and the importance of digital and AI solutions in driving growth. The market outlook is positive, with increased customer investment supporting business expansion.
要点回答
Q：What was the overall performance of SLB in the second quarter of 2026?
A：In the second quarter of 2026, SLB had a solid performance marked by broad-based international growth, a rebound in North America (excluding the Middle East), and increased trading across all divisions globally. This was supported by higher shore activity in Latin America, Europe, Africa, Indonesia, Nigeria, and Asia including China, India, and Australia.
Q：Which division within SLB showed continued momentum and why?
A：The momentum in pollution systems and digital was continued, with pollution systems seeing growth from higher demand in ash lift valves, surface pollution systems, pollution chemicals, and stronger subsea activity, particularly in North America and Latin America.
Q：What were the adjusted EBITDA margins for the divisions and how did pollution systems perform?
A：Adjusted EBITDA margins returned to above 20% for pollution systems, supported by strong execution, with Chopin delivering second-quarter margin expansion for the third consecutive quarter. Digital also had very strong results with adjusted EBITDA margins reaching approximately 35% for the quarter.
Q：What is the current view of the industry and the future growth drivers?
A：The industry is viewed as digital with several examples of recent customer contracts and deployments. The company is confident that the key growth drivers highlighted at the Digital Investor Day, such as digital operations and AI, will continue with strong momentum across the industry.
Q：How did well services and the data center solutions perform?
A：Well services performance declined slightly due to activity disruptions in the Middle East, but was offset by stronger activity in North America and other international markets. Data center solutions continued strong growth with revenue increasing 33% sequentially and 80% year-over-year.
Q：What are the structural drivers and investment priorities following the conflict in the Middle East?
A：Structural drivers include replenishment of commercial inventories and strategic reserves, supply diversification, and development of domestic resources to enhance energy security. These priorities support favorable investment backlogs across short and long cycle markets, with a renewed focus on exploration and pollution recovery from existing assets.
Q：What is the forecasted trend for international activity and investment in the upstream sector?
A：The market is starting to exhibit characteristics of an up cycle with growing international and deep activity. Third-party reports indicate final investment decisions for long cycle projects are expected to increase by approximately 30% year on year in 2026, supporting higher export spending and upstream capital expenditure growth.
Q：What is the outlook for the third and fourth quarters in terms of revenue growth and EBITDA margins?
A：For the third quarter, the base case assumes a gradual recovery in Middle East activity with global second-quarter revenue growth between 3 and 4%, and a digest EBITDA margin expansion of approximately 75 basis points. For the fourth quarter, the preliminary outlook assumes Middle East activity between $2.1 and 2.2 billion, with revenue surpassing the fourth quarter of 2025 by approximately 5%, and an adjusted EBITDA margin of approximately 24%.
Q：What is the role of digital in the company's strategy?
A：Digital is considered a new catalyst in the company's strategy, which will be used as an occasional catalyst to accelerate digital deployment and unlock the potential of existing wells, ensuring best performance.
Q：What does the company anticipate for its subsea business in the next few years?
A：The company has set an ambition for its subsea business to reach $9 billion over two years, indicating visible and attractive growth compared to current revenue rates in 2026 and 2027.
Q：What factors could influence the growth trajectory of the company's business?
A：Factors influencing the growth trajectory include the timing of project mobilizations throughout the year, the exact timing of awards still dependent on third parties and host countries, and the approval process for Fi. The company sees significant activity starting in various regions like Africa, the Mediterranean, East Asia, Latin America, and the mature basins of North Sea, Norwegian sector, and Gulf of Mexico.
Q：Why does the company believe production will take longer to return to pre-conflict levels in some countries?
A：The company believes production will not return to pre-conflict levels quickly because certain countries lack the security and pollution capacity needed for a rapid recovery. It will take time for intervention and the capacity that these countries possess to restore production. This is a mix of conditions ranging from untouchable countries like Oman to those severely damaged like Iraq and Kuwait, with varying degrees of mobility and recovery rates.
Q：How is the data center product offering described and what is its value proposition?
A：The data center product offering includes highly reliable, modular construction equipment for the server row of the data center and its cooling equipment. It is packaged with modular construction to deliver to a data center site quickly and flexibly, offering dependable, scalable solutions with quality and short lead times. This allows for value assurance and the ability to demonstrate scalability for any data center in any state.
Q：What is the financial profile of the data center business and how does it contribute to earnings and free cash flow?
A：From a margin standpoint, the data center business is not yet as profitable as the overall margins of SLB, but it is very accretive to top-line and earnings growth. The business has a capital light model and generates strong free cash flow due to the nature of its contracts and operational efficiency.
Q：What is the potential for scaling the data center business and what are the constraints?
A：The data center business has been able to scale beyond original plans by expanding, improving, and optimizing operations. Specific constraints have been set, but for the Canada setup with Meta, the company will establish a 'Sister Center' model similar to successful projects in Shaport. The business is ready to scale due to lessons learned, inquiry capacity, and the ability to integrate and commission modules for system integration and design.
Q：Can you describe the company's pipeline in the Middle East and how it compares with industry peers?
A：The company has a pipeline of potential opportunities in the Middle East but does not disclose specific details or compare with industry peers. However, the company has noted a number of tender announcements from other OFS peers in Saudi Arabia and Iraq and is positioned to potentially benefit from these opportunities.
Q：What are the expected phases and duration of the deep water projects?
A：Deep water projects are expected to last in excess of 5 to 6 years and are typically divided into phases that are planned and scaled by the customer, with a duration that goes beyond the initial investment phase.
Q：What is the recent situation regarding pricing dynamics in the Middle East?
A：Pricing dynamics in the Middle East have been influenced by some legacy contracts and a mature business model in the country. However, the market is tightening as it mobilizes for additional growth, which is expected to improve the outlook and make pricing less of a headwind in the future.
Q：How are the company's logistics and supply chain adapting to disruptions and cost inflation?
A：The company is learning to manage logistics and supply chain disruptions by localizing risks and sourcing differently to avoid excessive costs. This is to ensure business continuity and efficiency as they mobilize within each country, with the expectation that these measures will reduce the impact of disruptions over time.
Q：What portion of the data center spending is currently addressable for FLV, and how can they capture it?
A：FLV is confident that it can grow organically with the diversity of its solutions and scope expansion, which is expected to drive an exit rate exceeding $2 billion by the end of the year. The potential for growth is seen in expanding the scope and extending services beyond cooling to include thermal management and decarbonized power.
Q：How much of the $2 billion run rate is already in the backlog, and how much more needs to be obtained?
A：The backlog is already in place to support a $2 billion run rate, which means that the company is confident that it does not need to chase additional revenue from future projects to meet this target. The pipeline includes projects secured in the last 6 to 9 months, which are in various stages of development.
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