New York, January 30, 2026, 15:29 (EST) — Regular session
- After slipping earlier in the week, SLB shares nudged down further in afternoon trading, retreating from their recent peak.
- The oilfield services company announced it secured two five-year deals in Oman, involving wellhead and pumping equipment for PDO’s Block-6 concession.
- Traders are focusing on crude prices, weekend supply policy signals, and U.S. drilling activity data due next week.
SLB (NYSE: SLB) shares slipped 0.3% to $48.30 in afternoon action on Friday, after fluctuating between $47.09 and $48.48. Around 10.8 million shares changed hands.
The pullback is significant since SLB’s order book usually tracks producer budgets, which in turn respond to crude prices. Even a small shift in oil prices can quickly alter the outlook, particularly for pumps, valves, and other equipment essential to sustaining older fields.
The catalyst this week is rooted in the Middle East, where national oil companies have maintained steadier spending compared to U.S. shale operators. Investors are weighing if the contract activity there can make up for weaker demand in other regions.
SLB announced Wednesday it secured two five-year deals from Petroleum Development Oman to provide wellheads and “artificial lift” systems for Block-6. These systems include both low- and high-pressure wellheads and electric submersible pumps, which help push oil to the surface when natural reservoir pressure drops. The contract also aims to start producing “made-in-Oman” gate valves within six months, under the country’s local-content program. “These awards reflect our deep commitment to Oman’s energy future,” said Jesus Lamas, SLB’s president for the Middle East and North Africa. SLB
Oil prices slipped on Friday following a strong rally earlier this week, with traders focused on rising U.S.-Iran tensions. Brent finished at $70.69 a barrel, while U.S. crude ended at $65.21. “It’s really all about Iran right now,” said John Kilduff of Again Capital. Reuters
Since a sharp January surge, the stock has been volatile. SLB dropped 3.53% on Wednesday after data revealed it underperformed rivals like Baker Hughes and Halliburton. It now trades roughly 5% below its 52-week peak set on Jan. 23.
In U.S. drilling, the Baker Hughes oil rig count held steady at 411 on Jan. 30, unchanged from the previous week, per Investing.com. This weekly figure is closely tracked as a leading indicator of demand since active rigs use oilfield services and equipment.
Supply policy will remain a key topic as the weekend approaches. Delegates told Reuters that OPEC+ is expected to maintain its current hold on boosting output for March when it meets Sunday.
SLB topped Wall Street’s fourth-quarter profit forecasts last week and boosted its dividend, Reuters reported, crediting the ChampionX deal. CEO Olivier Le Peuch warned North America land activity will “continue to decline year-over-year.” The company also projected shareholder returns to surpass $4 billion by 2026. Reuters
Downside risks still hinge on crude. If oil prices slip and producers cut back on spending, contract awards alone won’t be enough to lift sentiment. A Reuters poll on Friday put the forecast around $60 a barrel for this year. Norbert Ruecker of Julius Baer noted that “geopolitics brings lots of noise,” but the market seems “in a lasting surplus.” Reuters
Sunday’s OPEC+ decision and the Feb. 6 U.S. rig count update are on deck, key for oilfield services investors. SLB watchers want to see if Middle East contract wins continue and whether there are any new hints on customer spending heading into the new quarter.
