SLB, la plus grande entreprise de services p\u00e9troliers au monde, se transforme discr\u00e8tement en entreprise technologique en 2026. Ses r\u00e9sultats du deuxi\u00e8me trimestre montrent une stagnation, voire une l\u00e9g\u00e8re baisse, de son activit\u00e9 principale de forage et de services, tandis que les revenus num\u00e9riques r\u00e9currents et les activit\u00e9s li\u00e9es aux centres de donn\u00e9es d'IA connaissent une croissance \u00e0 deux ou trois chiffres. Cette restructuration d\u00e9lib\u00e9r\u00e9e de la source des profits rec\u00e8le un enseignement essentiel pour tous les acteurs du secteur \u00e9nerg\u00e9tique\u00a0: misez sur la technologie et la valeur ajout\u00e9e r\u00e9currente, et non sur le volume.<\/p>\n
SLB, formerly Schlumberger, is the world’s largest oilfield services company, and in 2026 it is pivoting from selling oilfield equipment and services toward higher margin, recurring digital revenue and AI data center infrastructure. In the second quarter of 2026 it reported revenue of about 8.97 billion dollars, up 5 percent year on year, ahead of analyst estimates. Digital annualized recurring revenue reached 1.04 billion dollars, up 15 percent, at EBITDA margins near 35 percent, and Data Center Solutions revenue rose 80 percent year on year. The strategy is to grow the parts of the business that recur and scale with software, so profit is engineered rather than left to depend on the drilling cycle.<\/p>\n
Le 24 juillet 2026, SLB a annonc\u00e9 un chiffre d'affaires de 8,97 milliards de dollars pour le deuxi\u00e8me trimestre, en hausse de 5 % par rapport aux 8,55 milliards de dollars de l'ann\u00e9e pr\u00e9c\u00e9dente et sup\u00e9rieur d'environ 3 % aux pr\u00e9visions des analystes. Le b\u00e9n\u00e9fice ajust\u00e9 s'est \u00e9tabli \u00e0 55 cents par action, d\u00e9passant ainsi le consensus de 51 cents. Le cours de l'action a fortement progress\u00e9 suite \u00e0 cette publication, t\u00e9moignant du soulagement des investisseurs quant \u00e0 la croissance de l'entreprise malgr\u00e9 une p\u00e9riode de ralentissement du cycle de forage.<\/p>\n
Le chiffre global importe moins que sa composition. La performance a \u00e9t\u00e9 tir\u00e9e par les syst\u00e8mes num\u00e9riques et de production, ainsi que par une croissance g\u00e9n\u00e9ralis\u00e9e hors du Moyen-Orient. Le chiffre d'affaires en Am\u00e9rique du Nord a progress\u00e9 de 36 % sur un an pour atteindre 2,24 milliards de dollars, tandis que le chiffre d'affaires international a recul\u00e9 de 3 % \u00e0 6,67 milliards de dollars, frein\u00e9 par un ralentissement de l'activit\u00e9 dans certaines r\u00e9gions du Moyen-Orient. Autrement dit, la croissance provient des segments \u00e0 forte marge et \u00e0 forte intensit\u00e9 technologique, et non du moteur traditionnel des services internationaux.<\/p>\n
This is the tell. SLB is a services company by history, but the results it now leads with are the ones that behave like a software business: recurring, high margin, and scalable. That is a choice, and it is reshaping the company’s investment case.<\/p>\n
Le chiffre d'affaires r\u00e9current annualis\u00e9 du num\u00e9rique a atteint 1,04 milliard de dollars au cours du trimestre, soit une hausse de 15 % par rapport aux 904 millions de dollars enregistr\u00e9s un an plus t\u00f4t. Le chiffre d'affaires num\u00e9rique a progress\u00e9 de 9 % par rapport au trimestre pr\u00e9c\u00e9dent, et la marge d'EBITDA avoisine les 35 %. \u00c0 titre de comparaison, cette marge est nettement sup\u00e9rieure \u00e0 la moyenne de l'entreprise\u00a0; ainsi, chaque dollar suppl\u00e9mentaire g\u00e9n\u00e9r\u00e9 par le num\u00e9rique contribue davantage au r\u00e9sultat net qu'un dollar investi dans les services traditionnels.<\/p>\n
The engine is a platform stack. On the earnings call, chief executive Olivier Le Peuch framed it directly: digital operation and AI will be the key lever of growth and adoption in the market, and SLB’s move from Delfi to Lumi to Agora, its edge platform, and Tela, its AI platform, provides, in his words, the comprehensive differentiated offering that is attracting market award. Read past the product names and the strategy is clear: bundle data, cloud, edge and AI into one integrated offering that customers subscribe to rather than buy once.<\/p>\n
Les revenus r\u00e9currents transforment l'activit\u00e9. Ils fluidifient le cycle de forage, am\u00e9liorent les marges globales et renforcent la relation client, car une plateforme par abonnement est bien plus difficile \u00e0 remplacer qu'un outil ou une intervention ponctuelle. C'est pourquoi SLB continue de privil\u00e9gier le num\u00e9rique, m\u00eame s'il ne repr\u00e9sente encore qu'une fraction du chiffre d'affaires du groupe.<\/p>\n
Le secteur d'activit\u00e9 ayant connu la plus forte croissance au cours du trimestre est celui des solutions pour centres de donn\u00e9es, dont le chiffre d'affaires a progress\u00e9 de 80 % sur un an et de 33 % par rapport au trimestre pr\u00e9c\u00e9dent, pour atteindre 186 millions de dollars. La direction pr\u00e9voit un chiffre d'affaires annualis\u00e9 sup\u00e9rieur \u00e0 1 milliard de dollars fin 2026 et indique que le carnet de commandes permet d'atteindre un chiffre d'affaires annualis\u00e9 sup\u00e9rieur \u00e0 2 milliards de dollars fin 2027. Il s'agit d'une trajectoire remarquable pour un secteur que la plupart des investisseurs n'associaient pas, il y a deux ans, \u00e0 une entreprise de services p\u00e9troliers.<\/p>\n
The logic is that AI data centers need power, cooling, and the kind of large scale industrial engineering, subsurface expertise and thermal management that SLB has built over decades in energy. Rather than treat the AI boom as someone else’s story, SLB is positioning to supply the infrastructure underneath it, in the same way Chevron and others are moving to sell power and behind the meter solutions. It is a deliberate widening of the addressable market beyond the barrel.<\/p>\n
Pour une entreprise dont le march\u00e9 principal conna\u00eet une croissance lente, trouver un vaste march\u00e9 adjacent \u00e0 forte croissance fait toute la diff\u00e9rence entre une action sous-\u00e9valu\u00e9e et une entreprise \u00e0 fort potentiel de croissance. SLB mise sur la diversification\u00a0: si le secteur du forage reste atone, les centres de donn\u00e9es et le num\u00e9rique peuvent assurer la croissance.<\/p>\n
Le point faible se situe \u00e0 l'international, et plus pr\u00e9cis\u00e9ment au Moyen-Orient, o\u00f9 un recul de 3 % du chiffre d'affaires international sur un an a partiellement compens\u00e9 la vigueur du march\u00e9 nord-am\u00e9ricain et du num\u00e9rique. Le Moyen-Orient constitue le pilier de la demande de services p\u00e9troliers depuis une d\u00e9cennie\u00a0; par cons\u00e9quent, la faiblesse de cette r\u00e9gion est un facteur pr\u00e9occupant et non un simple accident de parcours. Elle refl\u00e8te en grande partie le rythme des d\u00e9penses des compagnies p\u00e9troli\u00e8res nationales et des cycles d'activit\u00e9 \u00e0 court terme, plut\u00f4t qu'un d\u00e9clin structurel.<\/p>\n
This is why the digital and data center pivot is strategically important rather than merely fashionable. When the traditional demand base wobbles, a company that has built recurring and adjacent revenue has somewhere else to grow. The ChampionX business, added in 2025, helps here too: it delivered a third consecutive quarter of sequential margin expansion despite chemical cost inflation, broadening SLB’s production and recovery footprint at a point in the cycle when new drilling is restrained.<\/p>\n
Pour l'ensemble du secteur des services, y compris le march\u00e9 des services p\u00e9troliers du CCG, il en ressort que, dans un contexte de stagnation des d\u00e9penses, les gagnants seront ceux qui vendent des technologies diff\u00e9renci\u00e9es et une optimisation de la production, et non des capacit\u00e9s de production de base.<\/p>\n
| M\u00e9trique<\/th>\n | 2e trimestre 2026<\/th>\n | \u00c9volution par rapport \u00e0 l'ann\u00e9e pr\u00e9c\u00e9dente<\/th>\n<\/tr>\n<\/thead>\n |
|---|---|---|
| Revenus du groupe<\/td>\n | 8,97 milliards de dollars<\/td>\n | en hausse de 5 %<\/td>\n<\/tr>\n |
| EPS ajust\u00e9<\/td>\n | 55 cents<\/td>\n | d\u00e9passe le consensus de 51 cents<\/td>\n<\/tr>\n |
| Revenus num\u00e9riques annualis\u00e9s r\u00e9currents<\/td>\n | 1,04 milliard de dollars<\/td>\n | en hausse de 15 %<\/td>\n<\/tr>\n |
| revenus des solutions pour centres de donn\u00e9es<\/td>\n | 186 millions de dollars<\/td>\n | en hausse de 80 %<\/td>\n<\/tr>\n |
| revenus en Am\u00e9rique du Nord<\/td>\n | 2,24 milliards de dollars<\/td>\n | en hausse de 36 %<\/td>\n<\/tr>\n |
| Revenus internationaux<\/td>\n | 6,67 milliards de dollars<\/td>\n | en baisse de 3 %<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\nConcevoir de la valeur r\u00e9currente, puis vendre la plateforme<\/h2>\nLa le\u00e7on strat\u00e9gique est largement applicable au-del\u00e0 des services p\u00e9troliers. SLB, leader du march\u00e9, privil\u00e9gie la comp\u00e9titivit\u00e9 par sa technologie int\u00e9gr\u00e9e et ses revenus r\u00e9currents plut\u00f4t que par la quantit\u00e9 d'\u00e9quipements livr\u00e9s. Chaque fournisseur B2B du secteur de l'\u00e9nergie est confront\u00e9 \u00e0 un choix similaire, \u00e0 une \u00e9chelle r\u00e9duite\u00a0: miser sur les prix et les volumes, ou d\u00e9velopper une offre diff\u00e9renci\u00e9e, mesurable et g\u00e9n\u00e9ratrice de revenus r\u00e9currents, \u00e0 laquelle l'acheteur souscrira et qu'il aura du mal \u00e0 remplacer.<\/p>\n Trois strat\u00e9gies m\u00e9ritent d'\u00eatre reproduites. Premi\u00e8rement, mettez en avant les activit\u00e9s r\u00e9currentes et \u00e0 forte marge de votre entreprise dans chaque proposition et chaque action marketing, car c'est ce qu'un acheteur et un investisseur avertis valorisent le plus. Deuxi\u00e8mement, regroupez les fonctionnalit\u00e9s cl\u00e9s au sein d'une plateforme dot\u00e9e d'une architecture claire et clairement d\u00e9finie, afin que les acheteurs puissent \u00e9valuer une solution int\u00e9gr\u00e9e plut\u00f4t qu'une liste d'options. Troisi\u00e8mement, suivez la demande vers des march\u00e9s adjacents \u00e0 forte croissance, comme l'a fait SLB avec les centres de donn\u00e9es, au lieu de vous concentrer sur un c\u0153ur de m\u00e9tier peu performant. Il s'agit d'une architecture de revenus con\u00e7ue et non suppos\u00e9e, la m\u00eame rigueur que les g\u00e9ants de l'\u00e9nergie tels qu'ExxonMobil et TotalEnergies appliquent \u00e0 leurs propres portefeuilles.<\/p>\n Pour les sp\u00e9cialistes du marketing, l'exemple de SLB nous rappelle que la preuve la plus convaincante est un chiffre qui se r\u00e9p\u00e8te. Un nombre d'abonn\u00e9s, un taux de fid\u00e9lisation ou une marge en progression trimestre apr\u00e8s trimestre sont bien plus \u00e9loquents pour un acheteur qu'une simple liste de fonctionnalit\u00e9s. Concevez votre offre de mani\u00e8re \u00e0 ce que ces chiffres soient pr\u00e9sents, puis placez-les au c\u0153ur de votre discours.<\/p>","protected":false},"excerpt":{"rendered":" SLB, the largest oilfield services company, is pivoting to recurring digital and AI data centre revenue. The Q2 2026 numbers, the strategy, and the B2B lesson.<\/p>","protected":false},"author":12,"featured_media":3965,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"p54_article_data":"{\"meta\":{\"kicker\":\"Insight \u00b7 Industry Leader\",\"topics\":[\"Industry Leader\",\"Strategy\"],\"title\":\"SLB's Digital Reinvention: How the Oilfield Services Leader Turned Software Into Its Growth Engine\",\"dek\":\"SLB is the largest oilfield services company in the world, and in 2026 it is quietly becoming a technology company. Its second quarter results show the core drilling and services business flat to soft, while recurring digital revenue and AI data center work grow at double and triple digits. This is a deliberate re-architecture of where the profit comes from, and it carries a direct lesson for anyone selling into energy: differentiate on technology and recurring value, not on volume.\",\"date\":\"27\/07\/2026\",\"readTime\":\"9 min read\",\"author\":\"Project 54 Research & Strategy\"},\"quickAnswer\":{\"q\":\"What is SLB's strategy in 2026?\",\"a\":\"SLB, formerly Schlumberger, is the world's largest oilfield services company, and in 2026 it is pivoting from selling oilfield equipment and services toward higher margin, recurring digital revenue and AI data center infrastructure. In the second quarter of 2026 it reported revenue of about 8.97 billion dollars, up 5 percent year on year, ahead of analyst estimates. Digital annualized recurring revenue reached 1.04 billion dollars, up 15 percent, at EBITDA margins near 35 percent, and Data Center Solutions revenue rose 80 percent year on year. The strategy is to grow the parts of the business that recur and scale with software, so profit is engineered rather than left to depend on the drilling cycle.\"},\"takeaways\":[\"SLB posted second quarter 2026 revenue of about 8.97 billion dollars, up 5 percent year on year, beating estimates on strength in Digital and Production Systems.\",\"Digital annualized recurring revenue hit 1.04 billion dollars, up 15 percent year on year, with EBITDA margins near 35 percent, far above the group average.\",\"Data Center Solutions revenue jumped 80 percent year on year to 186 million dollars, and management expects it to exit 2026 above a 1 billion dollar annualized run rate.\",\"North America revenue rose 36 percent to 2.24 billion dollars, while international revenue fell 3 percent to 6.67 billion dollars on Middle East softness.\",\"The ChampionX acquisition, closed in 2025, added production chemicals and artificial lift and delivered a third straight quarter of sequential margin expansion.\",\"The commercial lesson for energy B2B: recurring, technology led revenue is more valuable and more defensible than one off volume, and buyers now reward integrated platforms over point tools.\"],\"sections\":[{\"id\":\"what-slb-reported\",\"q\":\"What did SLB actually report in the second quarter of 2026?\",\"h\":\"A quarter that beat, driven by the parts SLB wants to grow\",\"p\":[\"On 24 July 2026 SLB reported second quarter revenue of about 8.97 billion dollars, up 5 percent year on year from 8.55 billion dollars and roughly 3 percent ahead of analyst estimates. Adjusted earnings were 55 cents per share, ahead of the 51 cent consensus. Shares rose sharply on the print, reflecting relief that the company is growing through a soft patch in the drilling cycle.\",\"The headline number matters less than its composition. The beat was led by Digital and Production Systems, and by broad based gains outside the Middle East. North America revenue rose 36 percent year on year to 2.24 billion dollars, while international revenue slipped 3 percent to 6.67 billion dollars, held back by weaker activity in parts of the Middle East. In other words, the growth came from the higher margin, technology heavy segments, not from the traditional international services engine.\",\"This is the tell. SLB is a services company by history, but the results it now leads with are the ones that behave like a software business: recurring, high margin, and scalable. That is a choice, and it is reshaping the company's investment case.\"]},{\"id\":\"digital-pivot\",\"q\":\"Why does the digital business matter so much?\",\"h\":\"Recurring revenue is the point, not a side project\",\"p\":[\"Digital annualized recurring revenue reached 1.04 billion dollars in the quarter, up 15 percent from 904 million dollars a year earlier, with sequential digital revenue up 9 percent and EBITDA margins near 35 percent. For context, that margin sits well above the company average, so every incremental digital dollar is worth more to the bottom line than a dollar of conventional services.\",\"The engine is a platform stack. On the earnings call, chief executive Olivier Le Peuch framed it directly: digital operation and AI will be the key lever of growth and adoption in the market, and SLB's move from Delfi to Lumi to Agora, its edge platform, and Tela, its AI platform, provides, in his words, the comprehensive differentiated offering that is attracting market award. Read past the product names and the strategy is clear: bundle data, cloud, edge and AI into one integrated offering that customers subscribe to rather than buy once.\",\"Recurring revenue changes the shape of the business. It smooths the drilling cycle, it lifts blended margins, and it deepens the customer relationship because a subscribed platform is far harder to displace than a one off tool or service call. That is why SLB keeps putting the digital number first even though it is still a fraction of group revenue.\"],\"pillars\":[{\"n\":\"01\",\"t\":\"Recurring over one off\",\"d\":\"Digital ARR of 1.04 billion dollars, up 15 percent, converts lumpy project revenue into a subscription base that smooths the cycle.\"},{\"n\":\"02\",\"t\":\"Margin over volume\",\"d\":\"Digital EBITDA margins near 35 percent mean each digital dollar contributes far more profit than a conventional services dollar.\"},{\"n\":\"03\",\"t\":\"Platform over point tools\",\"d\":\"The Delfi to Lumi to Agora to Tela stack is sold as one integrated, AI enabled offering, which is harder for rivals to unbundle.\"}]},{\"id\":\"data-center-bet\",\"q\":\"What is SLB's data center and AI infrastructure bet?\",\"h\":\"Selling the picks and shovels of the AI build out\",\"p\":[\"The fastest growing line in the quarter was Data Center Solutions, where revenue rose 80 percent year on year and 33 percent sequentially to 186 million dollars. Management expects the business to exit 2026 above a 1 billion dollar annualized run rate, and said the backlog supports a run rate above 2 billion dollars exiting 2027. That is a striking trajectory for a segment most investors did not associate with an oilfield services company two years ago.\",\"The logic is that AI data centers need power, cooling, and the kind of large scale industrial engineering, subsurface expertise and thermal management that SLB has built over decades in energy. Rather than treat the AI boom as someone else's story, SLB is positioning to supply the infrastructure underneath it, in the same way Chevron and others are moving to sell power and behind the meter solutions. It is a deliberate widening of the addressable market beyond the barrel.\",\"For a company whose core market grows slowly, finding a large adjacent market that grows quickly is the difference between a value stock and a growth story. SLB is engineering optionality: if drilling stays soft, data center and digital can carry the growth narrative.\"]},{\"id\":\"middle-east-soft-spot\",\"q\":\"Where is SLB under pressure?\",\"h\":\"The international engine is the swing factor\",\"p\":[\"The soft spot is international, and specifically the Middle East, where a 3 percent year on year decline in international revenue offset some of the North American and digital strength. The Middle East has been the backbone of oilfield services demand for a decade, so softness there is a genuine watch item, not a rounding error. Much of it reflects the pace of national oil company spending and short cycle activity rather than a structural decline.\",\"This is why the digital and data center pivot is strategically important rather than merely fashionable. When the traditional demand base wobbles, a company that has built recurring and adjacent revenue has somewhere else to grow. The ChampionX business, added in 2025, helps here too: it delivered a third consecutive quarter of sequential margin expansion despite chemical cost inflation, broadening SLB's production and recovery footprint at a point in the cycle when new drilling is restrained.\",\"The read across for the wider services sector, including the GCC oilfield services market, is that the winners in a flat spending environment will be those selling differentiated technology and production optimisation, not commodity capacity.\"],\"table\":{\"cols\":[\"Metric\",\"Q2 2026\",\"Change vs prior year\"],\"rows\":[[\"Group revenue\",\"8.97 billion dollars\",\"up 5 percent\"],[\"Adjusted EPS\",\"55 cents\",\"beat 51 cent consensus\"],[\"Digital annualized recurring revenue\",\"1.04 billion dollars\",\"up 15 percent\"],[\"Data Center Solutions revenue\",\"186 million dollars\",\"up 80 percent\"],[\"North America revenue\",\"2.24 billion dollars\",\"up 36 percent\"],[\"International revenue\",\"6.67 billion dollars\",\"down 3 percent\"]]}},{\"id\":\"b2b-lesson\",\"q\":\"What does SLB's pivot teach energy B2B sellers and marketers?\",\"h\":\"Engineer recurring value, then sell the platform\",\"p\":[\"The strategic lesson travels well beyond oilfield services. SLB is the market leader, and it is choosing to compete on integrated technology and recurring revenue rather than on how much equipment it can push through the door. Every energy B2B seller faces the same choice in miniature: compete on price and volume, or build a differentiated, measurable, recurring offering that a buyer will subscribe to and struggle to replace.\",\"Three moves are worth copying. First, lead with the recurring, high margin part of your business in every proposal and every piece of marketing, because that is what a sophisticated buyer and an investor both value most. Second, bundle point capabilities into a platform with a clear, named architecture, so buyers evaluate one integrated decision rather than a shopping list. Third, follow the demand into adjacent, faster growing markets, as SLB has done with data centers, rather than defending a slow core. This is revenue architecture, engineered rather than assumed, and it is the same discipline energy majors such as ExxonMobil and TotalEnergies are applying to their own portfolios.\",\"For marketers specifically, the SLB story is a reminder that the most persuasive proof is a number that recurs. A subscription base, a retention rate, or a margin that expands quarter after quarter tells a buyer far more than a feature list. Build the offer so those numbers exist, then make them the centre of the narrative.\"]}],\"media\":{\"image\":{\"src\":\"https:\/\/projectfifty4.com\/wp-content\/uploads\/2026\/07\/offshore-jackup-drilling-rig-service-vessels.jpg\",\"label\":\"A jack up drilling rig and its support vessels offshore, the physical core of the oilfield services business SLB is now wrapping in digital and AI led revenue.\",\"credit\":\"Project 54\"},\"infographicLabel\":\"FIG.54 \/ SLB REVENUE ARCHITECTURE \/ REV 1.0\",\"podcast\":{\"src\":\"https:\/\/projectfifty4.com\/wp-content\/uploads\/2026\/07\/slb-podcast.m4a\",\"title\":\"SLB's Digital Reinvention\",\"ep\":\"P54 Energy Growth Brief\",\"duration\":\"22:29\"},\"video\":{\"src\":\"https:\/\/projectfifty4.com\/wp-content\/uploads\/2026\/07\/slb-video.mp4\",\"label\":\"SLB Q2 2026: The Digital Reinvention\",\"duration\":\"2:55\",\"poster\":\"https:\/\/projectfifty4.com\/wp-content\/uploads\/2026\/07\/slb-video-poster.jpg\"},\"pdf\":{\"href\":\"https:\/\/projectfifty4.com\/wp-content\/uploads\/2026\/07\/slb-deck.pdf\",\"title\":\"SLB's Digital Reinvention, Briefing Deck\",\"meta\":\"13 slides, Project 54 Research and Strategy\"}},\"poll\":{\"q\":\"For your own business, where is the biggest unlock in the next year?\",\"options\":[{\"id\":\"recurring\",\"label\":\"Building recurring revenue\",\"insight\":\"SLB's digital ARR grows at 15 percent and carries near 35 percent EBITDA margins, well above its services average. Recurring revenue is the highest value growth you can engineer.\"},{\"id\":\"platform\",\"label\":\"Bundling into a platform\",\"insight\":\"Integrated platforms are harder to displace than point tools. SLB sells Delfi, Lumi, Agora and Tela as one differentiated offering, which is what its chief executive credits for winning awards.\"},{\"id\":\"adjacent\",\"label\":\"Entering an adjacent market\",\"insight\":\"Data Center Solutions grew 80 percent year on year. Following demand into a faster growing adjacency is how a slow core business finds a growth story.\"},{\"id\":\"efficiency\",\"label\":\"Cutting cost to protect margin\",\"insight\":\"Cost discipline matters, but SLB's example shows that changing the mix toward recurring, higher margin revenue lifts margin more durably than cutting alone.\"}],\"note\":\"There is no wrong answer. The pattern across energy leaders is that mix beats volume: the revenue that recurs and scales with technology is worth more than the revenue that does not.\"},\"faq\":[{\"q\":\"Is SLB the same company as Schlumberger?\",\"a\":\"Yes. Schlumberger rebranded to SLB in 2022. It remains the world's largest oilfield services company by revenue, providing technology and services to oil and gas operators across drilling, reservoir performance, well construction, production systems and, increasingly, digital and data center infrastructure.\"},{\"q\":\"How much of SLB's revenue is digital?\",\"a\":\"Digital is still a minority of group revenue, but it is the strategic priority. In the second quarter of 2026 digital annualized recurring revenue was 1.04 billion dollars, up 15 percent year on year, at EBITDA margins near 35 percent, against group revenue of about 8.97 billion dollars for the quarter. The company leads with the digital number because it grows faster and earns higher margins than the rest of the business.\"},{\"q\":\"Why is an oilfield services company building data centers?\",\"a\":\"AI data centers need power, cooling and large scale industrial engineering, which overlaps with SLB's decades of energy infrastructure, subsurface and thermal management expertise. Data Center Solutions revenue rose 80 percent year on year in the second quarter of 2026, and management expects it to exceed a 1 billion dollar annualized run rate by the end of 2026, giving SLB a fast growing market adjacent to its slower core.\"},{\"q\":\"What is the ChampionX acquisition?\",\"a\":\"ChampionX is a production chemicals and artificial lift business that SLB acquired, with the deal closing in 2025. It broadens SLB's production and recovery footprint and, in the second quarter of 2026, delivered a third consecutive quarter of sequential margin expansion despite chemical cost inflation, supporting group profitability while new drilling remains restrained.\"},{\"q\":\"What can energy B2B teams learn from SLB's strategy?\",\"a\":\"Compete on differentiated, recurring, technology led value rather than on volume. Lead with the recurring, high margin part of the business, bundle point capabilities into an integrated platform that buyers subscribe to, and follow demand into faster growing adjacent markets. Recurring revenue smooths the cycle, lifts margins and deepens customer relationships, which is why it commands a premium from both buyers and investors.\"}],\"newsletter\":{\"eyebrow\":\"The P54 Energy Growth Brief\",\"title\":\"Revenue architecture, engineered, for energy B2B\",\"body\":\"Join energy leaders getting our weekly analysis of how the industry's biggest players build growth, and what it means for how you sell and market. No noise, just the strategy behind the moves.\",\"cta\":\"Subscribe\"},\"related\":[{\"title\":\"ExxonMobil's Value Over Volume Machine\",\"topic\":\"Industry Leader\",\"href\":\"\/insights\/exxonmobil-advantaged-assets-strategy\/\"},{\"title\":\"Chevron Starts Selling Power, Not Barrels: Inside Project Kilby\",\"topic\":\"Industry Leader\",\"href\":\"\/insights\/chevron-microsoft-project-kilby\/\"},{\"title\":\"The GCC Oilfield Services Market in 2026\",\"topic\":\"Specialism\",\"href\":\"\/insights\/gcc-oilfield-services-market-2026\/\"},{\"title\":\"ADNOC and XRG: A 150 Billion Dollar Bet on Gas, Chemicals and AI Power\",\"topic\":\"Industry Leader\",\"href\":\"\/insights\/adnoc-xrg-gas-chemicals-ai-bet\/\"},{\"title\":\"BP's Strategic Reset and What It Signals for Suppliers\",\"topic\":\"Industry Leader\",\"href\":\"\/insights\/bp-strategic-reset-2026\/\"}],\"listenTime\":\"22 min listen\"}","p54_faq":"","p54_media":"","p54_comments_enabled":"","footnotes":""},"categories":[92,125],"tags":[],"class_list":["post-3966","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analysis","category-strategy"],"acf":[],"_links":{"self":[{"href":"https:\/\/projectfifty4.com\/fr\/wp-json\/wp\/v2\/posts\/3966","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/projectfifty4.com\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/projectfifty4.com\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/projectfifty4.com\/fr\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/projectfifty4.com\/fr\/wp-json\/wp\/v2\/comments?post=3966"}],"version-history":[{"count":1,"href":"https:\/\/projectfifty4.com\/fr\/wp-json\/wp\/v2\/posts\/3966\/revisions"}],"predecessor-version":[{"id":3967,"href":"https:\/\/projectfifty4.com\/fr\/wp-json\/wp\/v2\/posts\/3966\/revisions\/3967"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/projectfifty4.com\/fr\/wp-json\/wp\/v2\/media\/3965"}],"wp:attachment":[{"href":"https:\/\/projectfifty4.com\/fr\/wp-json\/wp\/v2\/media?parent=3966"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/projectfifty4.com\/fr\/wp-json\/wp\/v2\/categories?post=3966"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/projectfifty4.com\/fr\/wp-json\/wp\/v2\/tags?post=3966"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}} |