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SLB Q1 Profit Falls as Iran War Disrupts Middle East Operations

SLB (Schlumberger) logoSLB (Schlumberger)
Sig3.55Sen-4.65Env0.00Soc-0.75Gov0.00

SLB’s first-quarter profit fell as disruptions from the war in Iran forced the company to rein in operations in a key oil-producing region, following earlier steps to demobilize in some countries to safeguard personnel and facilities. Revenue from Middle East and Asia dropped 10% to $2.69 billion, hurt by Qatar force majeure and Iraq and offshore shut-in constraints and security conditions, with impacts most pronounced in Well Construction and Reservoir Performance.

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