SLB Q1 Profit Falls as Iran War Disrupts Middle East Operations
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.