SL SLB Schlumberger Limited Loading... : Bullish and Bearish Analyst Opinions

The Middle East conflict has caused the OFSE segment's revenue in the region to potentially fall more than 20% sequentially in Q2 2026, with a heavier impact on product sales due to logistics. — The scale of disruption and the logistics bottleneck for product sales highlights a specific challenge for the OFS sector, potentially impacting competitors similarly.

The 2026 OFSE margin outlook being flat (excluding SPC deconsolidation) implies Baker Hughes believes current cost-cutting can fully offset tariff cost increases and mix headwinds, a sign of aggressive structural cost reduction in a downcycle. — If Baker Hughes can hold margins flat on flat revenue in oilfield services, it will outperform its peers, who are likely still grappling with pricing pressure in a declining market.