Oilfield Services: With new orders increasing, is the industry recovering?

It is worth noting that last year, global offshore exploration and development investment increased by 8.6% year-on-year, and this year’s upstream capital expenditure is expected to resume growth—surpassing USD 580 billion, a 5% increase year-on-year. Thus, the sustained growth in upstream capital spending lays a solid foundation for maintaining the oilfield services industry’s high level of prosperity. Then, how long can this high prosperity last? And do industry players have strong earnings support? Today, we’ll delve into these questions. I. Oil Prices Unlikely to Plummet; M&A Activity Remains Robust If we examine the oilfield services industry’s value chain, we find that its downstream customers include China’s ‘Big Three’ national oil companies (CNPC, Sinopec, and CNOOC) as well as international giants such as Shell and Saudi Aramco. Therefore, industry prosperity correlates closely with oil prices. Generally speaking, when oil prices rise above crude production costs, oil companies ramp up exploration and extraction activities—thereby sustaining robust demand for oilfield services. Oilfield Services Industry Value Chain (Source: CNPC Drilling) According to energy economics reports, the global crude oil market is expected to see tightening supply-demand balance this year, with demand growth lagging behind supply—increasing downward pressure on prices. For Brent crude, prices are forecast at USD 67–77 per barrel. Although lower than last year’s levels, they remain relatively high. Meanwhile, among international oilfield service providers, a notable trend over the past two years has been consolidation through mergers and acquisitions (M&A). For instance, early last year, Schlumberger acquired an 80% stake in Aker Carbon Capture (ACC) for USD 382 million, integrating ACC’s carbon capture business into its own operations. This move aims to accelerate Schlumberger’s decarbonization efforts and align with the green development trend. ACC Development Timeline (Source: ACC Official Website) In addition, Schlumberger acquired Champion X—a U.S.-based oilfield service company providing chemical solutions and equipment for onshore and offshore oil & gas production. This acquisition strengthens Schlumberger’s artificial lift technologies, helping sustain output from mature wells. Beyond Schlumberger’s aggressive expansion, two major U.S. offshore drilling companies—Noble Corporation and Diamond Offshore—announced a merger, creating a dominant offshore drilling powerhouse through strategic synergy. Frankly, M&A is merely a means—the ultimate goal is improved financial performance. Looking at Schlumberger’s results, its Q3 net profit reached USD 1.19 billion, up 7% quarter-on-quarter and 6% year-on-year. In contrast, Halliburton—another major player—recorded only USD 580 million in Q3 net profit, down both quarter-on-quarter and year-on-year, due to weakening demand for pressure pumping services in North America and Europe. Financial Performance of Major Oilfield Service Companies (Source: China National Petroleum News Center) Schlumberger, Baker Hughes, and others achieved earnings growth thanks partly to mid-to-high oil prices driving upstream investment—and thus boosting demand for technical services—but also because these companies have intensified internal capability building, notably through stepped-up R&D investment. II. Oil & Gas Security: The Fundamental Pillar Shifting our focus back to China, one of the key themes in the domestic oil & gas sector over the past two years has been enhancing reserves and boosting production.

2026 Global and Chinese Submersible Electric Pump Market Analysis: Sales Estimated at ~USD 1.53 Billion; China’s Growth Potential Stands Out [Chart]

Table of Contents 1. Overview of the Submersible Electric Pump Market 1.1 Product Definition and Scope of Statistics 1.2 Classification by Product Type 1.2.1 Global Sales Growth Trends of Submersible Electric Pumps by Type: 2021 vs. 2025 vs. 2032 1.2.2 Permanent Magnet Motor Submersible Electric Pumps 1.2.3 Induction Motor Submersible Electric Pumps 1.3 Classification by Displacement 1.3.1 Global Sales Growth Trends of Submersible Electric Pumps by Displacement: 2021 vs. 2025 vs. 2032 1.3.2 Below 100 Cubic Meters per Day 1.3.3 100–500 Cubic Meters per Day 1.3.4 Above 500 Cubic Meters per Day 1.4 Classification by Power Rating 1.4.1 Global Sales Growth Trends of Submersible Electric Pumps by Power Rating: 2021 vs. 2025 vs. 2032 1.4.2 Below 50 kW 1.4.3 50–200 kW 1.4.4 Above 200 kW 1.5 Classification by Function 1.5.1 Global Sales Growth Trends of Submersible Electric Pumps by Function: 2021 vs. 2025 vs. 2032 1.5.2 Standard Pumps 1.5.3 Sand-Resistant Pumps 1.5.4 Wide-Range Pumps 1.6 Classification by Application 1.6.1 Global Sales Growth Trends of Submersible Electric Pumps by Application: 2021 vs. 2025 vs. 2032 1.6.2 Offshore Oilfields 1.6.3 Onshore Oilfields 1.7 Industry Background, Development History, Current Status, and Trends 1.7.1 Current Status Analysis of the Submersible Electric Pump Industry 1.7.2 Development Trends of the Submersible Electric Pump Industry 2. Global Submersible Electric Pump Market Size Analysis 2.1 Global Supply-Demand Status and Forecast (2021–2032) 2.1.1 Global Submersible Electric Pump Capacity, Output, Capacity Utilization Rate, and Development Trends (2021–2032) 2.1.2 Global Submersible Electric Pump Output, Demand Volume, and Development Trends (2021–2032) 2.2 Regional Output and Development Trends of Submersible Electric Pumps (2021–2032) 2.2.1 Regional Output of Submersible Electric Pumps (2021–2026) 2.2.2 Regional Output of Submersible Electric Pumps (2027–2032) 2.2.3 Regional Market Share of Submersible Electric Pump Output (2021–2032) 2.3 China’s Submersible Electric Pump Supply-Demand Status and Forecast (2021–2032) 2.3.1 China’s Submersible Electric Pump Capacity, Output, Capacity Utilization Rate, and Development Trends (2021–2032) 2.3.2 China’s Submersible Electric Pump Output, Market Demand Volume, and Development Trends (2021–2032) 2.4 Global Submersible Electric Pump Sales Volume and Revenue

SLB Signals Stronger 2027 on Middle East Rebound, Beats Estimates

Oct 23, 2026

SLB reported third-quarter profits beating analyst estimates, driven by North American drilling demand, while signaling potential 2027 growth from Middle East recovery.

reuters

2026-07-24

Top US oilfield services firm SLB beats quarterly profit estimates

2026-10-23

SLB Signals Stronger 2027 on Middle East Rebound, Beats Estimates

SLB Signals Stronger 2027 on Middle East Rebound, Beats Estimates

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