JPM OFS and Equipment: Weekly Insights & Analytics: Breaking Down the International and Middle East Outlook from the Big 3

Research evidence excerpt

JPM OFS and Equipment: Weekly Insights & Analytics: Breaking Down the International and Middle East Outlook from the Big 3

frica, BKR explicitly frames offshore U.S. Frac Market Mini-Deep Dive Series

Africa as a driver, while SLB and HAL focused on North Sea-led growth driven 2022 Global Energy Capex Survey

by Norway. Tenaris Mini Deep Dive

• SLB setting a floor: SLB marked 2Q26 as the floor of Middle East disruptions E&P Budget Watch Part XXX

in its base case scenario, while framing its 4Q26 target as a credible recovery- U.S. Pressure Pumping Mini Deep-Dive

to-normal. ME revenue fell -13% sequentially to ~$1.66bn, and the 2Q26 EPS JPM 2021 Energy Tech Tour Takeaways

hit landed slightly below the low end of the prior $0.06-0.08 range as temporary

2021 OFS Fall Playbook

cost actions helped. The ME share of Middle East & Asia stepped down from

~70% to ~65%, but international ex-ME deliveries with growth across all 2021 E&P Fall Playbook

divisions enabled a total revenue increase of +3% sequentially. Importantly, Private Company Deep Dive Series: Day

the downside appears well-contained, as a re-escalation caps a 3Q26 hit at ~ 1: Well Productivity

$150mm revenue and ~$75mm EBITDA, while the 4Q26 ME revenue target Private Company Deep Dive Series: Day

of $2.1-2.2bn represents ~95% of 4Q25 levels. The remaining variable is 2: Shale Rig Count Trends

timing and skew (how much recovery lands in 4Q).

Private Company Deep Dive Series: Day

• HAL letting the awards do the talking: HAL is letting its slate of recent wins 3: The “Private E&P”

do the talking, dropping any discrete number on ME hit as a signal of Private Company Deep Dive Series: Day

confidence. ME/Asia slipped -2% sequentially to $1.30bn (-11% YoY), with 4: Profiling Largest