SLB J.P. Morgan Natural Resources Conference Takeaways

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SLB J.P. Morgan Natural Resources Conference Takeaways

J P M O R G A N North America Equity Research

23 June 2026

SLB Overweight

SLB, SLB US

J.P. Morgan Natural Resources Conference Takeaways Price (23 Jun 26):$47.79

Oil & Gas Exploration & Production

We hosted a fireside chat with SLB’s CEO Olivier Le Peuch at our J.P. Morgan Arun Jayaram AC

Natural Resources Conference today. (1-212) 622-8541

arun.jayaram@jpmchase.com

Jason Kim

• Net Takeaway: Slightly Positive. CEO Olivier Le Peuch used the fireside chat (1-212) 622-1408

to highlight SLB’s scale, operational excellence, and technology leadership. jason.b.kim@jpmchase.com

We came away reassured on the franchise’s positioning, with management Sowmya Vemulapalli

leading on the demand-for-services thesis, portfolio shift towards higher- (1-212) 270-4660

return/less-cyclical growth areas (Digital, Data Center Solutions, New sowmya.vemulapalli@jpmchase.com

Energy), and reaffirmed commitment to return $4bn+ to shareholders in 2026. J.P. Morgan Securities LLC

While the company is still seeing some disruption in the Middle East, we

thought he did a strong job bridging the near-term headwinds to a durable,

multi-year upcycle. He noted how several of the company’s key NOC

customers in the Middle East could accelerate activity once conditions

normalize to offset the ~1 BBo storage deficit associated with the closure of the

Strait of Hormuz.

• Post-conflict rebound should outweigh the headwinds. Le Peuch detailed

that while in the last 120 days security concerns and production-capacity

constraints have curtailed activity in the Middle East across Qatar, Iraq, and

Kuwait (with spillover into Saudi and the UAE), SLB’s near-term focus on

ensuring business continuity has set the company up nicely to participate in the

rebound.