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HOUSTON, April 24 (Reuters) - Top oilfield services companies SLB (SLB.N), opens new tab and ​Baker Hughes (BKR.O), opens new tab said on Friday they expect higher spending on oil exploration and production, as tighter global supplies driven by ‌the Middle East conflict highlight the need for investment, particularly in North America.
The U.S.-Israeli war with Iran has halted 20% of the world's oil that usually flows through the now-closed Strait of Hormuz and shut in 9 million barrels a day of oil production, causing Asian and European countries to scramble for supplies. It has also ​focused attention on energy security and the need for supply diversity.
There is a growing need for increased upstream investment to expand ​global production capacity and ensure we can meet rising demand," Lorenzo Simonelli, CEO of Baker Hughes, said in ⁠a post-earnings conference call, adding he sees a potential acceleration of investment decisions for liquefied natural gas projects in North America.
Many countries will ​likely prioritize supply diversification and invest in exploration once the conflict subsides, SLB CEO Olivier Le Peuch said, adding he expects increased investment in ​projects in North America and Latin America, including in deepwater offshore markets.
SLB expects oil prices to trade at higher levels after the war than before it, Le Peuch said.
Oilfield services firms provide equipment, services and labor to companies that explore and produce oil and gas.
SLB's revenue from the Middle East and ​Asia dropped 10% in the first quarter to $2.69 billion, hurt by disruptions due to Qatar declaring force majeure on gas exports, as well as production ​constraints and security concerns in Iraq and offshore operations across the region.
The company expects the conflict to hit second-quarter earnings by 6 to 8 cents per ‌share sequentially, ⁠with revenue from international markets offsetting some of the impact.
Baker Hughes' revenue declined 19% to $1.15 billion in the region in the quarter. The Middle East is both companies' biggest market and accounted for over a third of their quarterly revenue.
Baker Hughes shares climbed to $68.61, the highest since 2007. SLB shares climbed to $56.55, the highest since 2023.
Halliburton (HAL.N), opens new tab, which reported results earlier this week, said Middle East revenue fell 12.7%, hurt by lower activity ​in Saudi Arabia and reduced drilling-related ​services in Qatar. It warned ⁠disruptions caused by the Iran war and the strait's closure could cut current-quarter earnings per share by 7 to 9 cents. Rerouting supplies has increased logistics costs and raw material prices, it said.
However, analysts expect post-war ​repairs to energy-linked infrastructure to generate demand for the sector. Rystad Energy has projected as much as $58 ​billion in repair ⁠costs.
We anticipate seasonal recoveries around the world and a resurgence of activity in the Middle East as the conflict winds down. 2027 and 2028 are expected to be strong years of growth given the change in oil market fundamentals due to the Middle East conflict," said James West, an analyst ⁠at Melius ​Research.
SLB's net income fell 5.6% to $752 million during the quarter, while adjusted net income ​attributable to Baker Hughes rose 12% to $573 million.
Reporting by Vallari Srivastava, Arunima Kumar and Pooja Menon in Bengaluru, Arathy Somasekhar in Houston, Editing by Sriraj Kalluvila, Nathan Crooks, Rod Nickel
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Tuesday began as a frantic day of diplomacy in Washington, with Air Force Two ready to fly Vice President JD Vance to Islamabad for another round of peace talks between the US and Iran.
Several hours later, Air Force Two hadn't taken off and the negotiations were postponed. President Donald Trump announced that he would extend the ceasefire with Iran, set to expire on Wednesday evening, to allow the regime more time to create a "unified proposal" to end the war.
In between, Trump weighed his options as the world waited to see if the countries were any closer to ending the war. Trump's decision marked the second time in as many weeks that he has backed off a threat to escalate the war, buying himself more time to wind down a conflict as it approaches the two-month mark.
Vance never officially announced the Islamabad trip, leaving Washington guessing. And Iran never officially committed to attending the talks, leaving the White House in the difficult position of deciding whether or not to send Vance with no assurance that Tehran would even come to the table.
As the day wore on, signs of a postponement emerged. Special envoy Steve Witkoff and Trump's son-in-law Jared Kushner, senior members of the US negotiating team led by Vance, flew to Washington from Miami instead of heading straight to Islamabad. Soon after, Vance made his way to the White House for "policy meetings" as the president and his senior advisers debated what to do next.
In the end, Trump announced the ceasefire extension on Truth Social, his preferred means for war updates since it began in late February. The president said he made the decision at the request of Pakistan, which has mediated talks between Tehran and Washington.
We have been asked to hold our Attack on the Country of Iran until such time as their leaders and representatives can come up with a unified proposal," Trump said.
Notably, Trump this time did not specify how long the ceasefire might last. Earlier this month, he set a two-week deadline for the first ceasefire. That came after conflicting comments in press interviews, during which he said the talks were going well but also warned that he would consider resuming the war if Iran refused to negotiate.
There is no clear formula" for ending wars, James Jeffrey, a former US ambassador to Iraq and Turkey, told the BBC.
Trump isn't the first US president to "threaten significant military escalation," Jeffrey added, "while also putting a good deal on the table."
Trump's open-ended statement on Tuesday was more measured than his past social media attacks on Iran. That may signal Trump's desire to end a war that has roiled the global economy and is unpopular with anti-interventionist supporters in Trump's Maga base.
This is a pragmatic decision based on what are quite obvious fractures in the current leadership of the Iranian government," said Brian Katulis, a senior fellow at the Middle East Institute.
But Katulis said Trump's decision also created more uncertainty about how long the war will last.
This move begs the question though for Trump about how he can deal with the economic pain that Americans are experiencing and the political pain he's experiencing from his base," Katulis said. "He hasn't answered the questions that are still driving this crisis."
With the ceasefire extension, the US and Iran now have more time to make a durable peace deal. But major questions remain.
Iran has said that the US blockade of the Strait of Hormuz is an act of war. While Trump chose not to restart the war immediately, he gave no indication he would end the blockade, which the US hoped would pressure Tehran to back down. So far that hasn't happened, leaving Trump with fewer options other than ramping up the military campaign.
Iran, meanwhile, has not signaled interest in ending its nuclear program or support for proxy groups in the Middle East -- two so-called "red lines" that Trump has demanded be included in any final peace deal.
Trump bought himself more time. But a quick resolution to the war, for now, seems as elusive as ever.
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