SLB reported a decline in first-quarter profit as the Iran war forced the company to scale back operations in the Middle East, the region that drives a third of its revenue. The war's disruptions, including a force majeure in Qatar and production shut-ins in Iraq, hit the company's core services, prompting a demobilisation of crews in several countries. Revenue from the Middle East and Asia fell 10% to $2.69 billion, while net income slipped 5.6% to $752 million. The Middle East accounts for about 34% of SLB 's annual revenue in 2025. CEO Olivier Le Peuch said the year had begun "challenging" as widespread disruptions impacted the business, and that the impact was most pronounced in well construction and reservoir performance. Halliburton warned of a 7-to-9 cent hit to its current-quarter earnings per share, while Baker Hughes noted strong demand in its industrial and energy technology unit offsetting drilling weakness. Rystad Energy projects up to $58 billion in repair costs for the sector. Le Peuch expects increased investment in short-cycle projects in North America and Latin America, with long-cycle developments likely to resume once the conflict subsides, signalling a gradual rebound for the company's Middle East operations.