SLB, the world’s largest oil-services provider, posted second-quarter revenue of $8.55 billion, topping analysts’ $8.48 billion estimate. Adjusted earnings came in at $0.74 a share versus forecasts of $0.73, while net income slipped to $1.01 billion from $1.11 billion a year earlier. The company generated adjusted EBITDA of $2.05 billion and held capital spending to $311 million, far below the $442 million expected by Wall Street. Despite the modest beat, SLB cautioned that global upstream investment could fall in 2025, particularly in North and Latin America, where customers are trimming short-cycle spending after a roughly 21% slide in crude prices from a year ago. Management also flagged a potential 20–40 basis-point drag on margins from U.S. tariffs in the second half. The warning knocked the shares almost 4% in early trading, even as executives said the industry remains “relatively resilient” and that offshore and Middle-East activity continues to strengthen. The mixed signals mirror broader volatility across the oil-and-gas sector. Exxon Mobil last week said lower commodity prices are likely to shave about $1.5 billion from its second-quarter earnings, while pipeline operator Kinder Morgan reported a 24% jump in quarterly net income to $715 million and kept its full-year guidance intact. Taken together, the results underscore divergent fortunes as energy companies navigate softer prices and shifting investment priorities.