SLB shares jump 6% on strong Q3 results

SLB (SLB) shares rose more than 6% Friday after the company reported third-quarter results that exceeded expectations. The performance was driven by a surge in North American revenue and growth in its data center business, which offset operational weakness in the Middle East.

Broader energy stocks followed the same upward trajectory. The NYSE Energy Sector Index increased by 2.6%, while the State Street Energy Select Sector SPDR ETF (XLE) added 2.8%. The Philadelphia Oil Service Sector Index climbed 5.3% during the session. In contrast, the Dow Jones US Utilities Index declined 0.6%.

Crude oil prices also advanced on the day. Front-month West Texas Intermediate crude oil gained 3.2% to close at $102.69 per barrel, and Brent crude, the global benchmark, rose 2.7% to $116.21 per barrel. Henry Hub natural gas futures moved in the opposite direction, falling 5.3% to $2.65 per million BTU.

Geopolitical tensions in the region contributed to market volatility. Reuters reported that Saudi Aramco ordered the evacuation of its headquarters in Dhahran, located on the Gulf near Bahrain, as fighting with Iran-aligned Houthis intensified. Additionally, the UAE Ministry of Climate Change and Environment confirmed an oil spill from a tanker off the coast of Umm Al Quwain, though it did not identify the vessel or the cause of the leak.