SLB announced a broadened collaboration with NVIDIA that will focus on designing modular data‑center infrastructure and developing AI models tailored to oil and gas operations. The partnership positions SLB as NVIDIA’s modular‑design partner for DSX AI factories and expands the scope of AI solutions beyond the generative‑AI work that began in 2024.
The new phase of the partnership will deliver a reference “AI Factory for Energy” that runs on SLB’s digital platforms, Delfi and Lumi. By integrating NVIDIA’s generative‑AI and agentic‑AI models, the joint effort aims to accelerate the conversion of vast energy‑industry data into actionable insights, improving reservoir and production optimization.
Strategically, the expansion is part of SLB’s broader pivot to a technology‑driven business model. By embedding software‑like economics into its service portfolio, SLB seeks to grow its digital revenue stream and reinforce its competitive moat in the oilfield services sector.
Financially, the partnership comes on the back of a strong Q4 2025 earnings report. SLB reported revenue of $9.75 billion, up 5% year‑over‑year, and an adjusted EBITDA of $2.33 billion, down 2% year‑over‑year. Normalized earnings per share were $0.78, beating analyst estimates by $0.04. The company also revised its Q1 2026 earnings guidance downward to reflect disruptions in the Middle East.
Market reaction to the announcement and the Q4 results was largely positive. The stock had surged 48% over the past six months and 32% year‑to‑date as of March 25 2026, reaching a 52‑week high of $52.48. Analysts at Goldman Sachs and Bernstein raised price targets and maintained buy or outperform ratings, citing the partnership’s potential to drive future growth.
Management emphasized the strategic fit of the collaboration. Chief Technology Officer Demos Pafitis said, “The winners in AI will be companies with the best data, the deepest domain expertise and the ability to scale. By collaborating with NVIDIA to advance modular data‑center construction and harness our domain expertise and digital platforms, we’re enabling the energy industry to deploy AI at scale and transform operational data into smarter decisions.” NVIDIA’s Vice President of AI Infrastructure, Vladimir Troy, added, “Building AI Factory infrastructure and domain models is needed to turn massive amounts of energy data into actionable insights and accelerate more efficient and sustainable energy systems.”
In sum, the expanded partnership signals SLB’s commitment to leading the digital transformation of the energy sector. While near‑term guidance has been tempered by geopolitical headwinds, the long‑term outlook remains positive as the company positions itself to capture a growing market for AI‑driven energy solutions.
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