SLB Lands Multi-Year Saudi Aramco Deals For 450-Plus Wells

SLB Limited (NYSE:SLB) has recently been expanding its footprint in the Middle East region through major contract wins. On Thursday, the company won multi-year integrated well construction contracts from Saudi Aramco. The deal will support oil and gas development across Saudi Arabia. Details Under the three-year agreements, with an option to extend for up to two additional years, SLB will provide end-to-end well construction services covering more than 450 wells. The four contracts from Aramco each run for three years, with an option for up to two additional years, and expand the use of SLB’s integrated well construction model across Saudi Arabia. SLB’s integrated well construction model combines digital drilling workflows with automated drilling, evaluation, fluids, cementing and completions services through a single technology-enabled approach. The model is designed to improve efficiency, execution consistency and well performance across large-scale drilling programs. See More: Top Momentum Stocks Contract Win In Oman On Wednesday, the company won a contract from OQ Exploration & Production, or OQEP, for the Bisat-B Expansion Production Facility in Oman. The project is scheduled for completion within 19 months and will increase gross fluids-handling capacity to 548,000 barrels per day. SLB Earnings Preview And Analyst Price Targets Looking further out, the next major catalyst for the stock arrives with the October 16, 2026 (estimated) earnings report. EPS Estimate: 62 cents (Down from 69 cents YoY) Revenue Estimate: $9.27 Billion (Up from $8.93 Billion YoY) Valuation: P/E of 25.3x (Indicates premium valuation relative to peers) Analyst Consensus & Recent Actions: The stock carries a Buy rating with an average price forecast of $64.07 (33 analysts), with targets ranging from $55.00 to $75.00. Recent analyst moves include: UBS: Buy (Raises Target to $75.00) (September 14) UBS: Buy (Raises Target to $72.00) (September 9) Piper Sandler: Overweight (Raises Target to $64.00) (July 27) SLB ETF Exposure: XLE, FENY And IYE Holdings State Street Energy Select Sector SPDR ETF (NYSE:XLE): 4.48% Weight Fidelity MSCI Energy Index ETF (NYSE:FENY): 3.03% Weight iShares US Energy ETF (NYSE:IYE): 3.39% Weight Significance: Because SLB carries significant weight in these funds, any significant inflows or outflows for these ETFs will likely force automatic buying or selling of the stock. SLB Price Action: SLB shares were down 0.24% at $52.44 at the time of publication on Thursday, according to Benzinga Pro data. Photo via Shutterstock