SLB Predicts Worst Is Behind Global Oil Market as OPEC Output to Climb

SLB, the world’s largest oilfield-services provider, raised its dividend and posted fourth-quarter earnings that beat estimates as activity in the Middle East and other key regions accelerated and its data-center business rapidly expanded.

The worst may be behind the global oil market, Chief Executive Officer Olivier Le Peuch said in a statement, predicting a gradual ramp-up in drilling activity in major regions including OPEC countries after a supply glut sent crude prices tumbling last year. Deriving the bulk of its revenue from overseas markets, Houston-based SLB is often regarded as a bellwether for the global oil industry and its financial health.