SLB’s Growth Outlook

This month we spoke with Conference Fund Manager Robert Mullin of Marathon Resource Advisors, who pitched SLB (SLB.NYSE) at the 2025 Sohn Hearts & Minds Conference.

Robert Mullin at the 2025 Sohn Hearts & Minds Conference

May 8, 2026

This month we spoke with Conference Fund Manager Robert Mullin of Marathon Resource Advisors, who pitched SLB (SLB.NYSE) at the 2025 Sohn Hearts & Minds Conference.

Read Transcript

SLB (SLB.NYSE) is a global oilfield services and technology company supporting exploration, drilling and production across offshore and onshore energy markets.

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Robert Mullin of Marathon Resource Advisors pitched SLB at the 2025 Sohn Hearts & Minds Conference. The stock is now up 55% since November*, despite earnings headwinds, as the 20% of its revenue generated in the Persian Gulf region remains in temporary limbo due to the current Iran/U.S. conflict. The historic valuation discount that Marathon Resource Advisors (MRA) noted in late 2025 has narrowed somewhat (from -57% to current level of -33% relative Price/Earnings versus the S&P 500), but remains well below the range MRA believe is both historically supported and reasonable, given the high quality of the company, its superior return on invested capital, as well as the attractiveness and potential catalysts surrounding its SLB Digital software, AI, machine learning and datacenter power divisions.

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In MRA’s opinion, the eventual reopening of the Strait of Hormuz, whenever that may occur, will bring considerable reconstruction opportunities, as over 70 points of energy infrastructure have been damaged since late February. Additionally, the conflict has revealed the inherent fragility of a global energy system that has been systematically underinvested over the last decade. s corporations and sovereign nations reflect on their respective vulnerabilities, MRA expects the imperative to build stronger, more robust and resilient energy infrastructure will drive rapid earnings acceleration for energy service companies as a whole, and SLB in particular, from 2H 2026 onward.

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MRA expects SLB’s current 50c quarterly earnings run rate to double over the next 12 months. Coupled with a market multiple closer to ~25x, this supports a target price north of USD$100/share. Should enthusiasm for technology turn toward the potential daylighting of value for SLB Digital via a spinout, JV, or tracking stock, MRA envisions something closer to USD$150/share.

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*as at 30 April 2026

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Robert's pitch from the 2025 Sohn Hearts & Minds Conference

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May 8, 2026

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SLB (SLB.NYSE) is a global oilfield services and technology company supporting exploration, drilling and production across offshore and onshore energy markets.

‍

Robert Mullin of Marathon Resource Advisors pitched SLB at the 2025 Sohn Hearts & Minds Conference. The stock is now up 55% since November*, despite earnings headwinds, as the 20% of its revenue generated in the Persian Gulf region remains in temporary limbo due to the current Iran/U.S. conflict. The historic valuation discount that Marathon Resource Advisors (MRA) noted in late 2025 has narrowed somewhat (from -57% to current level of -33% relative Price/Earnings versus the S&P 500), but remains well below the range MRA believe is both historically supported and reasonable, given the high quality of the company, its superior return on invested capital, as well as the attractiveness and potential catalysts surrounding its SLB Digital software, AI, machine learning and datacenter power divisions.

‍

In MRA’s opinion, the eventual reopening of the Strait of Hormuz, whenever that may occur, will bring considerable reconstruction opportunities, as over 70 points of energy infrastructure have been damaged since late February. Additionally, the conflict has revealed the inherent fragility of a global energy system that has been systematically underinvested over the last decade. s corporations and sovereign nations reflect on their respective vulnerabilities, MRA expects the imperative to build stronger, more robust and resilient energy infrastructure will drive rapid earnings acceleration for energy service companies as a whole, and SLB in particular, from 2H 2026 onward.

‍

MRA expects SLB’s current 50c quarterly earnings run rate to double over the next 12 months. Coupled with a market multiple closer to ~25x, this supports a target price north of USD$100/share. Should enthusiasm for technology turn toward the potential daylighting of value for SLB Digital via a spinout, JV, or tracking stock, MRA envisions something closer to USD$150/share.

‍

*as at 30 April 2026

‍

Robert's pitch from the 2025 Sohn Hearts & Minds Conference

‍

Disclaimer: This material has been prepared by Hearts & Minds, published on May 8, 2026. HM1 is not responsible for the content of linked websites or content prepared by third party. The inclusion of these links and third-party content does not in any way imply any form of endorsement by HM1 of the products or services provided by persons or organisations who are responsible for the linked websites and third-party content. This information is for general information only and does not consider the objectives, financial situation or needs of any person. Before making an investment decision, you should read the relevant disclosure document (if appropriate) and seek professional advice to determine whether the investment and information is suitable for you.

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