SLB ai data centers push adds growth path for oil services giant

SLB ai data centers work is becoming a larger part of the oilfield services company’s growth story as producers prepare for renewed exploration after the Strait of Hormuz disruption, according to Fortune. The company, valued at below $75 billion in mid-July, also stands to benefit from higher oil and gas activity in the Middle East and Venezuela.

SLB, formerly Schlumberger, is the world’s largest oilfield services and energy technology company, Fortune reported. Its 109,000 employees outnumber the combined workforces of ExxonMobil and Chevron, and its operations span more than 100 countries.

The company does work that oil producers rely on but often do not perform themselves: drilling, well construction, fracking, subsurface readings, production chemicals and digital automation. Analysts told Fortune that gives SLB leverage when energy companies increase spending on exploration and production.

Why is SLB moving into AI data centers?

SLB’s digital business has grown out of decades of work in subsurface data, automation and remote operations, Fortune reported. The company is now applying that expertise to data center power management and modular construction as AI companies spend heavily on computing infrastructure.

Fortune reported that leading AI hyperscalers have told investors they expect to spend about $710 billion on North American data centers in 2026. SLB is focusing on standardized, off-site manufacturing processes for parts of data center projects, including server racks and cooling systems, as well as digital power optimization.

Jim Wicklund, managing director at energy investment firm PPHB, told Fortune that many energy companies moved toward supplying power for data centers, while SLB is trying to optimize both power use and operations. Wicklund said the company has “clearly taken the lead” in that part of the market.

How oil exploration could lift SLB

Fortune reported that the monthslong closure of the Strait of Hormuz cut off nearly 20% of global oil and gas supply and reduced emergency reserves in countries including the United States and China. With uncertainty still tied to the strait, governments are seeking larger stockpiles and more domestic energy production.

Olivier Le Peuch, SLB’s chief executive, told Fortune that geopolitics are pushing countries toward more regional energy security. He said the shift is tied both to economic growth and to the energy needs of AI investment, and summarized the industry’s turn by saying, “Exploration is back.”

SLB has long operated in difficult markets. James West, head of energy and power at Melius Research, told Fortune that the company tends to stay through coups, government changes and conflict. He said that broad international presence could make SLB the largest beneficiary of a recovery in oil and natural gas production.

In Venezuela, Fortune reported, SLB and Chevron are expected to work with state-owned PDVSA on efforts to rebuild activity around the country’s oil reserves. In the Middle East, SLB works with Saudi Aramco, ADNOC, Kuwait Petroleum and other producers.

From Schlumberger to SLB

The company traces its roots to Conrad and Marcel Schlumberger, who developed early electric well logs after experiments using conductivity readings to map underground structures, Fortune reported. They founded Société de Prospection Électrique in 1926, and the business later became Schlumberger before shortening its name to SLB in 2022.

That rebrand reflected a broader technology strategy, according to Fortune. The company has moved beyond oilfield work into geothermal energy, carbon capture services and lithium extraction, while its fastest-growing segment is its digital and data center solutions business.

SLB remains exposed to the swings of oil markets. Wicklund told Fortune that services companies suffer sharply when drilling slows, because equipment such as rigs can lose value fast in a downturn. The current rebound in exploration, paired with AI infrastructure spending, gives SLB two growth areas outside the usual oil cycle.

This story draws on original reporting from Fortune.