大型油田服务公司指望中东业务活动在数月中断后出现复苏，以支撑明年的增长，但不断上升的运营成本和再度发生的冲突正在抑制短期前景。
Top oilfield services companies are counting on a recovery in Middle East activity after months of disruptions to support growth next year, but rising operating costs and renewed flare-ups are tempering the near-term outlook.
斯伦贝谢(SLB)、哈里伯顿(Halliburton)和贝克休斯(Baker Hughes)均报告称，第三季度其中东部分业务实现收入环比增长，因为业务活动从与冲突相关的中断中反弹。
SLB, Halliburton and Baker Hughes all reported sequential revenue growth in parts of their Middle East businesses in the third quarter, as activity rebounded from conflict-related interruptions.
尽管如此，同比指标和公司预测表明，业务活动仍不平衡，持续复苏何时到来尚不确定。
Still, year-on-year metrics and company forecasts indicate that activity remains uneven, while the timing of a sustained recovery is uncertain.
斯伦贝谢中东收入第三季度环比增长13%，该地区业务活动有所改善，但这家全球最大的油田服务提供商警告称，本季度最后几周出现了新的中断。
SLB's Middle East revenue rose 13% sequentially in the third quarter as activity improved across the region, but the world's top oilfield services provider flagged renewed disruptions in the final weeks of the period.
尽管季度有所改善，但斯伦贝谢包括亚洲在内的业务部门收入同比下降7%，主要反映了中东收入下降12%，而中东对该公司的增长前景至关重要。
Despite the quarterly improvement, SLB's revenue from the division that includes Asia fell 7% from a year earlier, primarily reflecting a 12% decline in the Middle East, central to the company's growth prospects.
TPH Research预计，该地区将从2027年下半年开始逐步复苏，这将有助于推动斯伦贝谢年收入增长约9%（不包括Kelvion业务的影响）。
TPH Research expects a gradual regional recovery, predicted to begin in the second half of 2027, to help drive SLB's annual revenue growth of about 9%, excluding the impact of its Kelvion business.
首席执行官奥利维尔•勒佩赫表示，如果旷日持久的冲突得到缓和，该地区可能提供额外的增长动力。
CEO Olivier Le Peuch said the region could provide an additional growth catalyst if the long-drawn conflict eases.
他表示，随着各国恢复生产能力并继续开发石油和天然气资源，相关活动不仅可能复苏，而且“有可能超过冲突前的活动水平”。
He said activity had the potential not only to recover but "to exceed previous activity pre-conflict," as countries restore production capacity and continue developing oil and gas resources.
哈里伯顿中东和亚洲收入环比增长8%，得益于沙特阿拉伯和科威特业务活动的增加。
Halliburton's Middle East and Asia revenue rose 8% sequentially, driven by higher activity in Saudi Arabia and Kuwait.
首席执行官杰夫•米勒表示，恢复生产、重建库存和加强能源安全的努力将带来“油田服务需求多年增长”。
CEO Jeff Miller signaled "multi-year demand growth for oilfield services" from efforts to restore production, rebuild inventories and strengthen energy security.
贝克休斯预计，由于物流成本上涨和供应链挑战拖累运营，第四季度中东业务活动将环比下降。
Baker Hughes expects Middle East activity to fall sequentially in the fourth quarter as higher logistics costs and supply-chain challenges weigh on operations.
中东与亚太区收入从上一年度的14.5亿美元下降至12.6亿美元。
Its Middle East and Asia revenue fell to $1.26 billion from $1.45 billion a year earlier.
CEO洛伦佐·西蒙内利表示，公司在中东地区看到了“有意义的改善”，客户越来越关注最大化资产回收和延长资产寿命。
CEO Lorenzo Simonelli said the company had seen "a meaningful improvement in the Middle East," with customers increasingly focused on maximizing recovery and extending asset life.
截然不同的前景凸显了该行业的不确定性。生产商可能需要更多服务来恢复产量并提高回收率，但地缘政治不确定性和运营约束可能推迟支出并限制近期增长。
The contrasting outlooks underscore the uncertainty facing the sector. Producers may need more services to restore output and improve recovery, but geopolitical uncertainty and operating constraints could delay spending and limit near-term growth.
“地缘政治不确定性是最大的风险，尤其是中东进一步升级或霍尔木兹海峡周边出现干扰。虽然枯竭的库存支持长期需求，但新的动荡可能会推迟项目，”杰里米·芒林称，他是Zacks投资研究公司的股票策略师。
"Geopolitical uncertainty is the biggest risk, particularly further escalation in the Middle East or disruption around the Strait of Hormuz. While depleted inventories support long-term demand, renewed turmoil could delay projects," said Jeremy Mullin, stock strategist at Zacks Investment Research.