Western-owned oilfield services groups see profits fall in Russia
Russian subsidiaries of Western oilfield services companies reported declining profits for 2025, according to Kommersant, citing financial disclosures from Schlumberger – the local arm of US group SLB – and Weatherford Russia. Schlumberger's Russian unit recorded the steepest deterioration: its net profit fell 81% to 823 million rubles (equivalent to $11.2 million), while revenue declined 23.6% to 20.5 billion ($278 million).
Weatherford Russia posted a 26.9% fall in net profit to 4.93 billion rubles ($67million), though revenue edged up 0.7% to 25.9 billion rubles ($350 million).
Burservis – formerly a division of Halliburton – saw net profit drop 19% to 11.4 billion rubles ($155 million), while OFS Technologies, formerly part of Baker Hughes and the sector's fourth-largest player, did not publish results for 2024 or 2025.
Industry analysts cited by Kommersant attributed the profit declines to restricted access to technology, lower Russian oil output, elevated interest rates and pricing pressure on oilfield services.
Russian oil companies reduced the volume of development drilling by 3.4% in 2025 compared with the prior year, Bloomberg earlier reported, citing industry data.
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14.05.26