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What changed in Schlumberger's 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of Schlumberger's 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+188 added−176 removedSource: 10-K (2026-01-23) vs 10-K (2025-01-22)

Top changes in Schlumberger's 2025 10-K

188 paragraphs added · 176 removed · 114 edited across 6 sections

Item 1. Business

Business — how the company describes what it does

38 edited+23 added−31 removed12 unchanged
Biggest changeThe primary offerings comprising this Division are: • Subsea Production Systems: Through its OneSubsea ™ joint venture, provides integrated solutions, products, systems, and services for the subsea market, including wellheads, subsea trees, manifolds and flowline connectors, control systems, connectors and services designed to maximize reservoir recovery and extend the life of each field. • Artificial Lift: Provides lifting solutions using electrical submersible pumps, gas lift equipment, progressing cavity pumps, and surface horizontal pumping systems. • Completions: Supplies well completion services and equipment that includes packers, safety valves, and sand control technology, as well as a range of intelligent systems that enable real-time visibility and performance monitoring. • Surface Production Systems: Designs and manufactures onshore and offshore systems including wellheads, valves, chokes, actuators, and surface trees, and provides fracturing and flow back services to operators. • Midstream Production Systems: Enables efficient monetization of subsurface assets using standard and custom-designed onshore, offshore, and downstream processing and chemical treatment systems, as well as unique, reservoir-driven, fit-for-purpose integrated production systems for accelerating first production and maximizing project economics. • Valves: Serves the upstream, midstream, and downstream markets with a broad portfolio of valves that are primarily used to control and direct the flow of hydrocarbons as they are moved from wellheads through flow lines, gathering lines, and transmission systems to refineries, petrochemical plants, and industrial centers for processing.
Biggest changeSLB owns 70% of the joint venture, while Aker Solutions ASA owns 20% and Subsea7 S.A. owns 10%. • Artificial Lift: Provides lifting solutions using electrical submersible pumps, gas lift equipment, progressing cavity pumps, rod lift pumps, plunger lift pumps, jet lift pumps, and surface horizontal pumping systems. • Completions: Supplies well completion services and equipment that include packers, safety valves, and sand control technology, as well as a range of intelligent systems that enable real-time visibility and performance monitoring. • Surface Production Systems: Designs and manufactures a portfolio of wellhead systems, valves, chokes, actuators, surface trees, and provides fracturing and flowback services. • Process Technologies and Solutions: Delivers processing modules covering oil and gas and treatment packages for produced water and seawater.
The Basins are further organized into GeoUnits, which can be a region, a single country, or comprise several countries. With a strong focus on customers, the Basins identify opportunities for growth, and are focused on agility, responsiveness, and competitiveness. Supporting the Divisions is a global network of research and development centers.
The Basins are further organized into GeoUnits, which can be a region, a single country, or comprise several countries. With a strong focus on customers, the Basins identify opportunities for growth, and are focused on agility, responsiveness, and competitiveness. 4 Supporting the Divisions is a global network of research and development centers.
Today, the world faces the challenge of providing secure and affordable energy to meet growing demand, while rapidly decarbonizing for a sustainable future. With nearly a century of market and technology leadership, SLB is well positioned and committed to being a leader in providing solutions to address this trilemma.
The world faces the challenge of providing secure and affordable energy to meet growing demand, while rapidly decarbonizing for a sustainable future. With nearly a century of market and technology leadership, SLB is well positioned and committed to being a leader in providing solutions to address this trilemma.
While SLB seeks and holds a significant number of patents covering various products and processes, no particular patent or group of patents is material to SLB’s business. 7 Seasonality Seasonal changes in weather and significant weather events can temporarily affect the delivery of SLB’s products and services.
While SLB seeks and holds a significant number of patents covering various products and processes, no particular patent or group of patents is material to SLB’s business. Seasonality Seasonal changes in weather and significant weather events can temporarily affect the delivery of SLB’s products and services.
Well Construction provides operators and drilling rig manufacturers with services and products related to the design and construction of a well. 3 The primary offerings comprising this Division are: • Measurements: Provides services and associated engineering support for mud logging for geological and drilling surveillance, directional drilling, measurement-while-drilling, and logging-while-drilling services for all well profiles. • Drilling Fluids: Supplies individually engineered drilling fluid systems that improve drilling performance and maintain well control and wellbore stability throughout drilling operations as well as products and services that secure and protect well casings while isolating fluid zones and maximizing wellbore activity. • Equipment : Provides drilling equipment, including pressure control equipment and rotary drilling equipment, and services for drilling contractors, operators, and rental tool companies, and shipyards as well as land drilling rigs and related services. • Drilling: Designs, manufactures, and markets roller cone and fixed cutter drill bits for all drilling environments, as well as a wide variety of bottomhole assembly and borehole enlargement technologies for drilling operations. • Integrated Well Construction: Provides integrated solutions to construct or change the architecture of wells, including well planning, well drilling (including autonomous drilling), engineering, supervision, logistics, procurement and contracting of third parties, and drilling rig management.
The primary offerings comprising this Division are: • Measurements: Provides services and associated engineering support for mud logging for geological and drilling surveillance, directional drilling, measurement-while-drilling, and logging-while-drilling services for all well profiles. • Drilling Fluids: Supplies individually engineered drilling fluid systems that improve drilling performance and maintain well control and wellbore stability throughout drilling operations as well as products and services that secure and protect well casings while isolating fluid zones and maximizing wellbore activity. • Equipment : Provides drilling equipment, including pressure control equipment and rotary drilling equipment, and services for drilling contractors, operators, rental tool companies, and shipyards as well as land drilling rigs and related services. • Drilling: Designs, manufactures, and markets roller cone and fixed cutter drill bits for all drilling environments, as well as a wide variety of bottomhole assembly and borehole enlargement technologies for drilling operations. • Integrated Well Construction: Provides integrated solutions to construct or change the architecture of wells, including well planning, well drilling (including autonomous drilling), engineering, supervision, logistics, procurement, contracting of third parties, and drilling rig management.
Customers SLB’s primary customers are national oil companies, large integrated oil companies, and independent operators. No single customer exceeded 10% of SLB's consolidated revenue during each of 2024, 2023, and 2022. Governmental Regulations SLB is subject to numerous environmental and other governmental and regulatory requirements related to its operations worldwide. For additional details, see “Item 1(a).
Customers SLB’s primary customers are national oil companies, large integrated oil companies, and independent operators. No single customer exceeded 10% of SLB's consolidated revenue during each of 2025, 2024, and 2023. Governmental Regulations SLB is subject to numerous environmental and other governmental and regulatory requirements related to its operations worldwide. For additional details see “Item 1(a).
Human Capital As a leading global technology company that operates in more than 100 countries with a workforce of approximately 110,000 people from diverse backgrounds, cultures, and nationalities, one of SLB’s greatest strengths is the diversity of our people.
Human Capital As a leading global technology company that operates in more than 100 countries with a workforce of approximately 109,000 people from diverse backgrounds, cultures, and nationalities, one of SLB’s greatest strengths is the diversity of our people.
Item 1. B usiness. All references in this report to “Registrant,” “Company,” “SLB,” “we” or “our” are to Schlumberger Limited (Schlumberger N.V.) and its consolidated subsidiaries. We are SLB, a global technology company driving energy innovation for a balanced planet.
Item 1. B usiness. All references in this report to “Registrant,” “Company,” “SLB,” “we” or “our” are to SLB N.V. (SLB Limited) and its consolidated subsidiaries. SLB is a global technology company driving energy innovation for a balanced planet.
Our software products sold directly to customers, which are agnostic to equipment provider, enable automation and autonomy to reduce cost and improve performance. However, we also provide digital services to enhance the SLB equipment and service offering in our Core Divisions. Many of these services use embedded AI to automate insights and differentiate our service delivery offering.
Our software products sold directly to customers, which are agnostic to equipment provider, enable automation and autonomy to reduce costs and improve performance. We also provide digital services to enhance the equipment and service offerings in our Core Divisions. Many of these services use embedded AI to automate insights and differentiate our service delivery offering.
Our workforce nationality mix generally aligns with the revenue derived from the countries in which we work, as reflected in the charts below. This fosters a culture that is global in outlook, yet local in practice. 6 SLB also recognizes the importance of gender diversity as a source of creativity, innovation, and competitive advantage.
Our workforce nationality mix generally aligns with the revenue derived from the countries in which we work, as reflected in the charts below. This fosters a culture that is global in outlook, yet local in practice. SLB recognizes the importance of accessing the best available talent and sees gender diversity as a source of creativity, innovation, and competitive advantage.
Risk Factors – Legal and Regulatory Risks,” which is incorporated by reference in this Item 1. Corporate Information SLB was founded in 1926. Schlumberger Limited, the NYSE-listed parent of the SLB family of companies, is incorporated under the laws of Curaçao and has executive offices in Paris, Houston, London, and The Hague.
Risk Factors – Legal and Regulatory Risks,” which is incorporated by reference in this Item 1. Corporate Information SLB, formerly known as Schlumberger, was founded in 1926 and is the NYSE-listed parent of the SLB family of companies. SLB is incorporated under the laws of Curaçao with executive offices in Paris, Houston, and The Hague.
Digital Digital capabilities continue to grow throughout the energy industry as a key element of the complex systems required to meet current energy demand, improve efficiency and to harness the promise of a lower-carbon future.
Digital Digital capabilities continue to grow throughout the energy industry as a key element of the complex systems required to meet current energy demand and improve efficiency.
The Company changed its brand name to SLB in 2022 but did not change the legal name of its listed parent company, which remains Schlumberger Limited. Available Information The SLB website is www.slb.com . SLB uses its Investor Relations website, https://investorcenter.slb.com/ , as a routine channel for distribution of important information, including news releases, analyst presentations, and financial information.
The Company changed its brand name to SLB in 2022 and the legal name of its listed parent company in 2025. Available Information The SLB website is www.slb.com . SLB uses its Investor Relations website, https://investorcenter.slb.com/ , as a routine channel for distribution of important information, including news releases, analyst presentations, and financial information.
The primary offerings comprising this Division are: • Evaluation: Provides the measurement, interpretation, and insights necessary to understand the subsurface geology and fluids through wireline logging, downhole testing and rock and fluid analysis services. • Stimulation : Provides services to restore or enhance well productivity through hydraulic fracturing, matrix stimulation, and water treatment. • Intervention : Provides a comprehensive approach to oil and gas operators to increase their intervention success rates and maximize recovery from brownfields through cased hole wireline and perforations, coiled-tubing interventions, slickline, and reservoir monitoring.
The primary offerings comprising this Division are: • Evaluation: Provides the measurement, interpretation, and insights necessary to understand the subsurface geology and fluids through wireline logging, downhole testing, and rock and fluid analysis services. • Stimulation : Provides services to restore or enhance well productivity through hydraulic fracturing, matrix stimulation, and water treatment. • Intervention : Provides a comprehensive approach to oil and gas operators to increase their intervention success rates and maximize recovery from brownfields through cased hole wireline and perforations, coiled-tubing interventions, slickline, and reservoir monitoring. 3 Well Construction – Combines the full portfolio of products and services to optimize well placement and performance, maximize drilling efficiency, and improve wellbore assurance.
SLB's four Divisions operate through a geographical structure of four Basins that are aligned with critical concentrations of activity: Americas Land, Offshore Atlantic, Middle East & North Africa, and Asia. The Basins are configured around common regional characteristics that enable us to deploy fit-for-purpose technologies, operating models, and skills to meet the specific customer needs in each Basin.
SLB operates through a geographical structure of five Basins that are aligned with critical concentrations of activity: North America Land; Americas; Europe and Africa; Middle East and North Africa; and Asia. The Basins are configured around common regional characteristics that enable us to deploy fit-for-purpose technologies, operating models, and skills to meet the specific customer needs in each Basin.
Through these centers we advance SLB’s technology programs to enhance industry efficiency, lower finding and producing costs, improve productivity, maximize reserve recovery, and increase asset value safely, securely, and sustainably. These centers also support SLB's investments in lower carbon energy sources and carbon capture technologies.
Through these centers we advance SLB’s technology programs to enhance industry efficiency, lower finding and producing costs, improve productivity, maximize reserve recovery, and increase asset value safely, securely, and sustainably. These centers also support SLB's investments in lower carbon energy sources and carbon capture technologies. ChampionX Transaction During 2025, SLB acquired ChampionX Corporation ("ChampionX") in an all-stock transaction.
Reservoir Performance – Consists of reservoir-centric technologies and services that are critical to optimizing reservoir productivity and performance. Reservoir Performance develops and deploys innovative technologies and services to evaluate, intervene, and stimulate reservoirs providing customers with greater insights into their assets and maximizing their return on investment.
Reservoir Performance develops and deploys innovative technologies and services to evaluate, intervene, and stimulate reservoirs providing customers with greater insights into their assets and maximizing their return on investment.
Rakesh Jaggi 55 President, Digital and Integration, since April 2023; and Senior Vice President, Sales & Commercial, May 2019 to March 2023. 8 Gavin Rennick 50 President, New Energy, since April 2022; and Vice President, Human Resources, February 2019 to March 2022.
Other Corporate Officers Rakesh Jaggi 56 President, Digital and Integration, since April 2023; and Senior Vice President, Sales & Commercial, May 2019 to March 2023. Gavin Rennick 51 President, New Energy, since April 2022; and Vice President, Human Resources, February 2019 to March 2022.
There are three key components to SLB achieving the 2050 net-zero target: reducing operational emissions, reducing customer emissions that occur while using SLB technology, and taking carbon-negative actions of sufficient scale to offset any residual operating and technology emissions that SLB may have in 2050.
SLB’s Scope 3 emissions are indirect, such as emissions from customers’ use of SLB technology and emissions from our use of third-party goods and services. 5 There are three key components to SLB achieving the 2050 net-zero target: reducing operational emissions, reducing customer emissions that occur while using SLB technology, and taking carbon-negative actions of sufficient scale to offset any residual operating and technology emissions that SLB may have in 2050.
By setting targets based on SLB’s total 2019 baseline GHG footprint—inclusive of Scope 3 emissions (which accounted for approximately 95% of SLB’s baseline)—and not just its Scope 1 and 2 footprint, SLB’s comprehensive emissions reduction roadmap addresses the entire energy value chain.
By setting targets inclusive of Scope 3 emissions (which accounted for approximately 95% of SLB's baseline)—and not just its Scope 1 and 2 footprint, SLB’s emissions reduction roadmap addresses the entire energy value chain. SLB’s Scope 1 and 2 emissions primarily come from fuel use and electricity consumption.
Production Systems – Develops technologies and provides expertise that enhances production and recovery from subsurface reservoirs to the surface, into pipelines, and to refineries. Production Systems provides a comprehensive portfolio of equipment and services including subsurface production systems, subsea and surface equipment and services, and midstream production systems.
Production Systems – Develops technologies and provides expertise that enhances production and recovery of oil and gas assets from subsurface reservoirs to the surface, into pipelines, and to refineries. Production Systems provides a comprehensive portfolio of equipment and services across the entire production system that optimizes performance.
We are committed to leading our industry in this area and, in this regard, a number of years ago we established goals of having women represent 25% of our salaried workforce by 2025 and 30% by 2030. We reached our first milestone ahead of schedule, as women represented 25% of our salaried workforce as of December 31, 2024.
In this regard, a number of years ago we established goals of having women represent 25% of our salaried workforce by 2025 and 30% of our salaried workforce by 2030. Women represented approximately 26% of our salaried workforce as of December 31, 2025.
SLB has numerous global policies and programs to support our inclusive culture, including: • a Code of Conduct that outlines the standards of behavior and ethics that all employees are expected to follow, and that prohibits any form of discrimination, harassment, or retaliation; • a diversity, equity, and inclusion (“DEI”) strategy supported by a network of inclusion champions that promote DEI awareness and best practices; and • a mobility program that enables employees to gain international exposure and experience and develop cross-cultural competencies.
SLB has numerous global policies and programs to support our inclusive culture, including: • a culture framework that codifies SLB's history on including diverse perspectives; • a mobility program that enables employees to gain international exposure and experience and develop cross-cultural competencies; • a Code of Conduct that outlines the standards of behavior and ethics that all employees are expected to follow, and that prohibits any form of discrimination, harassment, or retaliation; and • employee resource groups that provide peer mentoring and management feedback.
Our identity symbolizes SLB's commitment to moving farther and faster in facilitating the world's energy needs today and forging the road ahead for a sustainable future. SLB is organized under four Divisions that combine and integrate SLB’s technologies, enhancing our ability to support the emerging long-term growth opportunities in each of these market segments.
SLB is primarily organized under four Divisions that combine and integrate SLB’s technologies, enhancing our ability to support the emerging long-term growth opportunities in each of these market segments.
Information About Our Executive Officers The following table sets forth, as of January 22, 2025, the names and ages of SLB’s executive officers, including all offices and positions held by each executive officer during the past five years. Name Age Current Position and Five-Year Business Experience Olivier Le Peuch 61 Chief Executive Officer and Director, since August 2019.
Information About Our Executive Officers The following table sets forth, as of January 23, 2026, the names and ages of SLB’s executive officers, including all offices and positions held by each executive officer during the past five years.
The primary offerings comprising this Division are: • Digital Solutions: Includes products, services, and solutions that span the energy value chain from subsurface characterization through field development and hydrocarbon production to carbon management and the integration of adjacent energy systems.
The four Divisions are: • Digital • Reservoir Performance • Well Construction • Production Systems Digital – Comprised of SLB’s industry-leading digital solutions and data products that span the energy value chain from subsurface characterization through field development and hydrocarbon production to carbon management and the integration of adjacent energy systems.
Our New Energy portfolio builds on several fundamental SLB strengths: our unique subsurface domain expertise, applicable beyond oil and gas; our ability to design and deploy complex processing and production systems as an original equipment manufacturer; our differentiated track record for innovation and industrialization; and our ability to deploy at scale in any region of the world with local knowledge and talent.
Within those horizons of growth, we will build upon the strengths that have made possible the century of success that SLB will celebrate in 2026: our unique subsurface domain expertise, applicable beyond oil and gas; our ability to design and deploy complex processing and production systems as an original equipment manufacturer; our differentiated track record for innovation and manufacturing of industrial solutions with rapid lead times; and our ability to deploy at scale in any region of the world with local knowledge and talent.
ChampionX Transaction On April 2, 2024, SLB announced a definitive agreement to purchase ChampionX Corporation ("ChampionX") in an all-stock transaction. ChampionX is a global leader in chemistry solutions, artificial lift systems, and highly engineered equipment and technologies that help companies drill for and produce oil and gas safely, efficiently, and sustainably around the world.
ChampionX is a global leader in chemistry solutions, artificial lift systems, and highly engineered equipment and technologies that help companies drill for and produce oil and gas safely, efficiently, and sustainably around the world. The acquisition strengthens SLB's leadership in the production and recovery space.
Building on decades of technology advancement, we will continue innovating new products, services and technologies that make the exploration, development and production of oil and gas assets cleaner, more cost effective, and more efficient, with lower carbon emissions and less impact on the environment.
Core Consisting of our Reservoir Performance, WeIl Construction and Production Systems Divisions, Core remains SLB’s largest engine of growth. Building on decades of technological advancement, we will continue innovating new products, services and technologies that make the exploration, drilling, production and recovery of oil and gas assets more cost effective and efficient, with lower carbon emissions.
SLB is uniquely positioned to support customers on their digital journeys by providing an offering which spans planning and operational workflows, underpinned by a data platform which allows customers to realize efficiency gains through AI.
SLB is uniquely positioned to support customers on their digital journeys by providing an offering which spans planning and operational workflows, underpinned by data platforms and agentic AI orchestration which not only allow customers to realize efficiency gains but also transforms industry workflows through AI. We are also focused on using digital technology to enhance operational performance for our customers.
Learning and Development SLB invests significantly in the learning and development of our people. We encourage a growth mindset and provide opportunities to our people for continuous learning throughout their career. This investment allows us to accelerate personal development while maximizing performance, fostering an agile workforce with the skills necessary to lead SLB today and into the future.
Learning and Development SLB invests significantly in the learning and development of our people. We encourage a growth mindset and provide opportunities to our people for continuous learning throughout their career.
Kevin Fyfe 51 Vice President and Treasurer, since July 2022; and Vice President and Controller, October 2017 to June 2022. Howard Guild 53 Chief Accounting Officer, since July 2005. Ugo Prechner 47 Vice President and Controller, since August 2022; Well Construction Controller, July 2020 to July 2022; and Controller Operations, August 2019 to June 2020.
Kevin Fyfe 52 Vice President Mergers & Acquisitions, since August 2025; Vice President and Treasurer, from July 2022 to July 2025; and Vice President and Controller, October 2017 to June 2022. Ugo Prechner 48 Vice President and Treasurer, since August 2025; Vice President and Controller, from August 2022 to July 2025; and Well Construction Controller, July 2020 to July 2022.
New Energy New Energy offers a significant opportunity to use SLB’s experience and scale to drive innovation for a low-carbon economy spanning industries beyond oil and gas. We are building a broad, diverse portfolio across New Energy sectors, selected for their materiality and adjacency to existing SLB strengths and our ability to offer differentiated technology.
We are building a broad, diverse portfolio across new energy and industrial sectors, selected for their materiality and adjacency to our existing business and technical capabilities and our ability to offer differentiated technology.
Combines SLB’s services and products with drilling rig management and specialized engineering and project management expertise, to provide a complete solution from well construction to production improvement. As of December 31, 2024, SLB’s APS portfolio primarily consisted of three field production projects in Ecuador and one in Canada.
All Other – This category primarily consists of the following: • Asset Performance Solutions: Offers an integrated business model for field production projects. Combines SLB’s services and products with drilling rig management and specialized engineering and project management expertise, to provide a complete solution from well construction to production improvement.
Sustainability SLB’s emissions reduction strategy is at the center of our identity and vision, and our commitment to a sustainable future is underscored by bold science-backed targets aligned with the Paris Agreement. In 2021, SLB became the first company in the energy services industry to commit to a 2050 net-zero greenhouse gas (“GHG”) emissions target including all three emission scopes.
In 2021, SLB became the first company in the energy services industry to commit to a 2050 net-zero greenhouse gas (“GHG”) emissions target, supported by interim milestones, inclusive of all three emission scopes.
Khaled Al Mogharbel 54 Executive Vice President, Geographies, since July 2020; and Executive Vice President, Operations, April 2019 to June 2020. Stephane Biguet 56 Executive Vice President and Chief Financial Officer, since January 2020. Abdellah Merad 51 Executive Vice President, Core Services and Equipment, since April 2022; and Executive Vice President, Performance Management, May 2019 to March 2022.
Section 16 Officers Name Age Current Position and Five-Year Business Experience Olivier Le Peuch 62 Chief Executive Officer and Director, since August 2019. Stephane Biguet 57 Executive Vice President and Chief Financial Officer, since January 2020. Abdellah Merad 52 Executive Vice President, Core Services and Equipment, since April 2022; and Executive Vice President, Performance Management, May 2019 to March 2022.
Demosthenis Pafitis 57 Chief Technology Officer, since February 2020; and Senior Vice President, SLB 4.0 Platforms, December 2017 to January 2020. Dianne Ralston 58 Chief Legal Officer, since December 2020, and Secretary, since April 2021; and Executive Vice President, Chief Legal Officer, and Secretary, TechnipFMC plc (a global oilfield services company), January 2017 to September 2020.
Demosthenis Pafitis 58 Chief Technology Officer, since February 2020. 7 Dianne Ralston 59 Chief Legal Officer, since December 2020, and Secretary, since April 2021.
With a balanced energy transition in mind, our strategy is focused on three engines of growth: Core, Digital, and New Energy. 4 Core Consisting of our Reservoir Performance, WeIl Construction and Production Systems Divisions, Core remains SLB’s largest engine of growth.
SLB issued 141 million shares of its common stock valued at $4.9 billion in connection with this transaction. Corporate Strategy With a balanced energy transition in mind, our strategy is focused on three engines of growth: Core, Digital, and New Horizons of Growth.
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In October 2022, we changed our brand name to SLB and unveiled a new logo that underscores our vision for a decarbonized energy future. This bold change highlighted our leadership as a global technology company focused on driving energy innovation within traditional energy sources and beyond. The SLB brand builds on nearly a century of technology innovation and industrialization.
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Revenue is generated from four key solutions — Platforms & Applications, Digital Operations, Digital Exploration and Professional Services. • Platforms & Applications: Includes SLB’s cloud technologies such as the Delfi™ and Lumi™ platforms, along with a suite of specialized, domain-focused applications such as Petrel™ and Techlog™ offered as SaaS subscription or perpetual licenses.
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The four Divisions are: • Digital & Integration • Reservoir Performance • Well Construction • Production Systems Digital & Integration – Co mbines SLB’s industry-leading digital solutions and data products with its integrated offering of Asset Performance Solutions (“APS”).
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These platforms and applications automate complex models to simulate the impact of reservoir development plans and aid in the planning of key operations such as drilling, completion, and production designs.
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This Division enables greater performance for our customers by reducing cycle times and risk, accelerating returns, increasing productivity, and lowering costs and carbon emissions.
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Additionally, they unlock data and utilize artificial intelligence (“AI”) and machine learning to reduce cycle time and improve efficiency of workflows to allow customers to make better, faster decisions to improve their project economics and reservoir performance. • Digital Operations: Combines the strengths of SLB’s oilfield services with advanced digital technologies to deliver more reliable, efficient, and autonomous field operations.
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Offerings are founded upon proprietary and open-source data platform technologies, industry-leading simulators, and workflow tools, and include domain-specific application of innovative digital capabilities, such as artificial intelligence ("AI") and machine learning. Solutions are deployable on traditional on-premise IT infrastructures, the cloud, and the edge, allowing for full market coverage irrespective of customer constraints.
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By integrating connected solutions with Performance Live™ digital service delivery centers, customers gain real-time monitoring, remote decision making and automated execution across their workflows from autonomous drilling to automated well intervention, all while reducing costs and improving project economics. Revenue is generated from the same customer base as SLB’s Core divisions of Well Construction, Reservoir Performance, and Production Systems.
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Digital Solutions also provides comprehensive reservoir interpretation and data processing services, enabled by a scientifically advanced platform and innovative subsurface imaging techniques for exploration data, and includes one of the industry’s most extensive exploration data libraries. • Asset Performance Solutions: Offers an integrated business model for field production projects.
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To incentivize the Core divisions and Digital to develop and promote digital operations, the resulting revenue is recognized in both the respective Core division as well as in the Digital Division. This effect is eliminated in consolidation. • Digital Exploration: Represents SLB’s exploration data business.
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Well Construction – Combines the full portfolio of products and services to optimize well placement and performance, maximize drilling efficiency, and improve wellbore assurance.
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The exploration data library is a differentiated asset library of seismic surveys and other subsurface data that customers rely on for better exploration and development decisions. These licensed datasets also support carbon storage design and monitoring.
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Under the terms of the agreement, ChampionX shareholders will receive 0.735 shares of SLB common stock in exchange for each ChampionX share. At the closing of the transaction ChampionX shareholders will own approximately 9% of SLB's outstanding shares of common stock. ChampionX reported revenue of approximately $2.7 billion for the nine months ended September 30, 2024.
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The library covers key exploration and producing basins worldwide and datasets are refreshed and reprocessed to benefit from the latest imaging algorithms and AI technologies, enabled by high performance cloud computing. • Professional Services: Includes consulting and other services required to support customers’ digital transformations.
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The transaction, which is subject to regulatory approvals and other customary closing conditions, received the approval of the ChampionX stockholders at a special meeting held on June 18, 2024. It is anticipated that the transaction will close in the first quarter of 2025.
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These services include transition support from on-prem to cloud-based digital solutions, data clean-up and migration, workflow automation — including deployment of workflow solutions built within SLB’s global network of Innovation Factori workspaces — and training to further enable customers’ digital transformations. Reservoir Performance – Consists of reservoir-centric technologies and services that are critical to optimizing reservoir productivity and performance.
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Corporate Strategy The evolving marketplace will require bold new technologies and ideas, digital transformation and a deep commitment to sustainability.
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Well Construction provides operators and drilling rig manufacturers with services and products related to the design and construction of a well.
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With the continued growth of digitally enabled technologies that improve efficiency and performance, including our Transition Technologies™ portfolio and our SLB End-to-end Emissions Solutions (SEES) methane elimination business, SLB provides solutions that enable customers to increase production from their reserves at a competitive cost and at a lower carbon intensity per barrel equivalent.
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The primary offerings comprising this Division are: • Subsea Production Systems: Through its SLB OneSubsea™ joint venture, offers integrated solutions, products, systems, and services for the subsea market, including wellheads, subsea trees, manifolds, flowline connectors, control systems to maximize reservoir recovery and extending field life.
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SLB’s customers have access to leading digital products that help to meet their sustainability goals by driving transparency, better measurement, more effective planning, and more impactful and reliable outcomes. To continue elevating customer offerings, we are accelerating the adoption of our proprietary Delfi™ offering, an open, scalable, and secure cloud-based software environment.
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Also provides fit-for-purpose integrated production facilities that accelerate first production, as well as a broad portfolio of emissions management solutions. • Production Chemical Technologies: Supplies chemistry technologies and solutions that optimize production and processing, support asset integrity, and extend asset life.
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Our cloud-based solutions allow our customers to transition from our established software applications to our Delfi digital platform, and shift from a user-based license model to software-as-a-service (SaaS) subscriptions.
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The portfolio includes production chemicals for flow assurance and production optimization, systems for gas and liquid stream purification, chemical injection systems, and autonomous digital surveillance solutions. • Valves: S erves the upstream, midstream, and downstream markets with a broad portfolio of valves that are primarily used to control and direct the flow of hydrocarbons as they are moved from wellheads through flow lines, gathering lines, and transmission systems to refineries, petrochemical plants, and industrial centers for processing.
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This enables customers to evolve from legacy infrastructure and deliver new levels of value creation, with access to key resources such as storage and increased computing power from our cloud partners and our industry-leading simulators.
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As of December 31, 2025, SLB’s Asset Performance Solutions portfolio primarily consisted of three field production projects in Ecuador. • Data Center Solutions: Designs and manufactures critical infrastructure components — such as modular data center enclosures, cooling systems, and other hardware — for hyperscalers and enterprises.
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Our evolving offering of on-premises solutions allows us to support the digital transition journey of customers that prefer or are required to maintain data solutions locally. Through our Lumi TM data and AI platform, we also enable data-driven decision making for our customers across the energy industry.
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By leveraging scalable, standardized production with rapid lead times, and rigorous quality assurance, Data Center Solutions provides configurable solutions that balance cost efficiency, reliability, and customization to meet accelerating data center demand. • SLB Capturi: A joint venture between SLB and Aker Carbon Capture that combines the strengths and capabilities of both companies to accelerate industrial decarbonization at a global scale.
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Data from a wide variety of sources across the subsurface and operations value chain can be accessed, facilitating AI-driven decision making at scale. The platform can connect diverse industry data sources, inclusive of on-premises data platforms and customer data infrastructure. We are also focused on using digital technology to enhance operational performance for our customers.
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SLB Capturi, which is 80% owned by SLB, is a dedicated carbon capture company with solutions, services, and technologies servicing a range of hard-to-abate industries, including the cement, waste-to-energy, gas-to-power, and biogenic emissions segments.
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SLB will continue building businesses and forging partnerships across various industries to focus on three key areas: Industrial Decarbonization, Renewables and Energy Efficiency, and Critical Minerals.
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New Horizons of Growth SLB recognizes that its future will keep expanding beyond oil and gas and is positioning for long term growth in markets that offer a significant opportunity to utilize SLB’s expertise and scale to drive innovation and performance.
Removed
Industrial Decarbonization focuses on providing technology and business solutions in the field of carbon capture and sequestration (“CCS”) and low-carbon hydrogen for hard-to-abate industries. • SLB has been in the CCS business for more than three decades and is actively progressing technologies to enable widespread adoption of CCS at scale.
Added
SLB continues building businesses and forging partnerships in New Energy to harness the promise of a lower carbon future. This includes fostering industrial decarbonization, including carbon capture and sequestration (CCS) and low-carbon hydrogen for hard-to-abate industries, scaling new energy systems—particularly geothermal—as well as innovating in critical minerals. New horizons of growth also include our fast-growing Data Center Solutions business.
Removed
Our expertise extends beyond subsurface characterization and well construction to include capture technology, project economics, technology selection, and permitting. This includes the recent establishment of SLB Capturi, offering a modular product platform of industrial-scale carbon capture solutions.
Added
As AI-driven data demand continues to fuel rapid growth, this business is expected to be a material contributor to SLB’s portfolio in the future. Sustainability SLB’s commitment to a sustainable future is underscored by science-backed targets aligned with the Paris Agreement.
Removed
In addition, SLB is developing digital platforms to support emissions management for carbon and methane that will allow clients to measure, monitor, and plan abatement strategies. 5 • SLB has also invested in Genvia, a unique private-public partnership that combines SLB’s expertise and experience with that of the French Atomic Energy and Alternative Energies Commission and partners.
Added
This investment allows us to accelerate personal development while maximizing performance, fostering an agile workforce with the skills necessary to lead SLB today and into the future. 6 Competition The principal methods of competition within the energy services industry are technological innovation, quality of service, and price differentiation.
Removed
Genvia aims to deliver the most efficient and cost-effective solid oxide electrolyzer technology for producing clean hydrogen in hard-to-abate industrial settings—a key component of the energy transition.
Added
Steve Gassen 51 Executive Vice President of Geographies, since May 2025; President, Production Systems, August 2022 to May 2025; Senior Vice President, Carbon Capture, March 2022 to August 2022; Senior Vice President, Marketing, December 2021 to March 2022; and Vice President, Marketing, July 2020 to December 2021.
Removed
Renewables and Energy Efficiency refers to our technology and business solutions designed to enable renewable energy expansion and greater energy efficiency, with a focus on geothermal, geoenergy, and energy storage. • Geothermal power leverages the heat of the earth to generate electricity or provide heat directly, by tapping into subsurface hot water and steam zones. • Geoenergy uses the ambient temperatures beneath the earth's surface to act as a thermal battery and dramatically reduce energy consumption from heating and cooling buildings, driving both efficiency and decarbonization. • Stationary energy storage is a key enabler to make variable renewable energy sources (such as solar or wind) a larger component of the world’s electricity systems enabling power to be delivered in the right place, at the right time, to meet demand.
Added
Agnieszka Kmieciak 52 Chief People Officer, since August 2025; Senior Vice President of People and Social Engagement, TotalEnergies, from September 2021 to March 2024; and Executive Vice President of People and Culture, TechnipFMC, from 2018 to June 2021. Howard Guild 54 Chief Accounting Officer, since July 2005.

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeWe have developed, and will continue to develop and set, goals, targets, and other objectives related to sustainability matters, including our net-zero emissions target and our energy transition strategy. Statements related to these goals, targets, and objectives reflect our current plans and aspirations and do not constitute a guarantee that they will be achieved.
Biggest changeGeneral Risk Factors Our aspirations, goals, and initiatives related to sustainability and emissions reduction, and our public statements and disclosures regarding them, expose us to numerous risks. We have developed, and will continue to develop and set, goals, targets, and other objectives related to sustainability matters, including our net-zero emissions target and our energy transition strategy.
These factors include, but are not limited to, the following: • uncertain or volatile political, social, and economic conditions; • exposure to expropriation, nationalization, deprivation or confiscation of our assets or the assets of our customers, or other governmental actions; • social unrest, acts of terrorism, war, or other armed conflict; 10 • confiscatory taxation or other adverse tax policies; • theft of, or lack of sufficient legal protection for, proprietary technology and other intellectual property; • deprivation of contract rights; • trade and economic sanctions or other restrictions imposed by the European Union, the United States, the United Kingdom, China, or other regions or countries that could restrict or curtail our ability to operate in certain markets; • public health crises; • local content and other similar regional requirements; • unexpected changes in legal and regulatory requirements, including changes in interpretation or enforcement of existing laws; • restrictions on the repatriation of income or capital; • supply chain disruptions; • currency exchange controls; • currency exchange rate fluctuations and devaluations; and • inflation.
These factors include, but are not limited to, the following: • uncertain or volatile political, social, and economic conditions; • exposure to expropriation, nationalization, deprivation or confiscation of our assets or the assets of our customers, or other governmental actions; • social unrest, acts of terrorism, war, or other armed conflict; • confiscatory taxation or other adverse tax policies; • theft of, or lack of sufficient legal protection for, proprietary technology and other intellectual property; • deprivation of contract rights; • trade and economic sanctions or other restrictions imposed by the European Union, the United States, the United Kingdom, China, or other regions or countries that could restrict or curtail our ability to operate in certain markets; • public health crises; • local content and other similar regional requirements; • unexpected changes in legal and regulatory requirements, including changes in interpretation or enforcement of existing laws; • restrictions on the repatriation of income or capital; • supply chain disruptions; • changes to tariff policies; • currency exchange controls; • currency exchange rate fluctuations and devaluations; and • inflation.
The extent to which our reputation, operations, financial results and cash flows, including the ability to repatriate cash, may be affected by the ongoing conflict in Ukraine will depend on various factors, including the extent and duration of the conflict; the effects of the conflict on regional and global economic and geopolitical conditions; the effect of further laws, sanctions and trade control restrictions on our business, the global economy and global supply chains; and the impact of fluctuations in the exchange rate of the ruble.
The extent to which our reputation, operations, financial results and cash flows, including the ability to repatriate cash, may be affected by the ongoing conflict in Ukraine will depend on various factors, including the extent and duration of the conflict; the effects of the conflict on regional and global economic and geopolitical conditions; the effect of further laws, sanctions and trade control restrictions on our business, the global economy and global supply chains; and the impact of fluctuations in the exchange rate of 9 the ruble.
In addition, any major violations could have a significant effect on our reputation and consequently on our ability to win future business and maintain existing customer and supplier relationships. 12 Existing or future laws, regulations, court orders or other public- or private-sector initiatives to limit greenhouse gas emissions or relating to climate change may reduce demand for our products and services.
In addition, any major violations could have a significant effect on our reputation and consequently on our ability to win future business and maintain existing customer and supplier relationships. Existing or future laws, regulations, court orders or other public- or private-sector initiatives to limit greenhouse gas emissions or relating to climate change may reduce demand for our products and services.
Unauthorized access to or modification of, or actions disabling our ability to obtain authorized access to, our customers’ data, other external data, personal data, or our own data, as a result of a cyber incident, attack or exploitation of a security vulnerability, or loss of 11 control of our clients’ operations could result in significant damage to our reputation or disruption of the services we provide to our customers or of our customers’ businesses.
Unauthorized access to or modification of, or actions disabling our ability to obtain authorized access to, our customers’ data, other external data, personal data, or our own data, as a result of a cyber incident, attack or exploitation of a security vulnerability, or loss of control of our clients’ operations could result in significant damage to our reputation or disruption of the services we provide to our customers or of our customers’ businesses.
Disruptions in the political, regulatory, economic, and social environments of the countries in which we operate or globally could adversely affect our reputation, financial condition, results of operations and cash flows. We are a global technology company, and our non-US operations accounted for approximately 85% of our consolidated revenue in 2024, and 84% in 2023 and 2022.
Disruptions in the political, regulatory, economic, and social environments of the countries in which we operate or globally could adversely affect our reputation, financial condition, results of operations and cash flows. We are a global technology company, and our non-US operations accounted for approximately 82% of our consolidated revenue in 2025, 85% in 2024, and 84% in 2023.
If the acquisition is completed, the success of the acquisition will depend on, among other things, our ability to combine our business with that of ChampionX in a manner that facilitates growth opportunities and realizes anticipated synergies.
The success of the ChampionX acquisition will depend on, among other things, our ability to combine our business with that of ChampionX in a manner that facilitates growth opportunities and realizes anticipated synergies.
Furthermore, if we fail or are perceived to not effectively implement an energy transition strategy, or if investors or financial institutions shift funding away from companies in fossil fuel-related industries, our access to capital or the market for our securities could be negatively impacted.
Furthermore, if we fail or are perceived to not effectively implement an energy transition strategy, or if investors or financial institutions shift funding away from companies in fossil fuel-related industries, our access to capital or the market for our securities could be negatively impacted. We operate in a highly competitive environment.
Russia represented approximately 4% of our worldwide revenue during 2024. The carrying value of our net assets in Russia was approximately $0.6 billion as of December 31, 2024. This consisted of $0.1 billion of cash and short-term investments, $0.3 billion of receivables, $0.2 billion of fixed assets, $0.3 billion of other assets, and $0.3 billion of current liabilities.
Russia represented approximately 4% of our worldwide revenue during 2025. The carrying value of our net assets in Russia was approximately $0.7 billion as of December 31, 2025. This consisted of $0.2 billion of cash and short-term investments, $0.4 billion of receivables, $0.3 billion of fixed assets, $0.2 billion of other assets, and $0.4 billion of current liabilities.
Historically, oil and gas prices have experienced significant volatility and can be affected by a variety of factors, including: • changes in the supply of and demand for hydrocarbons, which are affected by general economic and business conditions; • the costs of exploring for, producing, and delivering oil and gas; • the ability or willingness of the Organization of Petroleum Exporting Countries (OPEC) and the expanded alliance known as OPEC+ to set and maintain production levels for oil; • the level of oil and gas exploration and production activity; • the level of excess production capacity; • the level of refining and storage capacity; • the level of oil and gas inventories; • access to potential resources; • political and economic uncertainty and geopolitical unrest; • governmental laws, policies, regulations, subsidies, and other actions, including initiatives to promote the use of renewable energy sources; • speculation as to the future price of oil and the speculative trading of oil and gas futures contracts; • technological advances affecting energy consumption; and • extreme weather conditions, natural disasters, and public health or similar issues, such as pandemics and epidemics.
These effects have had, and may in the future have, a material adverse effect on our financial condition, results of operations and cash flows. 8 Historically, oil and gas prices have experienced significant volatility and can be affected by a variety of factors, including: • changes in the supply of and demand for hydrocarbons, which are affected by general economic and business conditions; • the costs of exploring for, producing, and delivering oil and gas; • the ability or willingness of the Organization of Petroleum Exporting Countries (OPEC) and the expanded alliance known as OPEC+ to set and maintain production levels for oil; • the level of oil and gas exploration and production activity; • the level of excess production capacity; • the level of refining and storage capacity; • the level of oil and gas inventories; • access to potential resources; • political and economic uncertainty and geopolitical unrest; • governmental laws, policies, regulations, subsidies, and other actions, including initiatives to promote the use of renewable energy sources; • speculation as to the future price of oil and the speculative trading of oil and gas futures contracts; • technological advances affecting energy consumption; and • extreme weather conditions, natural disasters, and public health or similar issues, such as pandemics and epidemics.
The energy industry is highly competitive and rapidly evolving. Our business may be adversely affected if we fail to continue developing and producing innovative technologies in response to changes in the market, including customer and government requirements, or if we fail to deliver such technologies to our customers in a timely and cost-competitive manner.
Our business may be adversely affected if we fail to continue developing and producing innovative technologies in response to changes in the market, including customer and government requirements, or if we fail to deliver such technologies to our customers in a timely and cost-competitive manner.
We operate information technology networks and systems for internal purposes that incorporate third-party software and technologies. We also connect to and exchange data with external networks that may be operated by our customers, suppliers, alliance partners, or other third parties. We provide digital technologies that allow us or our customers to remotely perform wellsite and field operations.
We also connect to and exchange data with external networks that may be operated by our customers, suppliers, alliance partners, or other third parties. We provide digital technologies that allow us or our customers to remotely perform wellsite and field operations.
Any damages caused by our services or products that are not covered by insurance or are in excess of policy limits or subject to substantial deductibles, could adversely affect our financial condition, results of operations, and cash flows. Risks Related to the Proposed Acquisition of ChampionX We may be unable to complete the proposed acquisition of ChampionX.
Any damages caused by our services or products that are not covered by insurance or are in excess of policy limits or subject to substantial deductibles, could adversely affect our financial condition, results of operations, and cash flows.
Environmental compliance costs and liabilities arising as a result of environmental laws and regulations could have a material adverse effect on our business, financial condition, results of operations, and cash flows.
Any of these initiatives may, in turn, adversely affect our financial condition, results of operations, and cash flows. 11 Environmental compliance costs and liabilities arising as a result of environmental laws and regulations could have a material adverse effect on our business, financial condition, results of operations, and cash flows.
In addition, initiatives by investors and financial institutions to limit funding to companies in fossil fuel-related industries may adversely affect our liquidity or access to capital. Any of these initiatives may, in turn, adversely affect our financial condition, results of operations, and cash flows.
In addition, initiatives by investors and financial institutions to limit funding to companies in fossil fuel-related industries may adversely affect our liquidity or access to capital.
Our business has been, and in the future will be, affected by severe weather events in areas where we operate, which could materially affect our operations and financial results.
Severe weather events, including extreme weather conditions associated with climate change, have in the past and may in the future adversely affect our operations and financial results. 12 Our business has been, and in the future will be, affected by severe weather events in areas where we operate, which could materially affect our operations and financial results.
In periods of high utilization, it is often more difficult to find and retain qualified individuals. This could increase our costs or have other material adverse effects on our operations. Severe weather events, including extreme weather conditions associated with climate change, have in the past and may in the future adversely affect our operations and financial results.
In periods of high utilization, it is often more difficult to find and retain qualified individuals. This could increase our costs or have other material adverse effects on our operations.
Continuation or escalation of the conflict may also exacerbate this and other risk factors identified in this Form 10-K, including cybersecurity, regulatory, and reputational risks. Failure to effectively and timely address the energy transition could adversely affect our reputation, business, results of operations, and cash flows.
Continuation or escalation of the conflict may also exacerbate this and other risk factors identified in this Form 10-K, including cybersecurity, regulatory, and reputational risks. Our operations are subject to cyber incidents that could have a material adverse effect on our reputation, business, financial condition, results of operations, and cash flows.
Our efforts to research, establish, accomplish, and accurately report on these goals, targets, and objectives expose us to numerous operational, reputational, financial, legal, and other risks. Our ability to achieve any stated goal, target, or objective, including with respect to emissions reduction, is subject to numerous factors and conditions, some of which are outside of our contro l.
Our ability to achieve any stated goal, target, or objective, including with respect to emissions reduction, is subject to numerous factors and conditions, some of which are outside of our contro l.
There can be no assurance that the steps we take to obtain, maintain, protect, and enforce our intellectual property rights will be adequate. Some of our products or services, and the processes we use to produce or provide them, have been granted patent protection, have patent applications pending, or are trade secrets.
Some of our products or services, and the processes we use to produce or provide them, have been granted patent protection, have patent applications pending, or are trade secrets.
Furthermore, competing or new technologies may accelerate the obsolescence of our products or services and reduce the value of our intellectual property. Limitations on our ability to obtain, maintain, protect, or enforce our intellectual property rights, including our trade secrets, could cause a loss in revenue and any competitive advantage we hold.
Limitations on our ability to obtain, maintain, protect, or enforce our intellectual property rights, including our trade secrets, could cause a loss in revenue and any competitive advantage we hold. 10 There can be no assurance that the steps we take to obtain, maintain, protect, and enforce our intellectual property rights will be adequate.
These risks could harm our reputation and our relationships with our employees, our customers, our suppliers, our alliance partners and other third parties, and may result in claims against us. We operate in a highly competitive environment. If we are unable to maintain technology leadership, this could adversely affect any competitive advantage we hold.
These risks could harm our reputation and our relationships with our employees, our customers, our suppliers, our alliance partners and other third parties, and may result in claims against us. We may fail to realize the anticipated benefits of the ChampionX acquisition.
If we are not able to successfully achieve these objectives, the anticipated benefits of the acquisition may not be realized fully, or at all, or may take longer to realize than expected. General Risk Factors Our aspirations, goals, and initiatives related to sustainability and emissions reduction, and our public statements and disclosures regarding them, expose us to numerous risks.
If we are not able to successfully achieve these objectives, the anticipated benefits of the acquisition may not be realized fully, or at all, or may take longer to realize than expected. Failure to effectively and timely address the energy transition could adversely affect our reputation, business, results of operations, and cash flows.
Our operations are subject to cyber incidents that could have a material adverse effect on our reputation, business, financial condition, results of operations, and cash flows. Our success depends in part on our ability to provide effective cybersecurity protection in connection with our digital technologies and services as well as our internal digital infrastructure.
Our success depends in part on our ability to provide effective cybersecurity protection in connection with our digital technologies and services as well as our internal digital infrastructure. We operate information technology networks and systems for internal purposes that incorporate third-party software and technologies.
Removed
These effects have had, and may in the future have, a material adverse effect on our financial condition, results of operations and cash flows.
Added
If we are unable to maintain technology leadership, this could adversely affect any competitive advantage we hold. The energy industry is highly competitive and rapidly evolving.
Removed
We or ChampionX may terminate the merger agreement between the parties (the “merger agreement”) in certain circumstances as described in our Current Report on Form 8-K filed with the SEC on April 2, 2024.
Added
Furthermore, competing or new technologies may accelerate the obsolescence of our products or services and reduce the value of our intellectual property.
Removed
If the proposed acquisition is not completed for any reason, including as a result of failure to obtain required regulatory approvals, the market price of our common stock may be adversely affected; we may experience negative reactions from the financial markets, customers, suppliers and other constituencies; we will be required to pay certain costs relating to the acquisition; and we may be required to pay a termination fee under certain circumstances set forth in the merger agreement. 13 We may fail to realize the anticipated benefits of the proposed acquisition of ChampionX.
Added
Statements related to these goals, targets, and objectives reflect our current plans and aspirations and do not constitute a guarantee that they will be achieved. Our efforts to research, establish, accomplish, and accurately report on these goals, targets, and objectives expose us to numerous operational, reputational, financial, legal, and other risks.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

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Biggest changeInformation concerning mine safety violations or other regulatory matters required by section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K is included in Exhibit 95 to this Form 10-K. 15 PART II
Biggest changeInformation concerning mine safety violations or other regulatory matters required by section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K is included in Exhibit 95 to this Form 10-K. 13 PART II

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

3 edited+1 added−1 removed2 unchanged
Biggest changeComparison of Five-Year Cumulative Total Return Among SLB Common Stock, the S&P 500 Index and the Philadelphia Oil Service Index Share Repurchases On January 21, 2016, the SLB Board of Directors approved a $10 billion share repurchase program for SLB common stock. SLB cumulatively repurchased $3.5 billion of its common stock under this program as of December 31, 2024.
Biggest changeComparison of Five-Year Cumulative Total Return Among SLB Common Stock, the S&P 500 Index and the Philadelphia Oil Service Index Share Repurchases On January 21, 2016, the SLB Board of Directors approved a $10 billion share repurchase program for SLB common stock. SLB cumulatively repurchased $5.9 billion of its common stock under this program as of December 31, 2025.
It assumes $100 was invested on December 31, 2019 in SLB common stock, in the S&P 500 Index and in the Philadelphia Oil Service Index, as well as the reinvestment of dividends on the last day of the month of payment. The stockholder return set forth below is not necessarily indicative of future performance.
It assumes $100 was invested on December 31, 2020 in SLB common stock, in the S&P 500 Index and in the Philadelphia Oil Service Index, as well as the reinvestment of dividends on the last day of the month of payment. The stockholder return set forth below is not necessarily indicative of future performance.
Item 5. Market for Registrant’s Common Equity, Related Sto ckholder Matters and Issuer Purchases of Equity Securities. As of December 31, 2024, there were 20,762 stockholders of record.
Item 5. Market for Registrant’s Common Equity, Related Sto ckholder Matters and Issuer Purchases of Equity Securities. As of December 31, 2025, there were 21,139 stockholders of record.
Removed
SLB's common stock repurchase program activity for the three months ended December 31, 2024 was as follows: 16 (Stated in thousands, except per share amounts) Total number of shares purchased Average price paid per share Total number of shares purchased as part of publicly announced plans or programs Maximum value of shares that may yet be purchased under the plans or programs October 2024 5,545.1 $ 42.80 5,545.1 $ 6,805,195 November 2024 2,992.6 $ 42.47 2,992.6 $ 6,678,093 December 2024 3,221.6 $ 42.45 3,221.6 $ 6,541,326 11,759.3 $ 42.62 11,759.3 Unregistered Sales of Equity Securities None.
Added
No shares were repurchased during the three months ended December 31, 2025. Unregistered Sales of Equity Securities None. Item 6. [R eserved]. 14

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

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Biggest changeThe following is a summary of the 2024 charges and credits: (Stated in millions) Pretax Charge (Credit) Tax Benefit (Expense) Noncontrolling Interest Net First quarter: Merger & integration $ 25 $ 6 $ 5 $ 14 Second quarter: Workforce reductions 111 17 - 94 Merger & integration 31 5 8 18 Third quarter - Workforce reductions 65 10 - 55 Merger & integration 47 10 7 30 Fourth quarter - Asset impairments 162 23 - 139 Merger & integration 63 6 7 50 Workforce reductions 61 10 - 51 Gain on sale of investment (24 ) - - (24 ) $ 541 $ 87 $ 27 $ 427 The following is a summary of the 2023 charges and credits: 21 (Stated in millions) Pretax Charge (Credit) Tax Benefit (Expense) Noncontrolling Interests Net First quarter: Gain on sale of Liberty shares $ (36 ) $ (8 ) $ - $ (28 ) Fourth quarter: Merger and integration 56 8 8 40 Currency devaluation loss in Argentina 90 - - 90 $ 110 $ - $ 8 $ 102 Liquidity and Capital Resources Details of the components of liquidity as well as changes in liquidity follow: (Stated in millions) Dec. 31, Dec. 31, Components of Liquidity: 2024 2023 Cash $ 3,544 $ 2,900 Short-term investments 1,125 1,089 Short-term borrowings and current portion of long-term debt (1,051 ) (1,123 ) Long-term debt (11,023 ) (10,842 ) Net debt (1) $ (7,405 ) $ (7,976 ) Changes in Liquidity: 2024 2023 Net income $ 4,579 $ 4,275 Charges and credits 541 110 Depreciation and amortization (2) 2,519 2,312 Stock-based compensation expense 316 293 Earnings of equity method investments, less dividends received (18 ) (132 ) Increase in working capital (1,379 ) (215 ) US federal tax refund - 85 Other 44 (91 ) Cash flow from operations 6,602 6,637 Capital expenditures (1,931 ) (1,939 ) APS investments (483 ) (507 ) Exploration data capitalized (198 ) (153 ) Free cash flow (3) 3,990 4,038 Dividends paid (1,533 ) (1,317 ) Stock repurchase program (1,737 ) (694 ) Proceeds from employee stock purchase plan 219 191 Proceeds from exercise of stock options 29 90 Taxes paid on net-settled stock-based compensation awards (90 ) (169 ) Business acquisitions and investments, net of cash acquired plus debt assumed (553 ) (330 ) Proceeds from sale of Liberty shares - 137 Purchases of Blue Chip Swap securities (207 ) (185 ) Proceeds from sales of Blue Chip Swap securities 152 97 Other 53 (195 ) Change in net debt before impact of changes in foreign exchange rates 323 1,663 Impact of changes in foreign exchange rates 248 (307 ) Decrease in Net Debt 571 1,356 Net Debt, Beginning of period (7,976 ) (9,332 ) Net Debt, End of period $ (7,405 ) $ (7,976 ) (1) “Net debt” represents gross debt less cash and short-term investments.
Biggest changeThe following is a summary of the 2025 charges and credits: (Stated in millions) Pretax Charge (Credit) Tax Benefit (Expense) Noncontrolling Interest Net First quarter: Workforce reductions $ 158 $ 10 $ - $ 148 Other merger and integration 49 1 4 44 Second quarter: Impairment of equity method investment 69 12 - 57 Workforce reductions 66 3 - 63 Other merger and integration 35 4 4 27 Gain on sale of Palliser APS project (149 ) (4 ) - (145 ) Third quarter: Amortization of inventory purchase accounting adjustment 66 15 - 51 Acquisition-related professional fees 61 - - 61 Workforce reductions 57 4 - 53 Acquisition-related employee benefits 54 2 - 52 Impairment of equity-method investment 52 4 - 48 Other merger and integration 28 2 4 22 Fourth quarter: Goodwill impairment 210 - 41 169 Workforce reductions 126 14 3 109 Amortization of inventory purchase accounting adjustment 100 23 - 77 Other merger and integration 125 21 12 92 Reversal of valuation allowance relating to deferred tax assets - 92 - (92 ) $ 1,107 $ 203 $ 68 $ 836 The following is a summary of the 2024 charges and credits: 20 (Stated in millions) Pretax Charge (Credit) Tax Benefit (Expense) Noncontrolling Interest Net First quarter: Amortization of inventory purchase accounting adjustment $ 14 $ 4 $ 3 $ 7 Merger and integration 11 2 2 7 Second quarter: Workforce reductions 111 17 - 94 Merger and integration 16 1 5 10 Amortization of inventory purchase accounting adjustment 15 4 3 8 Third quarter - Workforce reductions 65 10 - 55 Merger and integration 33 6 4 23 Amortization of inventory purchase accounting adjustment 14 4 3 7 Fourth quarter - Asset impairments 162 23 - 139 Merger and integration 63 6 7 50 Workforce reductions 61 10 - 51 Gain on sale of investment (24 ) - - (24 ) $ 541 $ 87 $ 27 $ 427 The following is a summary of the 2023 charges and credits: (Stated in millions) Pretax Charge (Credit) Tax Benefit (Expense) Noncontrolling Interests Net First quarter: Gain on sale of Liberty shares $ (36 ) $ (8 ) $ - $ (28 ) Fourth quarter: Currency devaluation loss in Argentina 90 - - 90 Merger and integration 45 5 6 34 Amortization of inventory purchase accounting adjustment 11 3 2 6 $ 110 $ - $ 8 $ 102 Liquidity and Capital Resources Details of the components of liquidity as well as changes in liquidity follow: (Stated in millions) Dec. 31, Dec. 31, Dec. 31, Components of Liquidity: 2025 2024 2023 Cash $ 3,036 $ 3,544 $ 2,900 Short-term investments 1,176 1,125 1,089 Short-term borrowings and current portion of long-term debt (1,894 ) (1,051 ) (1,123 ) Long-term debt (9,742 ) (11,023 ) (10,842 ) Net debt (1) $ (7,424 ) $ (7,405 ) $ (7,976 ) 21 Changes in Liquidity: 2025 2024 2023 Net income $ 3,451 $ 4,579 $ 4,275 Depreciation and amortization (2) 2,643 2,519 2,312 Impairments 331 162 - Amortization of inventory purchase accounting adjustment 166 43 11 Gains on sales of investments - (24 ) (36 ) Gain on sale of Palliser APS project (149 ) - - Stock-based compensation expense 332 316 293 Deferred taxes (279 ) (41 ) 28 Earnings of equity method investments, less dividends received (59 ) (18 ) (132 ) Increase in working capital (60 ) (1,020 ) (159 ) US federal tax refund - - 85 Other 113 86 (40 ) Cash flow from operations 6,489 6,602 6,637 Capital expenditures (1,694 ) (1,931 ) (1,939 ) APS investments (428 ) (483 ) (507 ) Exploration data capitalized (252 ) (198 ) (153 ) Free cash flow (3) 4,115 3,990 4,038 Dividends paid (1,602 ) (1,533 ) (1,317 ) Stock repurchase program (2,414 ) (1,737 ) (694 ) Proceeds from employee stock purchase plan and exercise of stock options 229 248 281 Net debt assumed in connection with ChampionX acquisition (133 ) - - Proceeds from sale of Palliser APS project 338 - - Proceeds from sale of ChampionX Drilling Technologies business 286 - - Other business acquisitions and investments, net of cash acquired plus debt assumed (187 ) (553 ) (330 ) Proceeds from sale of Liberty shares - - 137 Purchases of Blue Chip Swap securities (224 ) (207 ) (185 ) Proceeds from sales of Blue Chip Swap securities 194 152 97 Taxes paid on net-settled stock-based compensation awards (61 ) (90 ) (169 ) Other (51 ) 53 (195 ) Change in net debt before impact of changes in foreign exchange rates 490 323 1,663 Impact of changes in foreign exchange rates (509 ) 248 (307 ) Decrease in Net Debt (19 ) 571 1,356 Net Debt, Beginning of period (7,405 ) (7,976 ) (9,332 ) Net Debt, End of period $ (7,424 ) $ (7,405 ) $ (7,976 ) (1) “Net debt” represents gross debt less cash and short-term investments.
In such an event, SLB will record additional tax expense or tax benefit in the period in which such resolution occurs. 25 Revenue Recognition for Certain Long-term Construction-type Contracts SLB recognizes revenue for certain long-term construction-type contracts over time. These contracts involve significant design and engineering efforts in order to satisfy custom designs for customer-specific applications.
In such an event, SLB will record additional tax expense or tax benefit in the period in which such resolution occurs. Revenue Recognition for Certain Long-term Construction-type Contracts SLB recognizes revenue for certain long-term construction-type contracts over time. These contracts involve significant design and engineering efforts in order to satisfy custom designs for customer-specific applications.
Estimates of these tax liabilities are judgmental and are made based upon prior experience and are updated in light of changes in facts and circumstances. However, due to the uncertain and complex application of tax regulations, the ultimate resolution of audits may result in liabilities that could be materially different from these estimates.
Estimates of these tax liabilities are judgmental and are made based upon prior experience and are updated in light of changes in facts and circumstances. However, due to the uncertain 25 and complex application of tax regulations, the ultimate resolution of audits may result in liabilities that could be materially different from these estimates.
Accelerated adoption of our digital technologies marked a milestone year, highlighted by strategic collaborations with cross-industry leaders, the launch of the Lumi™ data and AI platform, new Performance Live™ centers to enable remote operations, and the achievement of fully autonomous drilling operations.
Accelerated adoption of digital technologies marked a milestone year, highlighted by strategic collaborations with cross-industry leaders, the launch of the Lumi™ data and AI platform, new Performance Live™ centers to enable remote operations, and the achievement of fully autonomous drilling operations.
Adjustments to the allowance may be required in future periods depending on how such potential issues are resolved, or if the financial condition of SLB’s customers were to deteriorate resulting in an impairment of their ability to make payments.
Adjustments to the allowance 24 may be required in future periods depending on how such potential issues are resolved, or if the financial condition of SLB’s customers were to deteriorate resulting in an impairment of their ability to make payments.
(2) Includes depreciation of fixed assets and amortization of intangible assets, exploration data costs and APS investments. 22 (3) “Free cash flow” represents cash flow from operations less capital expenditures, APS investments and exploration data costs capitalized.
(2) Includes depreciation of fixed assets and amortization of intangible assets, exploration data costs and APS investments. (3) “Free cash flow” represents cash flow from operations less capital expenditures, APS investments and exploration data costs capitalized.
The following accounting policies involve “critical accounting 24 estimates” because they are particularly dependent on estimates and assumptions made by SLB about matters that are inherently uncertain.
The following accounting policies involve “critical accounting estimates” because they are particularly dependent on estimates and assumptions made by SLB about matters that are inherently uncertain.
Other Research & engineering and General & administrative expenses, as a percentage of Revenue , were as follows: 2024 2023 Research & engineering 2.1 % 2.1 % General & administrative 1.1 % 1.1 % Charges and Credits SLB recorded charges and credits during 2024 and 2023.
Other Research & engineering and General & administrative expenses, as a percentage of Revenue , were as follows: 2025 2024 2023 Research & engineering 2.0 % 2.1 % 2.1 % General & administrative 1.0 % 1.1 % 1.1 % Charges and Credits SLB recorded charges and credits during 2025, 2024 and 2023.
Under this method, revenue is recognized as work progresses on each contract. Progress is measured by the ratio of actual costs incurred to date on the project in relation to total estimated project costs. Approximately 9% of SLB’s revenue in 2024, 6% in 2023, and 5% in 2022, was recognized under this method.
Under this method, revenue is recognized as work progresses on each contract. Progress is measured by the ratio of actual costs incurred to date on the project in relation to total estimated project costs. Approximately 11% of SLB’s revenue in 2025, 9% in 2024, and 6% in 2023, was recognized under this method.
As of December 31, 2024, three of those countries individually accounted for greater than 5% of SLB’s net accounts receivable balance, of which only one (the United States) accounted for greater than 10% of such receivables. As of December 31, 2024, the United States represented 11% of SLB’s net accounts receivable balance.
As of December 31, 2025, three of those countries individually accounted for greater than 5% of SLB’s net accounts receivable balance, of which only one (the United States) accounted for greater than 10% of such receivables. As of December 31, 2025, the United States represented 13% of SLB’s net accounts receivable balance.
The following summarizes the discount rates utilized by SLB for its various pension and postretirement benefit plans: • The discount rate utilized to determine the liability for SLB’s United States pension plans and postretirement medical plan was 5.70% at December 31, 2024 and 5.25% at December 31, 2023. • The weighted-average discount rate utilized to determine the liability for SLB’s international pension plans was 5.67% at December 31, 2024 and 5.14% at December 31, 2023. • The discount rate utilized to determine expense for SLB’s United States pension plans and postretirement medical plan was 5.25% in 2024 and 5.50% in 2023. • The weighted-average discount rate utilized to determine expense for SLB’s international pension plans was 5.14% in 2024 and 5.41% in 2023.
The following summarizes the discount rates utilized by SLB for its various pension and postretirement benefit plans: • The discount rate utilized to determine the liability for SLB’s United States pension plans and postretirement medical plan was 5.55% at December 31, 2025 and 5.70% at December 31, 2024. • The weighted-average discount rate utilized to determine the liability for SLB’s international pension plans was 5.56% at December 31, 2025 and 5.67% at December 31, 2024. • The discount rate utilized to determine expense for SLB’s United States pension plans and postretirement medical plan was 5.70% in 2025 and 5.25% in 2024. • The weighted-average discount rate utilized to determine expense for SLB’s international pension plans was 5.67% in 2025 and 5.14% in 2024.
(2) Excludes interest income included in the segments’ income (fourth quarter 2024: $10 million; third quarter 2024: $16 million). (3) Excludes interest expense included in the segments’ income (fourth quarter 2024: $3 million; third quarter 2024: $4 million). (4) Charges and credits are described in detail in Note 3 to the Consolidated Financial Statements .
(2) Excludes interest income included in the segments’ income (fourth quarter 2025: $- million; third quarter 2025: $- million). (3) Excludes interest expense included in the segments’ income (fourth quarter 2025: $- million; third quarter 2025: $- million). (4) Charges and credits are described in detail in Note 3 to the Consolidated Financial Statements .
The average expected rate of return on plan assets for the United States pension plans was 6.00% in both 2024 and 2023. The weighted average expected rate of return on plan assets for the international pension plans was 5.91% in 2024 and 6.00% in 2023. A higher expected rate of return decreases pension expense.
The average expected rate of return on plan assets for the United States pension plans was 6.30% in 2025 and 6.00% in 2024. The weighted average expected rate of return on plan assets for the international pension plans was 6.57% in 2025 and 5.91% in 2024. A higher expected rate of return decreases pension expense.
The following illustrates the sensitivity to changes in certain assumptions, holding all other assumptions constant, for SLB’s United States and international pension plans: (Stated in millions) Effect on Effect on 2024 Dec. 31, 2024 Change in Assumption Pretax Expense Obligation 25 basis point decrease in discount rate -$1 +$324 25 basis point increase in discount rate +$3 -$308 25 basis point decrease in expected return on plan assets +$31 - 25 basis point increase in expected return on plan assets -$31 - The following illustrates the sensitivity to changes in certain assumptions, holding all other assumptions constant, for SLB’s United States postretirement medical plans: (Stated in millions) Effect on Effect on 2024 Dec. 31, 2024 Change in Assumption Pretax Expense Obligation 25 basis point decrease in discount rate +$2 +$22 25 basis point increase in discount rate -$2 -$21 26
The following illustrates the sensitivity to changes in certain assumptions, holding all other assumptions constant, for SLB’s United States and international pension plans: (Stated in millions) Effect on Effect on 2025 Dec. 31, 2025 Change in Assumption Pretax Expense Obligation 25 basis point decrease in discount rate +$8 +$333 25 basis point increase in discount rate -$9 -$317 25 basis point decrease in expected return on plan assets +$28 - 25 basis point increase in expected return on plan assets -$28 - 26 The following illustrates the sensitivity to changes in certain assumptions, holding all other assumptions constant, for SLB’s United States postretirement medical plan: (Stated in millions) Effect on Effect on 2025 Dec. 31, 2025 Change in Assumption Pretax Expense Obligation 25 basis point decrease in discount rate +$2 +$22 25 basis point increase in discount rate -$2 -$21 27
Key liquidity events during 2024 and 2023 included: • In January 2024, SLB announced a 10% increase to its quarterly cash dividend from $0.25 per share of outstanding common stock to $0.275 per share, beginning with the dividend paid in April 2024.
In January 2024, SLB announced a 10% increase to its quarterly cash dividend from $0.25 per share of outstanding common stock to $0.275 per share, beginning with the dividend paid in April 2024.
Capital investments during 2025 are expected to be approximately $2.3 billion. • During the fourth quarter of 2024, SLB repaid its €0.6 billion of 0.00% Notes that were outstanding. • During the second quarter of 2024, SLB issued $500 million of 5.00% Senior Notes due 2027, $500 million of 5.00% Senior Notes due 2029, and $500 million of 5.00% Senior Notes due 2034. • During the second quarter of 2024, SLB and Aker Carbon Capture ASA (“ACC”) announced the closing of their previously announced joint venture.
SLB recorded revenue of approximately $0.2 billion relating to this project during the six months ended June 30, 2025 and approximately $0.5 billion during 2024. • During the fourth quarter of 2024, SLB repaid its €0.6 billion of 0.00% Notes that were outstanding. • During the second quarter of 2024, SLB issued $500 million of 5.00% Senior Notes due 2027, $500 million of 5.00% Senior Notes due 2029, and $500 million of 5.00% Senior Notes due 2034. • During the second quarter of 2024, SLB and Aker Carbon Capture ASA (“ACC”) announced the closing of their previously announced joint venture.
Full-Year 2024 Results (Stated in millions) 2024 2023 Pretax Pretax Revenue Income Revenue Income Digital & Integration $ 4,247 $ 1,408 $ 3,871 $ 1,257 Reservoir Performance 7,177 1,452 6,561 1,263 Well Construction 13,357 2,826 13,478 2,932 Production Systems 12,143 1,898 9,831 1,245 Eliminations & other (635 ) (263 ) (606 ) (174 ) Pretax segment operating income 7,321 6,523 Corporate & other (1) (744 ) (729 ) Interest income (2) 134 87 Interest expense (3) (498 ) (489 ) Charges & credits (4) (541 ) (110 ) $ 36,289 $ 5,672 $ 33,135 $ 5,282 (1) Comprised principally of certain corporate expenses not allocated to the segments, stock-based compensation costs, amortization expense associated with certain intangible assets, certain centrally managed initiatives, and other nonoperating items.
Full-Year 2024 Results (Stated in millions) 2024 2023 Pretax Pretax Revenue Income Revenue Income Digital $2,439 $612 $2,034 $366 Reservoir Performance 7,177 1,452 6,561 1,263 Well Construction 13,357 2,826 13,478 2,932 Production Systems 11,935 1,900 9,831 1,245 All Other 2,117 775 1,844 892 Eliminations & other (736) (244) (613) (175) Corporate & other (1) (744) (729) Interest income (2) 134 87 Interest expense (3) (498) (489) Charges & credits (4) (541) (110) $36,289 $5,672 $33,135 $5,282 (1) Comprised principally of certain corporate expenses not allocated to the segments, stock-based compensation costs, amortization expense associated with certain intangible assets, certain centrally managed initiatives, and other nonoperating items.
The Middle East & Asia achieved record revenues, while growth in Europe & Africa was bolstered by the Aker subsea business, which was acquired in the fourth quarter of 2023. Excluding this acquired business, international revenue increased 7% year over year, outperforming the rig count over the same period.
The Middle East & Asia achieved record revenues, while growth in Europe & Africa was bolstered by the acquisition of the Aker subsea business. Excluding this acquired business, international revenue increased 7% year over 18 year, outperforming the rate of upstream investment and rig activity over the same period.
As of December 31, 2024, Mexico represented 9.7% of SLB's net accounts receivable balance. (See Note 10 to the Consolidated Financial Statements ). SLB’s receivables from its primary customer in Mexico are not in dispute and SLB has not historically had any material write-offs due to uncollectible accounts receivable relating to this customer.
As of December 31, 2025, Mexico represented approximately 6% of SLB's net accounts receivable balance. SLB’s receivables from its primary customer in Mexico are not in dispute and SLB has not historically had any material write-offs due to uncollectible accounts receivable relating to this customer.
SLB has the option to bypass the qualitative assessment for any reporting unit in any period and proceed directly to performing the quantitative goodwill impairment test. SLB elected to perform the qualitative assessment described above for purposes of its annual goodwill impairment test in 2024.
SLB has the option to bypass the qualitative assessment for any reporting unit in any period and proceed directly to perform the quantitative goodwill impairment test. SLB elected to perform the qualitative assessment described above for purposes of its annual goodwill impairment test for each of its Digital, Reservoir Performance, Well Construction and Production Systems reporting units in 2025.
In January 2025, SLB announced a 3.6% increase to its quarterly dividend from $0.275 per share of outstanding common stock to $0.285 per share, beginning with the dividend payable in April 2025. • As of December 31, 2024, SLB cumulatively repurchased $3.5 billion of its common stock under its $10 billion share repurchase program.
In January 2025, SLB announced a 3.6% increase to its quarterly cash dividend from $0.275 per share of outstanding common stock to $0.285 per share, beginning with the dividend payable in April 2025.
(2) Excludes interest income included in the segments’ income (2024: $40 million; 2023: $13 million). (3) Excludes interest expense included in the segments’ income (2024: $14 million; 2023: $14 million). (4) Charges and credits are described in detail in Note 3 to the Consolidated Financial Statements . Full-year 2024 revenue of $36.3 billion increased 10% year on year.
(2) Excludes interest income included in the segments’ income (2025: $2 million; 2024: $40 million). (3) Excludes interest expense included in the segments’ income (2025: $7 million; 2024: $14 million). (4) Charges and credits are described in detail in Note 3 to the Consolidated Financial Statements .
Reservoir Performance also delivered 9% growth, underpinned by strong stimulation and intervention activity in the production space. Digital & Integration revenue increased 10% year on year, driven by 20% growth in digital, which reached $2.44 billion for the year.
Production Systems grew 9% organically due to double-digit increases in surface systems, completions and artificial lift. Reservoir Performance also delivered 9% growth, underpinned by strong stimulation and intervention activity in the production space. Digital revenue, which reached $2.44 billion for the year, increased 20% year on year.
Based on this assessment, SLB concluded it was more likely than not that the fair value of each of its reporting units was greater than its carrying amount. Accordingly, no further testing was required.
Based on this assessment, SLB concluded it was more likely than not that the fair value of each of its reporting units was significantly greater than its carrying amount. Accordingly, no further testing was required. SLB performed a quantitative goodwill impairment test for SLB Capturi, its remaining reporting unit, using the income approach to estimate its fair value.
North America revenue declined 13% due to lower drilling activity in US land largely offset by a 2% increase in international revenue, primarily in the Middle East & Asia.
North America revenue declined 13% due to lower drilling activity in US land largely offset by a 2% increase in international revenue, primarily in the Middle East & Asia. Well Construction pretax operating margin of 21% decreased 59 bps year on year driven by the reduced activity in North America.
In January 2023, SLB announced a 43% increase to its quarterly cash dividend from $0.175 per share of outstanding common stock to $0.25 per share, beginning with the dividend paid in April 2023. Dividends paid during 2024 and 2023 were $1.5 billion and $1.3 billion, respectively.
Key liquidity events during 2025, 2024 and 2023 included: • In January 2026, SLB announced a 3.5% increase to its quarterly cash dividend from $0.285 per share of outstanding common stock to $0.295 per share, beginning with the dividend payable in April 2026.
As a result, SLB recognized a gain of $36 million. • During the second quarter of 2023, SLB issued $500 million of 4.50% Senior Notes due 2028 and $500 million of 4.85% Senior Notes due 2033. • During the fourth quarter of 2023, SLB repaid its $1.5 billion of 3.65% Senior Notes that were outstanding. 23 As of December 31, 2024, SLB had $4.67 billion of cash and short-term investments and committed credit facility agreements with commercial banks aggregating $5.0 billion, all of which was available.
As a result, SLB recognized a gain of $36 million. • During the second quarter of 2023, SLB issued $500 million of 4.50% Senior Notes due 2028 and $500 million of 4.85% Senior Notes due 2033. • During the fourth quarter of 2023, SLB repaid its $1.5 billion of 3.65% Senior Notes that were outstanding.
The following table summarizes the activity under the share repurchase program: (Stated in millions, except per share amounts) Total Cost Total Number Average Price of Shares of Shares Paid per Purchased Purchased Share 2024 $ 1,737 38.4 $ 45.29 2023 $ 694 13.3 $ 52.05 SLB has entered into accelerated share repurchase (“ASR”) transactions to repurchase $2.3 billion of its common stock.
The following table summarizes the activity under the share repurchase program: (Stated in millions, except per share amounts) Total Cost Total Number Average Price of Shares of Shares Paid per Purchased Purchased Share 2025 $ 2,414 60.0 $ 40.23 2024 $ 1,737 38.4 $ 45.29 2023 $ 694 13.3 $ 52.05 • During the second quarter of 2025, SLB completed the sale of its interest in the Palliser APS project in Canada in exchange for net cash proceeds of $338 million.
Our Core divisions — Reservoir Performance, Well Construction and Production Systems — delivered 9% revenue growth compared to the prior year, led by 24% growth in Production Systems, largely due to the subsea acquisition. Production Systems grew 9% organically due to double-digit increases in surface systems, completions and artificial lift.
North America revenue decreased 1% due to lower drilling in US land. SLB’s Core divisions — Reservoir Performance, Well Construction and Production Systems — delivered 9% revenue growth compared to the prior year, led by 21% growth in Production Systems, largely due to the subsea acquisition.
Interest & Other Income, Net Interest & other income, net consisted of the following: (Stated in millions) 2024 2023 Earnings of equity method investments $ 182 $ 206 Interest income 174 100 Gain on sale of investment 24 - Gain on sale of Liberty shares - 36 $ 380 $ 342 Interest income increased $74 million primarily due to higher average cash and short-term investment balances.
Interest & Other Income Interest & other income consisted of the following: (Stated in millions) 2025 2024 2023 Earnings of equity method investments $ 196 $ 182 $ 206 Gain on sale of Palliser APS project * 149 - - Interest income 136 174 100 Gain on sale of investment * - 24 - Gain on sale of Liberty shares - - 36 $ 481 $ 380 $ 342 19 * See Note 3 to the Consolidated Financial Statements.
The following table reflects the carrying amounts of SLB’s debt at December 31, 2024 by year of maturity: (Stated in millions) After 2025 2026 2027 2028 2029 2030 2031 2032 2032 Total Fixed rate debt 4.00% Senior Notes $ 523 523 1.40% Senior Notes 500 500 1.375% Guaranteed Notes $ 1,040 1,040 1.00% Guaranteed Notes 624 624 0.25% Notes $ 936 936 5.00% Senior Notes 495 495 3.90% Senior Notes $ 1,478 1,478 4.50% Senior Notes 497 497 4.30% Senior Notes $ 848 848 5.00% Senior Notes 493 493 2.65% Senior Notes $ 1,250 1,250 0.50% Notes $ 935 935 2.00% Guaranteed Notes $ 1,034 1,034 4.85% Senior Notes $ 498 498 5.00% Senior Notes 489 489 7.00% Notes 197 197 5.95% Notes 111 111 5.13% Notes 98 98 Total fixed rate debt $ 1,023 $ 1,664 $ 1,431 $ 1,975 $ 1,341 $ 1,250 $ 935 $ 1,034 $ 1,393 $ 12,046 Variable rate debt 28 - - - - - - - - 28 Total $ 1,051 $ 1,664 $ 1,431 $ 1,975 $ 1,341 $ 1,250 $ 935 $ 1,034 $ 1,393 $ 12,074 Interest payments on fixed rate debt obligations by year are as follows: (Stated in millions) 2025 $ 421 2026 387 2027 341 2028 262 2029 192 Thereafter 584 $ 2,187 See Note 14, Leases of the Consolidated Financial Statements for details regarding SLB’s lease obligations.
SLB believes these amounts, along with cash generated by ongoing operations, will be sufficient to meet future business requirements for the next 12 months and beyond. 23 The following table reflects the carrying amounts of SLB’s debt at December 31, 2025 by year of maturity: (Stated in millions) After 2026 2027 2028 2029 2030 2031 2032 2033 2033 Total Fixed rate debt 1.375% Guaranteed Notes $ 1,177 1,177 1.00% Guaranteed Notes 707 707 0.25% Notes $ 1,059 1,059 5.00% Senior Notes 497 497 3.90% Senior Notes $ 1,484 1,484 4.50% Senior Notes 497 497 4.30% Senior Notes $ 848 848 5.00% Senior Notes 494 494 2.65% Senior Notes $ 1,247 1,247 0.50% Notes $ 1,058 1,058 2.00% Guaranteed Notes $ 1,172 1,172 4.85% Senior Notes $ 495 495 5.00% Senior Notes $ 487 487 7.00% Notes 195 195 5.95% Notes 111 111 5.13% Notes 98 98 Total fixed rate debt $ 1,884 $ 1,556 $ 1,981 $ 1,342 $ 1,247 $ 1,058 $ 1,172 $ 495 $ 891 $ 11,626 Variable rate debt 10 - - - - - - - - 10 Total $ 1,894 $ 1,556 $ 1,981 $ 1,342 $ 1,247 $ 1,058 $ 1,172 $ 495 $ 891 $ 11,636 Interest payments on fixed rate debt obligations by year are as follows: (Stated in millions) 2026 $ 387 2027 341 2028 262 2029 204 2030 153 Thereafter 430 $ 1,777 See Note 14, Leases of the Consolidated Financial Statements for details regarding SLB’s lease obligations.
However, except for a $469 million write-off during 2017 as a result of the political and economic conditions in Venezuela, SLB has not historically had material write-offs due to uncollectible accounts receivable. SLB has a global footprint in more than 100 countries.
However, SLB has not historically had material write-offs due to uncollectible accounts receivables in its recent past. SLB has a global footprint in more than 100 countries.
Revenue was impacted by lower stimulation and intervention work in Saudi Arabia, which was offset by increased activity in the rest of the Middle East & Asia and North America. Reservoir Performance pretax operating margin of 20% expanded 35 bps sequentially, primarily reflecting improved profitability in evaluation services.
Reservoir Performance Reservoir Performance revenue of $1.7 billion increased 4% sequentially, primarily driven by higher stimulation activity in the Middle East & Asia and higher intervention activity in Europe & Africa. Reservoir Performance pretax operating margin of 20% increased 105 basis points sequentially, reflecting improved profitability in evaluation and intervention services due to the higher uptake of premium technologies.
Excluding the effects of the Aker subsea acquisition, revenue grew by 9% year on year driven by strong international sales across the portfolio. Production Systems pretax operating margin of 16% expanded 297 bps year on year driven by a favorable activity mix, execution efficiency, and conversion of improved-price backlog.
Production Systems Production Systems revenue of $11.9 billion increased 21% year on year mainly due to the acquisition of the Aker subsea business. Excluding the effects of the Aker subsea acquisition, revenue grew by 9% year on year driven by strong international sales across the portfolio.
Approximately 46% of the year-on-year revenue increase came from the acquisition of the Aker Solutions subsea business ("Aker") in the fourth quarter of 2023 (see Note 6 to the Consolidated Financial Statements ). International revenue grew by 12% year on year.
Approximately 46% of this increase came from the acquisition of the Aker Solutions subsea business (“Aker”) in the fourth quarter of 2023. Full-year results were highlighted by 12% international revenue growth. This performance was led by the Middle East & Asia and Europe & Africa, which grew 18% and 13%, respectively.
Year on year, revenue increased by 10% and pretax segment operating income grew by 12%, while we generated $6.6 billion in cash flow from operations and $4.0 billion in free cash flow, enabling us to return $3.3 billion to shareholders and reduce net debt by $571 million.
Amidst lower upstream spending, global revenue of $35.7 billion declined 2% year on year, while we generated $6.5 billion of cash flow from operations and $4.1 billion of free cash flow, enabling us to return $4.0 billion to shareholders.
Digital & Integration pretax operating margin of 33% increased 67 bps year on year primarily due to the growth in digital revenue partially offset by effects of higher APS amortization expense and lower gas prices.
The remaining increase was driven by the SLB Capturi joint venture which was formed in the second quarter of 2024. Pretax operating income decreased $117 million year on year primarily due to the effects of high APS amortization expense and lower gas prices.
This positions us to increase total return to shareholders, in the form of dividends and share repurchases, from $3.3 billion in 2024 to at least $4 billion in 2025. 18 Fourth Quarter 2024 Results (Stated in millions) Fourth Quarter 2024 Third Quarter 2024 Pretax Pretax Revenue Income Revenue Income Digital & Integration $ 1,156 $ 442 $ 1,088 $ 386 Reservoir Performance 1,810 370 1,823 367 Well Construction 3,267 681 3,312 714 Production Systems 3,197 506 3,103 519 Eliminations & other (146 ) (81 ) (167 ) (84 ) Pretax segment operating income 1,918 1,902 Corporate & other (1) (177 ) (187 ) Interest income (2) 36 36 Interest expense (3) (128 ) (132 ) Charges & credits (4) (262 ) (112 ) $ 9,284 $ 1,387 $ 9,159 $ 1,507 (1) Comprised principally of certain corporate expenses not allocated to the segments, stock-based compensation costs, amortization expense associated with certain intangible assets, certain centrally managed initiatives, and other nonoperating items.
Aligned with our clear priority to create value for investors, we are committed to returning more than $4 billion to shareholders in 2026 through dividends and share repurchases. 15 Fourth Quarter 2025 Results (Stated in millions) Fourth Quarter 2025 Third Quarter 2025 Pretax Pretax Revenue Income Revenue Income Digital $ 825 $ 280 $ 658 $ 187 Reservoir Performance 1,748 342 1,682 312 Well Construction 2,949 550 2,967 558 Production Systems 4,078 664 3,474 559 All Other 445 85 397 96 Eliminations & other (300 ) (114 ) (250 ) (86 ) Corporate & other (1) (208 ) (203 ) Interest income (2) 31 37 Interest expense (3) (126 ) (142 ) Charges & credits (4) (561 ) (318 ) $ 9,745 $ 943 $ 8,928 $ 1,000 (1) Comprised principally of certain corporate expenses not allocated to the segments, stock-based compensation costs, amortization expense associated with certain intangible assets, certain centrally managed initiatives, and other nonoperating items.
Fourth-quarter revenue of $9.3 billion increased 1% sequentially, driven by digital sales in North America and higher activity in the Middle East, Europe and North Africa.
Well Construction Well Construction revenue of $2.9 billion decreased 1% sequentially as higher offshore drilling activity in North America and Europe & Africa was more than offset by declines in certain land markets.
Well Construction pretax operating margin of 21% decreased 59 bps year on year driven by the reduced activity in North America. 20 Production Systems Production Systems revenue of $12.1 billion increased 24% year on year mainly due to the acquisition of the Aker subsea business.
Well Construction Well Construction revenue of $11.9 billion decreased 11% year on year driven by a broad reduction in drilling activity both internationally, mainly in Mexico, Saudi Arabia, and offshore Africa, and in North America. Well Construction pretax operating margin of 19% declined 220 bps year on year driven by the widespread activity reductions.
Digital & Integration Digital & Integration revenue of $1.2 billion increased 6% sequentially driven by 10% growth in digital revenue, supported by greater adoption of digital technologies and higher sales of exploration data, particularly in the U.S. Gulf of Mexico. Asset Performance Solutions (“APS”) revenue was flat sequentially.
Digital Digital revenue of $2.4 billion increased 20% year on year driven by the accelerated adoption of digital technologies and higher sales of exploration data. Digital & Integration pretax operating margin of 25% increased 710 bps year on year primarily as a result of the revenue growth.
Removed
This section of the Form 10-K generally discusses 2024 and 2023 items and year-to-year comparisons between 2024 and 2023.
Added
SLB previously reported its results on the basis of four Divisions: Digital & Integration, Reservoir Performance, Well Construction, and Production Systems. Commencing the third quarter of 2025, SLB's Digital business is reported as a separate Division. Additionally, SLB's Asset Performance Solutions ("APS"), Data Center Solutions, and SLB Capturi businesses are now reported in the All Other category.
Removed
Discussions of 2022 items and year-to-year comparison between 2023 and 2022 that are not included in this Form 10-K can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of SLB’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. 2024 Executive Overview 2024 was a strong year for SLB as we successfully navigated evolving market conditions to deliver revenue growth, margin expansion, and solid free cash flow.
Added
The acquired ChampionX businesses are predominantly reported in SLB's Production Systems Division, with the exception of its digital business, which is reported in SLB's Digital Division.
Removed
These results demonstrate SLB’s ability to deliver consistent financial performance despite moderating upstream investment growth, driven by our global scale, unmatched digital offerings and ongoing focus on cost optimization. Our full-year results were highlighted by 12% international revenue growth. This performance was led by the Middle East & Asia and Europe & Africa, which grew 18% and 13%, respectively.
Added
Prior periods have been recast to conform to the current presentation. 2025 Executive Overview Although 2025 presented a challenging backdrop for the industry—with lower commodity prices, geopolitical uncertainty and an oversupplied oil market—we continued to build resilience across our portfolio by accelerating our strategy.
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Our fit-for-basin approach, domain expertise and integration capabilities have established us as the performance partner of choice for addressing the operating challenges our customers face throughout the life cycle of their assets. As operators across the industry increasingly prioritize production and recovery, our strengths are more critical than ever.
Added
We completed the acquisition of ChampionX during the third quarter in an all-stock transaction valued at $4.9 billion. The combined portfolio, technology capabilities and digital leadership positions SLB to create value for its customers and stakeholders by increasing its exposure to the growing production and recovery market while delivering best-in-class workflow integration across production chemicals and artificial lift.
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With the anticipated completion of our announced acquisition of ChampionX, we are set to further strengthen our production and recovery capabilities, enabling us to deliver even greater value to our customers. This strategic acquisition will also enhance the resilience of the SLB portfolio, providing some stability against the cycles in the years to come.
Added
In addition to growing our emphasis on production and recovery, we also increased deployment of AI solutions and the rapid expansion of our Data Center Solutions business.
Removed
While upstream investment growth will remain subdued in the short term due to global oversupply, we anticipate that the oil supply imbalance will gradually abate.
Added
Excluding the $1.5 billion of revenue from the acquisition of ChampionX, revenue declined 6% year on year as growth in our Digital and Data Center Solutions businesses were more than offset by declines in Saudi Arabia, Mexico and offshore Sub-Saharan Africa.
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Global economic growth and a heightened focus on energy security, coupled with rising energy demand from AI and data centers will support the investment outlook for the oil and gas industry throughout the rest of the decade.
Added
International revenue declined 5% year on year due to the lower activity in Saudi Arabia, Mexico and Sub-Saharan Africa while North America revenue grew 12% driven by the ChampionX acquisition.
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In our Core business, we are making unmatched contributions to the discovery, development and extraction of oil and gas reserves, fueling global energy supply. We have the leading offering in digital. And we are pursuing a meaningful opportunity in New Energy and decarbonization, where we have established a differentiated market position.
Added
Excluding the impact of this transaction, North American revenue declined 2% despite a 5% drop in upstream spending, supported by growth in Data Center Solutions which grew 121% year on year. This business is expanding rapidly as we strengthen strategic partnerships with hyperscalers to leverage our modular data center manufacturing capabilities.
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Together, this is laying a strong foundation for our business. Given our confidence in the business outlook and our ability to continue generating strong cash flows, in January 2025 our Board of Directors approved a 3.6% increase to our quarterly dividend. Additionally, we entered into accelerated share repurchase transactions to repurchase $2.3 billion of SLB common stock.
Added
Digital revenue increased 9% on a full-year basis driven by significant uptake in Digital Operations as well as steady growth in Platforms & Applications as customers continued to invest in automated solutions to improve performance and efficiency. SLB concluded the year with a very strong fourth quarter driven by Production Systems, Digital and Reservoir Performance.
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On a divisional basis, Digital & Integration led the growth, driven by increased demand for digital products and solutions, while Production Systems benefited from strong backlog conversion as customers continued to invest in maximizing recovery from existing assets. International revenue of $7.5 billion increased 1% sequentially driven by the Middle East & Asia and Europe & Africa.
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Notably, fourth quarter revenue increased sequentially across each of our four geographies for the first time since the second quarter of 2024, reflecting stabilized global upstream activity.
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The Middle East & Asia grew 2% sequentially driven by strong activity in the United Arab Emirates, higher drilling in Egypt, and increased stimulation, intervention, and evaluation activity in Qatar. These gains were offset by weaker performance in Saudi Arabia and Australia. Europe & Africa also grew 2% sequentially largely driven by increased activity in Europe and North Africa.
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We experienced sequential organic revenue growth both in North America and in the international markets, driven by higher offshore activity and strong year-end product and digital sales in Latin America, the Middle East and Asia, across Sub-Saharan Africa and in North America Offshore.
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Revenue in Latin America declined 3% sequentially primarily due to reduced drilling activity in Mexico. North America revenue of $1.8 billion increased 4% sequentially due to higher digital sales, increased sales of production systems, and increased drilling activity in U.S. land and Canada.
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As we move into 2026, we believe the headwinds we experienced in key regions in 2025 are behind us. In particular, we expect rig activity in the Middle East, to increase compared to today’s level, and our footprint in the region puts us in a strong position to benefit from this recovery.
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Digital & Integration pretax operating margin of 38% expanded 274 basis points (“bps”) sequentially, reflecting improved profitability in digital from higher sales and cost efficiencies. Reservoir Performance Reservoir Performance revenue of $1.8 billion declined 1% sequentially driven by reduced intervention and stimulation activity, partially offset by stronger evaluation activity.
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As economics remain challenged, production and recovery activity is becoming a strategic priority for our customers to unlock incremental barrels at the lowest cost. This is translating into higher demand particularly for intervention services, artificial lift, production chemicals and SLB OneSubsea.
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Well Construction Well Construction revenue of $3.3 billion declined 1% sequentially due to reduced drilling activity in Mexico and Saudi Arabia, partially mitigated by higher activity across the rest of the Middle East & Asia.
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We expect that Data Center Solutions will be our fastest growing business for years to come, and Digital will continue to grow at highly accretive margins. Both present differentiated growth opportunities for SLB in 2026 and beyond.
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Well Construction pretax operating margin of 21% declined 70 bps sequentially due to the reduced activity. 19 Production Systems Production Systems revenue of $3.2 billion increased 3% sequentially with growth led by higher international sales of artificial lift, midstream production systems and completions, partially offset by reduced sales of subsea production systems.
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SLB has consistently proven that the unique strengths of our portfolio enable us to create differentiated value and generate significant cash flows in varied market conditions.
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Production Systems pretax operating margin of 16% decreased 93 bps sequentially primarily due to lower profitability in subsea production systems.
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As we move through the year, we anticipate that activity will gradually improve in the key markets where we operate, giving us the confidence that we will generate strong cash flows, once again, in 2026.
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Excluding the contribution of the acquired Aker subsea business, international revenue increased 7% primarily driven by higher activity in the Middle East & Asia. North America revenue decreased 1% due to lower drilling in US land.
Added
Fourth-quarter revenue of $9.7 billion increased 9% sequentially with international revenue increasing 8% and North America revenue increasing 15%. These results reflect a full quarter of activity from the acquired ChampionX businesses which contributed $879 million of revenue, consisting of $583 million in North America and $266 million in the international markets.
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Digital & Integration Digital & Integration revenue of $4.2 billion increased 10% year on year due to growth in digital revenue as APS revenue was essentially flat.
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Third-quarter 2025 revenue reflected two months of activity from ChampionX, which contributed revenue of $579 million, consisting of $387 million in North America and $171 million in the international markets. Excluding the impact of the acquisition, international fourth-quarter 2025 revenue increased 7% and North America fourth-quarter 2025 revenue increased 6% sequentially.
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Under the terms of the ASR agreements, on January 13, 2025, SLB received an initial share delivery of approximately 80% of the shares to be repurchased, based on the closing price per share of its common stock on the preceding day. SLB expects the remainder of the shares to be delivered no later than the end of May 2025.
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Fourth quarter revenue increased sequentially across all the four geographic areas for the first time since the second quarter of 2024 as global upstream markets have stabilized.
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Under certain circumstances, SLB may be required to deliver shares or pay cash, at its option, upon settlement of the ASR agreements.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

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Biggest changeForward-looking statements address matters that are, to varying degrees, uncertain, such as statements about SLB’s financial and performance targets and other forecasts or expectations regarding, or dependent on, its business outlook; growth for SLB as a whole and for each of its Divisions (and for specified business lines, geographic areas or technologies within each Division); oil and natural gas demand and production growth; oil and natural gas prices; forecasts or expectations regarding energy transition and global climate change; improvements in operating procedures and technology; capital expenditures by SLB and the oil and gas industry; the business strategies of SLB, including digital and “fit for basin,” as well as the strategies of SLB’s customers; SLB’s capital allocation plans, including dividend plans and share repurchase programs; SLB’s APS projects, joint ventures, and other alliances; the impact of the ongoing conflict in Ukraine on global energy supply; access to raw materials; future global economic and geopolitical conditions; future liquidity, including free cash flow; and future results of operations, such as margin levels.
Biggest changeForward-looking statements address matters that are, to varying degrees, uncertain, such as statements about SLB’s financial and performance targets and other forecasts or expectations regarding, or dependent on, its business outlook; growth for SLB as a whole and for each of its Divisions (and for specified business lines, geographic areas, or technologies within each Division); the benefits of the ChampionX acquisition, including the ability of SLB to integrate the ChampionX business successfully and to achieve anticipated synergies and value creation from the acquisition; oil and natural gas demand and production growth; oil and natural gas prices; forecasts or expectations regarding energy transition and global climate change; improvements in operating procedures and technology; capital expenditures by SLB and the oil and gas industry; the business strategies of SLB, including digital and “fit for basin,” as well as the strategies of SLB’s customers; SLB’s capital allocation plans, including dividend plans and share repurchase programs; SLB’s APS projects, joint ventures, and other alliances; the impact of ongoing or escalating conflicts on global energy supply; access to raw materials; future global economic and geopolitical conditions; future liquidity, including free cash flow; and future results of operations, such as margin levels.
These statements are subject to risks and uncertainties, including, but not limited to, changing global economic and geopolitical conditions; changes in exploration and production spending by SLB’s customers and changes in the level of oil and natural gas exploration and development; the results of operations and financial condition of SLB’s customers and suppliers; SLB’s inability to achieve its financial and performance targets and other forecasts and expectations; SLB’s inability to achieve net-zero carbon emissions goals or interim emissions reduction goals; general economic, geopolitical and business conditions in key regions of the world; the ongoing conflict in Ukraine; foreign currency risk; inflation; changes in monetary policy by governments; pricing pressure; weather and seasonal factors; unfavorable effects of health pandemics; availability and cost of raw materials; operational modifications, delays or cancellations; challenges in SLB’s supply chain; production declines; the extent of future charges; SLB’s inability to recognize efficiencies and other intended benefits from its business strategies and initiatives, such as digital or new energy, as well as its cost reduction strategies; changes in government regulations and regulatory requirements, including those related to offshore oil and gas exploration, radioactive sources, explosives, chemicals and climate-related initiatives; the inability of technology to meet new challenges in exploration; the competitiveness of alternative energy sources or product substitutes; and other risks and uncertainties detailed in this Form 10-K and other filings that we make with the SEC.
These statements are subject to risks and uncertainties, including, but not limited to, changing global economic and geopolitical conditions; changes in exploration and production spending by SLB’s customers, and changes in the level of oil and natural gas exploration and development; the results of operations and financial condition of SLB’s customers and suppliers; SLB’s inability to achieve its financial and performance targets and other forecasts and expectations; SLB’s inability to achieve net-zero carbon emissions goals or interim emissions reduction goals; general economic, geopolitical and business conditions in key regions of the world; foreign currency risk; inflation; changes in monetary policy by governments; tariffs; pricing pressure; weather and seasonal factors; unfavorable effects of health pandemics; availability and cost of raw materials; operational modifications, delays or cancellations; challenges in SLB’s supply chain; production declines; the extent of future charges; SLB’s inability to recognize efficiencies and other intended benefits from its business strategies and initiatives, such as digital or new energy, as well as its cost reduction strategies; changes in government regulations and regulatory requirements, including those related to offshore oil and gas exploration, radioactive sources, explosives, chemicals, and climate-related initiatives; the inability of technology to meet new challenges in exploration; the competitiveness of alternative energy sources or product substitutes; and other risks and uncertainties detailed in this Form 10-K and other filings that we make with the SEC.
Item 7A. Quantitative and Qualitat ive Disclosures About Market Risk. SLB is subject to market risks primarily associated with changes in foreign currency exchange rates. SLB’s functional currency is primarily the US dollar. Approximately 70% of SLB’s revenue in 2024 was denominated in US dollars.
Item 7A. Quantitative and Qualitat ive Disclosures About Market Risk. SLB is subject to market risks primarily associated with changes in foreign currency exchange rates. SLB’s functional currency is primarily the US dollar. Approximately 70% of SLB’s revenue in 2025 was denominated in US dollars.
Forward-Looking Statements This Form 10-K, as well as other statements we make, contains “forward-looking statements” within the meaning of the federal securities laws, which include any statements that are not historical facts.
Forward-Looking Statements This Form 10-K, as well as other statements we make, contain “forward-looking statements” within the meaning of the federal securities laws, which include any statements that are not historical facts.
At December 31, 2024, forward contracts for the US dollar equivalent of $10.0 billion in various foreign currencies were outstanding, of which $4.5 billion related to hedges of debt balances denominated in currencies other than the functional currency.
At December 31, 2025, forward contracts for the US dollar equivalent of $10.8 billion in various foreign currencies were outstanding, of which $4.5 billion related to hedges of debt balances denominated in currencies other than the functional currency.
Statements in this Form 10-K are made as of January 22, 2025, and SLB disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise. 28
Statements in this Form 10-K are made as of January 23, 2026, and SLB disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events, or otherwise. 28
A 10% appreciation in the US dollar from the December 31, 2024 market rates would decrease the unrealized value of SLB’s forward contracts by $121 million. Conversely, a 10% depreciation in the US dollar from the December 31, 2024 market rates would increase the unrealized value of SLB’s forward contracts by $133 million.
A 10% appreciation in the US dollar from the December 31, 2025 market rates would decrease the unrealized value of SLB’s forward contracts by $154 million. Conversely, a 10% depreciation in the US dollar from the December 31, 2025 market rates would increase the unrealized value of SLB’s forward contracts by $166 million.
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This Form 10-K also includes forward-looking statements relating to the proposed transaction between SLB and ChampionX, including statements regarding the benefits of the transaction and the anticipated timing of the transaction.
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Factors and risks that may impact future results and performance include, but are not limited to, and in each case as a possible result of the proposed transaction on each of SLB and ChampionX: the ultimate outcome of the proposed transaction between SLB and ChampionX; the ability to operate the SLB and ChampionX respective businesses, including business disruptions; difficulties in retaining and hiring key personnel and employees; the ability to maintain favorable business relationships with customers, suppliers and other business partners; the terms and timing of the proposed transaction; the occurrence of any event, change or other circumstance that could give rise to the termination of the proposed transaction; the anticipated or actual tax treatment of the proposed transaction; the ability to satisfy closing conditions to the completion of the proposed transaction; other risks related to the completion of the proposed transaction and actions related thereto; the ability of SLB and ChampionX to integrate the business successfully and to achieve anticipated synergies and value creation from the proposed transaction; the ability to secure government regulatory approvals on the terms expected, at all or in a timely manner; litigation and regulatory proceedings, including any proceedings that may be instituted against SLB or ChampionX related to the proposed transaction, 27 as well as the risk factors discussed in SLB’s and ChampionX’s most recent Forms 10-K, 10-Q, and 8-K filed with or furnished to the SEC.

Other SLB 10-K year-over-year comparisons