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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-K

(Mark One)


☑	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, ~~2024~~2025


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission File Number 1-4601

~~Schlumberger~~SLB N.V. (~~Schlumberger~~SLB Limited)

(Exact name of registrant as specified in its charter)

Curaçao		52-0684746
(State or other jurisdiction of incorporation or organization)		(IRS Employer Identification No.)
42 rue Saint-DominiqueParis, France		75007
5599 San Felipe, 17th FloorHouston, Texas, United States of America		77056
62 Buckingham GateLondon, United Kingdom		SW1E 6AJ
Parkstraat 83The Hague, The Netherlands		2514 JG
(Addresses of principal executive offices)		(Zip Codes)

Registrant’s telephone number including area code: (713) 513-2000

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	SLB	New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☑ No ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☑

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files.) Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to § 240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). YES ☐ NO ☑

As of June 30, ~~2024~~2025, the aggregate market value of the common stock of the registrant held by non-affiliates of the registrant was approximately $6645.8658 billion.

As of December 31, ~~2024~~2025, the number of shares of common stock outstanding was 1,~~400~~495,~~850~~331,~~420~~485.

DOCUMENTS INCORPORATED BY REFERENCE

Certain information required to be furnished pursuant to Part III of this Form 10-K is set forth in, and is incorporated by reference from, the registrant’s definitive proxy statement for its ~~2025~~2026 Annual General Meeting of Shareholders, to be filed by the registrant with the Securities and Exchange Commission (“SEC”) pursuant to Regulation 14A within 120 days after December 31, ~~2024~~2025 (the “~~2025~~2026 Proxy Statement”).

~~SCHLUMBERGER~~SLB LIMITED

Table of Contents

Form 10-K

		Page
PART I
Item 1.	Business	3
Item 1A.	Risk Factors	108
Item 1B.	Unresolved Staff Comments	1413
Item 1C.	Cybersecurity	1413
Item 2.	Properties	1513
Item 3.	Legal Proceedings	1513
Item 4.	Mine Safety Disclosures	1513
PART II
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	1614
Item 6.	[Reserved]	1714
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	1815
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	2728
Item 8.	Financial Statements and Supplementary Data	29
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	62
Item 9A.	Controls and Procedures	62
Item 9B.	Other Information	62
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	62
PART III
Item 10.	Directors, Executive Officers and Corporate Governance	63
Item 11.	Executive Compensation	63
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	63
Item 13.	Certain Relationships and Related Transactions, and Director Independence	63
Item 14.	Principal Accounting Fees and Services	63
PART IV
Item 15.	Exhibits and Financial Statement Schedules	64
Item 16.	Form 10-K Summary	67
	Signatures	68
	Certifications

PART I

Item 1. Business.

All references in this report to “Registrant,” “Company,” “SLB,” “we” or “our” are to ~~Schlumberger~~SLB ~~Limited (Schlumberger~~ N.V. (SLB Limited) and its consolidated subsidiaries.

~~We are~~ SLB, is a global technology company driving energy innovation for a balanced planet. With a global presence in more than 100 countries and employees representing almost twice as many nationalities, we work each day on innovating energy technology, delivering digital at scale, decarbonizing industries, and developing and scaling new energy systems that accelerate the energy transition.

~~Today,~~The ~~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.

~~In October 2022, we changed our brand name to~~ SLB ~~and~~is ~~unveiled~~primarily aorganized ~~new~~under ~~logo~~four Divisions that ~~underscores~~combine ~~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.~~integrate ~~The~~ SLB’s ~~brand~~technologies, ~~builds~~enhancing onour ~~nearly~~ability ~~a century of technology innovation and industrialization. Our identity symbolizes SLB's commitment~~ to ~~moving~~support ~~farther and faster in facilitating~~ the ~~world's~~emerging ~~energy~~long-term ~~needs~~growth ~~today~~opportunities ~~and~~in ~~forging~~each ~~the~~of ~~road~~these ~~ahead~~market ~~for~~segments. aThe ~~sustainable~~four ~~future.~~Divisions are:

•

~~SLB~~Digital 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. The four Divisions are:

•

Digital & Integration

Reservoir Performance

•

Well Construction

•

Production Systems

Digital ~~& Integration~~ – ~~Combines~~Comprised of SLB’s industry-leading digital solutions and data products ~~with~~that ~~its~~span ~~integrated~~the ~~offering~~energy ofvalue ~~Asset~~chain ~~Performance~~from ~~Solutions~~subsurface ~~(“APS”).~~characterization ~~This~~through ~~Division~~field ~~enables~~development ~~greater~~and ~~performance~~hydrocarbon ~~for~~production ~~our~~to ~~customers~~carbon bymanagement ~~reducing~~and ~~cycle~~the ~~times~~integration ~~and~~of ~~risk,~~adjacent ~~accelerating~~energy ~~returns,~~systems. ~~increasing~~Revenue ~~productivity~~is generated from four key solutions — Platforms & Applications, ~~and~~Digital ~~lowering~~Operations, ~~costs~~Digital Exploration and ~~carbon~~Professional ~~emissions~~Services.

•

~~The~~Platforms ~~primary~~& ~~offerings~~Applications: ~~comprising~~Includes ~~this~~SLB’s ~~Division~~cloud ~~are:~~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. 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. 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 ~~Solutions~~Operations: ~~Includes~~Combines ~~products, services, and solutions that span~~ the ~~energy~~strengths ~~value~~of ~~chain~~SLB’s ~~from~~oilfield ~~subsurface~~services ~~characterization~~with ~~through~~advanced ~~field~~digital ~~development~~technologies ~~and~~to ~~hydrocarbon~~deliver ~~production~~more toreliable, ~~carbon~~efficient, ~~management~~ and ~~the~~autonomous ~~integration~~field ofoperations. ~~adjacent~~By ~~energy~~integrating ~~systems.~~connected ~~Offerings~~solutions ~~are~~with ~~founded~~Performance ~~upon~~Live™ ~~proprietary~~digital ~~and~~service ~~open-source~~delivery ~~data~~centers, ~~platform~~customers ~~technologies,~~gain ~~industry~~real-~~leading~~time ~~simulators~~monitoring, ~~and~~remote ~~workflow~~decision ~~tools,~~making and ~~include~~automated ~~domain-specific~~execution ~~application~~across oftheir ~~innovative~~workflows ~~digital~~from ~~capabilities,~~autonomous ~~such~~drilling asto ~~artificial~~automated ~~intelligence~~well ~~("AI")~~intervention, ~~and~~all ~~machine~~while ~~learning.~~reducing ~~Solutions~~costs ~~are~~and ~~deployable~~improving onproject ~~traditional~~economics. ~~on-premise~~Revenue ITis ~~infrastructures,~~generated from the ~~cloud,~~same ~~and~~customer ~~the~~base ~~edge,~~as ~~allowing~~SLB’s ~~for~~Core ~~full~~divisions ~~market~~of ~~coverage~~Well ~~irrespective~~Construction, ofReservoir ~~customer~~Performance, ~~constraints.~~and ~~Digital~~Production ~~Solutions~~Systems. ~~also~~To ~~provides~~incentivize ~~comprehensive~~the ~~reservoir~~Core ~~interpretation~~divisions and ~~data~~Digital ~~processing~~to ~~services,~~develop ~~enabled~~and bypromote adigital ~~scientifically~~operations, ~~advanced~~the ~~platform~~resulting ~~and~~revenue ~~innovative~~is ~~subsurface~~recognized ~~imaging~~in ~~techniques~~both ~~for~~the ~~exploration~~respective ~~data,~~Core ~~and~~division ~~includes~~as ~~one~~well ofas in the ~~industry’s~~Digital ~~most~~Division. This ~~extensive~~effect ~~exploration~~is ~~data~~eliminated ~~libraries~~in consolidation.

•

~~Asset~~Digital ~~Performance Solutions~~Exploration: ~~Offers~~Represents anSLB’s ~~integrated~~exploration data business. ~~model~~The ~~for~~exploration ~~field~~data ~~production~~library ~~projects.~~is ~~Combines~~a ~~SLB’s~~differentiated ~~services~~asset library of seismic surveys and ~~products~~other ~~with~~subsurface ~~drilling~~data ~~rig~~that ~~management~~customers ~~and~~rely ~~specialized~~on ~~engineering~~for ~~and~~better ~~project~~exploration ~~management~~and ~~expertise,~~development todecisions. ~~provide~~These alicensed ~~complete~~datasets ~~solution~~also ~~from~~support ~~well~~carbon ~~construction~~storage todesign ~~production~~and ~~improvement~~monitoring. AsThe oflibrary ~~December~~covers ~~31,~~key ~~2024,~~exploration ~~SLB’s~~and ~~APS~~producing ~~portfolio~~basins ~~primarily~~worldwide ~~consisted~~and ofdatasets ~~three~~are ~~field~~refreshed ~~production~~and ~~projects~~reprocessed into ~~Ecuador~~benefit from the latest imaging algorithms and ~~one~~AI intechnologies, ~~Canada~~enabled by high performance cloud computing.

•

Professional Services: Includes consulting and other services required to support customers’ digital transformations. 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. 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.

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.

Well Construction – Combines the full portfolio of products and services to optimize well placement and performance, maximize drilling efficiency, and improve wellbore assurance. Well Construction provides operators and drilling rig manufacturers with services and products related to the design and construction of a well.

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.

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 ~~including~~across ~~subsurface~~the entire production ~~systems,~~system ~~subsea~~that ~~and~~optimizes ~~surface equipment and services, and midstream production systems~~performance.

The primary offerings comprising this Division are:

•

Subsea Production Systems: Through its SLB OneSubsea™ joint venture, ~~provides~~offers 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~~extending ~~the~~field life. SLB owns 70% of ~~each~~the ~~field~~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 ~~includes~~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 ~~onshore~~a ~~and~~portfolio ~~offshore~~of ~~systems~~wellhead ~~including wellheads~~systems, valves, chokes, actuators, ~~and~~ surface trees, and provides fracturing and ~~flow~~flowback ~~back~~ services ~~to operators~~.

•

~~Midstream~~Process ~~Production~~Technologies ~~Systems~~and Solutions: ~~Enables~~Delivers ~~efficient~~processing ~~monetization~~modules ofcovering ~~subsurface~~oil ~~assets~~and ~~using~~gas ~~standard~~ and ~~custom-designed~~treatment ~~onshore,~~packages ~~offshore,~~for ~~and~~produced ~~downstream~~water ~~processing~~ and ~~chemical~~seawater. ~~treatment~~Also ~~systems,~~provides ~~as well as unique, reservoir-driven,~~ fit-for-purpose integrated production ~~systems~~facilities ~~for~~that ~~accelerating~~accelerate first production, ~~and~~as ~~maximizing~~well ~~project~~as ~~economics~~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. 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: 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.

~~SLB's~~All ~~four~~Other ~~Divisions~~– ~~operate~~This ~~through~~category aprimarily ~~geographical~~consists ~~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. 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.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. 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. 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. 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.

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. 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. 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

OnDuring ~~April 2~~2025, ~~2024,~~ SLB ~~announced~~acquired ~~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. ~~Under~~The ~~the~~acquisition ~~terms~~strengthens ~~of the agreement, ChampionX shareholders will receive 0.735 shares of~~ SLB's ~~common~~leadership ~~stock~~ in ~~exchange~~the ~~for~~production ~~each~~and ~~ChampionX~~recovery ~~share~~space. AtSLB ~~the~~issued ~~closing~~141 ofmillion ~~the transaction ChampionX shareholders will own approximately 9% of SLB's outstanding~~ shares of its common stock. ~~ChampionX~~valued ~~reported~~at ~~revenue of approximately~~ $24.79 billion ~~for~~in ~~the~~connection ~~nine~~with ~~months~~this ~~ended September 30, 2024. 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.~~

Corporate Strategy

~~The evolving marketplace will require bold new technologies and ideas, digital transformation and a deep commitment to sustainability.~~ With a balanced energy transition in mind, our strategy is focused on three engines of growth: Core, Digital, and New ~~Energy~~Horizons of Growth.

Core

Consisting of our Reservoir Performance, WeIl Construction and Production Systems Divisions, Core remains SLB’s largest engine of growth. Building on decades of ~~technology~~technological advancement, we will continue innovating new products, services and technologies that make the exploration, ~~development~~drilling, production and ~~production~~recovery of oil and gas assets ~~cleaner,~~ more cost effective, and ~~more~~ efficient, with lower carbon emissions ~~and less impact on the environment~~.

We continue to build on our fit-for-basin approach and technology access initiatives, developing bespoke and custom technology tailored to the regions and environments in which we operate. This strategy allows us to address the rapid evolution of our industry into more regional markets, each with distinct resource plays and economics.

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.

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 toimprove ~~harness the promise of a lower-carbon future~~efficiency. 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~~platforms and agentic AI orchestration which ~~allows~~not only allow customers to realize efficiency gains but also transforms industry workflows through AI.

~~SLB’s~~We ~~customers~~are ~~have~~also ~~access~~focused toon ~~leading~~using digital ~~products~~technology ~~that~~to ~~help~~enhance tooperational ~~meet~~performance ~~their~~for ~~sustainability~~our ~~goals~~customers. byOur ~~driving~~software ~~transparency,~~products ~~better~~sold ~~measurement~~directly to customers, ~~more~~which ~~effective~~are ~~planning~~agnostic to equipment provider, enable automation and ~~more~~autonomy ~~impactful~~to reduce costs and ~~reliable~~improve ~~outcomes~~performance. ToWe ~~continue~~also ~~elevating~~provide ~~customer~~digital services to enhance the equipment and service offerings, wein ~~are~~our ~~accelerating~~Core ~~the~~Divisions. ~~adoption~~Many of ~~our~~these ~~proprietary~~services ~~Delfi™~~use ~~offering,~~embedded anAI ~~open,~~to ~~scalable,~~automate insights and ~~secure~~differentiate ~~cloud-based~~our ~~software~~service ~~environment~~delivery offering.

~~Our~~New ~~cloud-based~~Horizons 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. 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. 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.Growth

~~Through~~SLB ~~our~~recognizes ~~LumiTM~~that ~~data~~its ~~and~~future AIwill ~~platform,~~keep weexpanding ~~also~~beyond ~~enable~~oil ~~data-driven~~and ~~decision~~gas ~~making~~and ~~for~~is ~~our~~positioning ~~customers~~for ~~across~~long ~~the~~term ~~energy~~growth ~~industry.~~in ~~Data~~markets ~~from~~that offer a ~~wide~~significant ~~variety~~opportunity ofto ~~sources~~utilize ~~across~~SLB’s ~~the~~expertise ~~subsurface~~and scale to drive innovation and ~~operations~~performance. ~~value~~We ~~chain~~are ~~can~~building bea ~~accessed~~broad, ~~facilitating~~diverse ~~AI-driven~~portfolio ~~decision~~across ~~making~~new atenergy ~~scale.~~and ~~The~~industrial ~~platform~~sectors, ~~can~~selected ~~connect~~for ~~diverse~~their ~~industry~~materiality ~~data~~and ~~sources,~~adjacency ~~inclusive~~to ofour ~~on-premises~~existing ~~data~~business ~~platforms~~and technical capabilities and ~~customer~~our ~~data~~ability ~~infrastructure~~to offer differentiated technology.

WeWithin ~~are~~those ~~also~~horizons ~~focused~~of ongrowth, ~~using~~we ~~digital~~will ~~technology~~build toupon ~~enhance~~the ~~operational~~strengths ~~performance~~that ~~for~~have ~~our~~made ~~customers.~~possible ~~Our~~the ~~software~~century ~~products~~of ~~sold~~success ~~directly~~that toSLB ~~customers,~~will ~~which~~celebrate ~~are~~in ~~agnostic~~2026: toour ~~equipment~~unique ~~provider~~subsurface domain expertise, ~~enable~~applicable ~~automation~~beyond oil and ~~autonomy~~gas; our ability to ~~reduce~~design ~~cost~~and deploy complex processing and ~~improve~~production ~~performance.~~systems ~~However,~~as wean ~~also~~original ~~provide~~equipment ~~digital~~manufacturer; ~~services~~our todifferentiated ~~enhance~~track ~~the~~record ~~SLB~~for ~~equipment~~innovation and ~~service~~manufacturing ~~offering~~of inindustrial ~~our~~solutions ~~Core~~with ~~Divisions.~~rapid ~~Many~~lead oftimes; ~~these~~and ~~services~~our ~~use~~ability ~~embedded~~to AIdeploy toat ~~automate~~scale ~~insights~~in ~~and~~any ~~differentiate~~region ~~our~~of ~~service~~the ~~delivery~~world ~~offering~~with local knowledge and talent.

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 ~~Energy~~horizons ~~offers~~of agrowth ~~significant~~also ~~opportunity~~include toour ~~use~~fast-growing ~~SLB’s~~Data ~~experience~~Center ~~and~~Solutions ~~scale~~business. toAs ~~drive innovation for a low~~AI-~~carbon~~driven ~~economy~~data ~~spanning~~demand ~~industries~~continues ~~beyond~~to ~~oil~~fuel ~~and~~rapid ~~gas. We are building a broad~~growth, ~~diverse~~this ~~portfolio~~business ~~across~~is ~~New~~expected ~~Energy~~to ~~sectors,~~be ~~selected~~a ~~for~~material ~~their~~contributor ~~materiality and adjacency~~ to ~~existing~~ SLB’s ~~strengths~~portfolio ~~and~~in ~~our~~the ~~ability to offer differentiated technology~~future.

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.

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.

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. 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. 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.

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. 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.

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. As renewables become a greater percentage of the energy mix, the need increases for additional long-duration energy storage to ensure the efficiency of renewable assets and the reliability of electricity systems.

Critical Minerals is a business area where SLB is applying its knowledge of extraction technologies and processing to the location and sourcing of critical minerals, such as lithium from brine deposits, which will be required to support the energy transition. An example of this is our demonstration plant in Clayton Valley, Nevada, which integrates direct lithium extraction, concentration and conversion technologies to more sustainably produce lithium at scale. This is achieved much faster than conventional methods, while using significantly less land, water and chemical reagents.

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~~supported by interim milestones, inclusive of all three emission scopes. 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.

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.

SLB’s 2050 net-zero target is supported by the following interim milestones, using 2019 as the baseline year:

- by 2025, a 30% reduction in Scope 1 and Scope 2 emissions;

- by 2030, a 50% reduction in Scope 1 and Scope 2 emissions; and

- by 2030, a 30% reduction in Scope 3 emissions.

SLB’s Scope 1 and 2 emissions primarily come from fuel use and electricity consumption. 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.

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.

In tandem with our 2050 net-zero commitment, SLB introduced a portfolio of Transition Technologies™ in 2021. This portfolio includes a select group of products and services that quantifiably reduce our customers’ GHG emissions footprint, while continuing to drive high performance, reliability, and efficiency. This portfolio is supported by an impact quantification framework and will continue to grow as sustainability is further embedded in SLB’s research and development process.

Human Capital

As a leading global technology company that operates in more than 100 countries with a workforce of approximately ~~110~~109,000 people from diverse backgrounds, cultures, and nationalities, one of SLB’s greatest strengths is the diversity of our people. We believe that our ability to attract, develop, motivate, and retain a highly competent and diverse workforce has been paramount to our success for many decades. We recognize that cultivating diversity and promoting inclusion are essential to attracting the best talent from around the world and enabling creativity and innovation to drive business success. We believe our strong culture focused on workforce diversity, inclusivity, and learning and development results in the best possible working environment for all our people.

Workforce Diversity

SLB's long-standing commitment to national and cultural diversity is reflected in our workforce composition and our philosophy to recruit and develop people from the communities in which we operate. 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.

6SLB recognizes the importance of accessing the best available talent and sees gender diversity as a source of creativity, innovation, and competitive advantage. 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 also recognizes the importance of gender diversity as a source of creativity, innovation, and competitive advantage. 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.

Inclusivity

We are building on our diversity to foster a strong culture of inclusion, in which each person can feel accepted, respected, and empowered to perform at their best. SLB has numerous global policies and programs to support our inclusive culture, including:

•

a ~~Code~~culture offramework ~~Conduct~~ that ~~outlines~~codifies ~~the~~SLB's ~~standards~~history ofon ~~behavior~~including ~~and~~diverse ~~ethics that all employees are expected to follow, and that prohibits any form of discrimination, harassment, or retaliation~~perspectives;

•

a ~~diversity,~~mobility ~~equity,~~program ~~and~~that ~~inclusion~~enables ~~(“DEI”)~~employees ~~strategy~~to ~~supported~~gain byinternational aexposure ~~network~~and ofexperience ~~inclusion champions that promote DEI awareness~~ and ~~best~~develop ~~practices;~~cross-cultural ~~and~~ competencies;

•

a ~~mobility~~Code ~~program~~of Conduct that ~~enables~~outlines the standards of behavior and ethics that all employees toare ~~gain~~expected ~~international~~to ~~exposure~~follow, and ~~experience~~that ~~and~~prohibits ~~develop~~any ~~cross-cultural~~form ~~competencies.~~of discrimination, harassment, or retaliation; and

•

employee resource groups that provide peer mentoring and management feedback.

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.

~~SLB believes that through diversity, inclusivity, and growth mindset, we can support our people to reach their full potential, which unlocks value for all of our stakeholders.~~6

Competition

The principal methods of competition within the energy services industry are technological innovation, quality of service, and price differentiation. These factors vary geographically and are dependent upon the different services and products that SLB offers. SLB has numerous competitors, both large and small.

Intellectual Property

SLB owns or controls one of the industry’s leading portfolios of intellectual property, including but not limited to patents, proprietary information, trade secrets, and software tools and applications that, in the aggregate, are material to SLB’s business. 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. For example, the spring thaw in Canada and other Northern climates and consequent road restrictions can affect activity levels, while the winter months in the North Sea, Russia, and China can produce severe weather conditions that can temporarily reduce levels of activity. In addition, hurricanes and typhoons can disrupt coastal and offshore operations. Furthermore, customer spending patterns for exploration data, software, and other products may result in higher activity in the fourth quarter of the year as clients seek to fully utilize their annual budgets. Conversely, customer budget constraints in North America may lead to lower demand for our services and products in the fourth quarter of the year.

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~~2025, ~~2023~~2024, and ~~2022~~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). 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. ~~Schlumberger~~and ~~Limited,~~is the NYSE-listed parent of the SLB family of companies,. SLB is incorporated under the laws of Curaçao ~~and~~with ~~has~~ executive offices in Paris, Houston, ~~London,~~ and The Hague. The Company changed its brand name to SLB in 2022 ~~but~~and ~~did not change~~ the legal name of its listed parent company, ~~which~~in ~~remains Schlumberger Limited~~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. SLB makes available, free of charge through its Investor Relations website at https://investorcenter.slb.com/, access to its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, proxy statements and Forms 3, 4 and 5 filed on behalf of directors and executive officers, and amendments to each of those reports, as soon as reasonably practicable after such material is filed with or furnished to the SEC. Alternatively, you may access these reports at the SEC’s website at www.sec.gov. Copies are also available, without charge, from SLB Investor Relations, 5599 San Felipe, Houston, Texas 77056. Unless expressly noted, the information on its website or any other website is not incorporated by reference in this Form 10-K and should not be considered part of this Form 10-K or any other filing SLB makes with the SEC.

Information About Our Executive Officers

The following table sets forth, as of January 2223, ~~2025~~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.

Name	Age	Current Position and Five-Year Business Experience
Olivier Le Peuch	61	Chief Executive Officer and Director, since August 2019.
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.
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.
Carmen Rando Bejar	47	Chief People Officer, since April 2022; and Vice President, Global Business Services, September 2019 to March 2022.
Rakesh Jaggi	55	President, Digital and Integration, since April 2023; and Senior Vice President, Sales & Commercial, May 2019 to March 2023.

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	58	Chief Technology Officer, since February 2020.

Gavin Rennick	50	President, New Energy, since April 2022; and Vice President, Human Resources, February 2019 to March 2022.
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.
Vijay Kasibhatla	61	Director, Mergers and Acquisitions, since January 2013.



Dianne Ralston	59	Chief Legal Officer, since December 2020, and Secretary, since April 2021.

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.

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.

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.

Aparna Raman	51	Chief Strategy and Marketing Officer, since March 2025; and President, Reservoir Performance, from July 2020 to February 2025.

Tarek Rizk	48	Chief Performance Officer, since March 2025; and President, Middle East and North Africa, from June 2020 to February 2025.

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.

Andrea Saracco	50	Vice President and Controller, since August 2025; Production Systems Controller, from August 2023 to July 2025; and Technology Controller, from June 2020 to July 2023.

Item 1A. Risk Factors.

The following discussion of risk factors known to us contains important information for the understanding of our “forward-looking statements,” which are discussed immediately following Item 7A. of this Form 10-K and elsewhere. These risk factors should also be read in conjunction with Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and the Consolidated Financial Statements and related notes included in Item 8. Financial Statements and Supplementary Data of this Form 10-K.

Please carefully consider the risks described below, which discuss the material factors that make an investment in our securities speculative or risky, other material included or incorporated by reference in this Form 10-K, and other reports and materials that we file with the SEC. Additional risks and uncertainties not currently known to us or that we currently deem immaterial could also materially adversely affect our business, reputation, financial condition, results of operations, cash flows, and prospects.

Business and Operational Risks

Demand for our products and services is substantially dependent on the levels of expenditures by our customers, which can change based on many factors, including fluctuations in oil and gas prices. Oil and gas industry downturns have resulted in reduced demand for oilfield products and services and lower expenditures by our customers, which has in the past had, and may in the future have, a material adverse effect on our financial condition, results of operations and cash flows.

Demand for our products and services depends substantially on expenditures by our customers for the exploration, development and production of oil and gas reserves. These expenditures are generally dependent on our customers’ views of future demand for oil and gas and future oil and gas prices, as well as our customers’ ability to access capital. In addition, the transition of the global energy sector from a primarily fossil fuel-based system to a diverse system which includes renewable energy sources could affect our customers’ levels of expenditures.

Actual and anticipated declines in oil and gas prices have in the past resulted in, and may in the future result in, lower capital expenditures, project modifications, delays or cancellations, general business disruptions, and delays in payment of, or nonpayment of, amounts that are owed to us. These effects have had, and may in the future have, a material adverse effect on our financial condition, results of operations and cash flows.

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 oil and gas industry has historically experienced periodic downturns, which have been characterized by diminished demand for our products and services and downward pressure on the prices that we are able to charge. Sustained market uncertainty can also result in lower demand and pricing for our products and services. A significant industry downturn, sustained market uncertainty, or increased availability of economical alternative energy sources could result in a reduction in demand for our products and services, which could adversely affect our business, financial condition, results of operations, cash flows and prospects.

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 8582% of our consolidated revenue in 2025, 85% in 2024, and 84% in 2023 ~~and 2022~~. Geopolitical instability and unforeseen changes in any of the markets in which we operate could result in business disruptions or operational challenges that may adversely affect the demand for our products and services, or our reputation, our financial condition, and our results of operations and cash flows. 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.

As an example of a risk resulting from our global operations, in March 2022 we decided to immediately suspend new investment and technology deployment to our Russia operations. In July 2023, we announced that we were halting shipments of products into Russia from all our facilities worldwide in response to the continued expansion of international sanctions. Russia represented approximately 4% of our worldwide revenue during ~~2024~~2025. The carrying value of our net assets in Russia was approximately $0.67 billion as of December 31, ~~2024~~2025. This consisted of $0.12 billion of cash and short-term investments, $0.34 billion of receivables, $0.23 billion of fixed assets, $0.32 billion of other assets, and $0.34 billion of current liabilities.

We continue to actively monitor the dynamic situation in Russia and Ukraine and applicable laws, sanctions and trade control restrictions resulting from the conflict. 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. 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.~~9

~~Our long-term success depends on our ability to effectively address~~ the energy transition, which will require adapting our technology portfolio to changing customer preferences and government requirements, developing solutions to decarbonize oil and gas operations, and scaling innovative low-carbon and carbon-neutral technologiesruble. IfContinuation ~~the energy transition landscape changes faster than anticipated~~ or inescalation aof ~~manner~~the ~~that~~conflict wemay doalso ~~not~~exacerbate ~~anticipate,~~this ~~demand for our products~~ and ~~services,~~other asrisk ~~well~~factors asidentified ~~our~~in ~~relationships~~this ~~with~~Form ~~various stakeholders~~10-K, ~~could~~including ~~be adversely affected. Furthermore~~cybersecurity, ~~if we fail or are perceived to not effectively implement an energy transition strategy~~regulatory, orand ifreputational ~~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~~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 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. 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 develop software and other digital products and services that store, retrieve, manipulate, and manage our customers’ information and data, external data, personal data, and our own data.

Our digital technologies and services, as well as third-party products, services and technologies that we rely on (including emerging technologies, such as AI programs), are subject to the risk of cyberattacks and, given the nature of such attacks, some incidents can remain undetected for a period of time despite efforts to detect and respond to them in a timely manner. Cyberattacks are expected to accelerate on a global basis in both frequency and magnitude as threat actors are becoming increasingly sophisticated in using techniques and tools (including AI) that circumvent controls, evade detection and even remove forensic evidence of the infiltration. There can be no assurance that our cybersecurity risk management program, processes, or systems we have designed to prevent or limit the effects of cyber incidents or attacks will be sufficient to prevent or detect material consequences arising from such incidents or attacks, or to avoid a material adverse impact on our systems after such incidents or attacks do occur. We have experienced and will continue to experience varying degrees of cyber incidents in the normal conduct of our business, including attacks resulting from social engineering such as phishing and ransomware infections. Even if we successfully defend our own digital technologies and services, we also rely on providers of third-party products, services, and networks, with whom we may share data and services, and who may be unable to effectively defend their digital technologies and services against attack.

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. In addition, allegations, reports, or concerns regarding vulnerabilities affecting our digital products or services could damage our reputation. This could lead to fewer customers using our digital products and services, which could have a material adverse impact on our financial condition, results of operations, cash flows, and future prospects. In addition, if our systems or third-party products, services, and network systems for protecting against cybersecurity risks prove to be insufficient, we could be adversely affected by, among other things, loss of or damage to our intellectual property, proprietary or confidential information; loss of customer, supplier, or our employee data; breach of personal data; interruption of our business operations; disruption of our customers’ businesses; increased legal and regulatory exposure, including fines and remediation costs; and increased costs required to prevent, respond to, or mitigate cybersecurity attacks. 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.

11We may fail to realize the anticipated benefits of the ChampionX acquisition.

~~control~~The ofsuccess ~~our clients’ operations could result in significant damage to our reputation or disruption~~ of the ~~services~~ChampionX weacquisition ~~provide~~will todepend our customers or of our customers’ businesses. In addition, allegations, reports, or concerns regarding vulnerabilities affecting our digital products or services could damage our reputation. This could lead to fewer customers using our digital products and services, which could have a material adverse impact on ~~our financial condition~~, results of operations, cash flows, and future prospects. In addition, if our systems or third-party products, services, and network systems for protecting against cybersecurity risks prove to be insufficient, we could be adversely affected by, among other things, ~~loss~~our ofability ~~or damage~~ to ~~our~~combine ~~intellectual property, proprietary or confidential information; loss of customer, supplier, or~~ our ~~employee data; breach of personal data; interruption of our~~ business ~~operations;~~with ~~disruption~~that of ~~our~~ChampionX ~~customers’~~in ~~businesses;~~a ~~increased~~manner ~~legal~~that ~~and~~facilitates ~~regulatory~~growth ~~exposure,~~opportunities ~~including fines~~ and ~~remediation~~realizes ~~costs;~~anticipated ~~and~~synergies. ~~increased~~If ~~costs~~we ~~required~~are tonot ~~prevent,~~able ~~respond~~ to, orsuccessfully ~~mitigate~~achieve ~~cybersecurity~~these ~~attacks.~~objectives, ~~These~~the ~~risks~~anticipated ~~could~~benefits ~~harm~~of ~~our~~the ~~reputation~~acquisition ~~and~~may ~~our~~not ~~relationships~~be ~~with~~realized ~~our employees~~fully, ~~our~~or ~~customers,~~at ~~our suppliers~~all, ~~our~~or ~~alliance partners and other third parties, and~~ may ~~result~~take inlonger ~~claims~~to ~~against~~realize ~~us.~~than expected.

Failure to effectively and timely address the energy transition could adversely affect our reputation, business, results of operations, and cash flows.

Our long-term success depends on our ability to effectively address the energy transition, which will require adapting our technology portfolio to changing customer preferences and government requirements, developing solutions to decarbonize oil and gas operations, and scaling innovative low-carbon and carbon-neutral technologies. If the energy transition landscape changes faster than anticipated or in a manner that we do not anticipate, demand for our products and services, as well as our relationships with various stakeholders, could be adversely affected. 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. 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. 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. If we are unable to maintain technology leadership in our industry, our ability to maintain market share, defend, maintain, or increase prices for our products and services, and negotiate acceptable contract terms with our customers could be adversely affected. 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.

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. Our business may be adversely affected when our patents are unenforceable, the claims allowed under our patents are not sufficient to protect our technology, our patent applications are denied, or our trade secrets are not adequately protected. Patent protection on some types of technology, such as software or machine learning processes, may not be available in certain countries in which we operate. Our competitors may also be able to develop technology independently that is similar to ours without infringing on our patents or gaining access to our trade secrets.

Third parties may claim that we have infringed upon or otherwise violated their intellectual property rights.

The tools, techniques, methodologies, programs, and components we use to provide our services and products may infringe upon or otherwise violate the intellectual property rights of others or be challenged on that basis. Regardless of the merits, any such claims generally result in significant legal and other costs, including reputational harm, and may distract management from running our business. Resolving such claims could increase our costs, including through royalty payments to acquire licenses, if available, from third parties and through the development of replacement technologies. If a license to resolve a claim were not available, we might not be able to continue providing a particular service or product.

Legal and Regulatory Risks

Our operations require us to comply with numerous laws and regulations, violations of which could have a material adverse effect on our reputation, financial condition, results of operations or cash flows.

Our operations are subject to international, regional, national, and local laws and regulations in every place where we operate, relating to matters such as environmental protection, health and safety, labor and employment, human rights, import/export controls, currency, emissions reporting, exchange, bribery and corruption, anti-money laundering, data privacy and cybersecurity, intellectual property, immigration, antitrust, and taxation. These laws and regulations are complex, frequently change, have tended to become more stringent over time, and could conflict among one another. In the event the scope of these laws and regulations expands in the future, the incremental cost of compliance could adversely affect our financial condition, results of operations, or cash flows.

Our operations are subject to anti-corruption and anti-bribery laws and regulations, such as the Foreign Corrupt Practices Act, the UK Bribery Act, and other similar laws. We are also subject to trade control regulations and trade sanctions laws that restrict the movement of certain goods to, and certain operations in, various countries or with certain persons. Our ability to transfer people, products, and data among certain countries is subject to maintaining required licenses and complying with these laws and regulations.

The internal controls, policies and procedures, and employee training and compliance programs we have implemented to deter prohibited practices may not be effective in preventing employees, contractors, or agents from violating or circumventing such internal policies or from material violations of applicable laws and regulations. Any determination that we have violated or are responsible for violations of applicable laws, including securities, environmental, trade control, trade sanctions, or anti-corruption laws, could have a material adverse effect on our financial condition. Violations of international and US laws and regulations or the loss of any required licenses may result in fines and penalties, criminal sanctions, administrative remedies, or restrictions on business conduct, and could have a material adverse effect on our business, operations, and financial condition. 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.

Continuing political and social attention to the issue of climate change has resulted in both existing and proposed international agreements and national, regional, and local legislation and regulatory measures to limit GHG emissions and mitigate the effects of climate change. The implementation of these agreements, including the Paris Agreement, the Europe Climate Law, and other existing or future regulatory mandates, may adversely affect the demand for our products and services, impose taxes on us or our customers, require us or our customers to reduce GHG emissions from our technologies or operations, or accelerate the obsolescence of our products or services.

In addition, increasing attention to the risks of climate change has resulted in an increased possibility of litigation or investigations brought by public and private entities against oil and gas companies in connection with their GHG emissions, as well as descriptions of their sustainable products and services. As a result, we or our customers may become subject to court orders compelling a reduction of GHG emissions or requiring mitigation of the effects of climate change, or requiring other mitigation actions.

There is also increased focus by our customers, investors and other stakeholders on climate change, sustainability, and energy transition matters. Actions to address these concerns or negative perceptions of our industry or fossil fuel products and their relationship to the environment have led to initiatives to conserve energy and promote the use of alternative energy sources, which may reduce the demand for and production of oil and gas in areas of the world where our customers operate, and thus reduce future demand for our products and services. 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.

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.

We are subject to numerous laws and regulations relating to environmental protection, including those governing GHG and other air emissions, water discharges and waste management, as well as the importation and use of hazardous materials, radioactive materials, chemicals, and explosives. The technical requirements of these laws and regulations are becoming increasingly complex, stringent, and expensive to implement. These laws sometimes provide for “strict liability” for remediation costs, damages to natural resources or threats to public health and safety. Strict liability can render us liable for damages without regard to our degree of care or fault. Some environmental laws provide for joint and several strict liability for remediation of spills and releases of hazardous substances, and, as a result, we could be liable for the actions of others.

We use and generate hazardous substances and wastes in our operations. In addition, many of our current and former properties are, or have been, used for industrial purposes. Accordingly, we could become subject to material liabilities relating to the investigation and cleanup of potentially contaminated properties, and to claims alleging personal injury or property damage as a result of exposures to, or releases of, hazardous substances. In addition, stricter enforcement or changing interpretations of existing laws and regulations, the enactment of new laws and regulations, the discovery of previously unknown contamination, or the imposition of new or increased requirements could require us to incur costs or become the basis for new or increased liabilities that could have a material adverse effect on our business, operations, and financial condition.

We could be subject to substantial liability claims, including as a result of well incidents, which could adversely affect our reputation, financial condition, results of operations, and cash flows.

The technical complexities of our operations expose us to a wide range of significant health, safety, and environmental risks. Our operations involve the use of radioactive materials, chemicals, explosives and other equipment and services that are deployed in challenging exploration, development, and production environments. Accidents or acts of malfeasance involving these services (including remotely operated services) or equipment, or a failure of a product or service (including as a result of a cyberattack), could cause personal injury, loss of life, damage to or destruction of property, equipment or the environment, or suspension of operations, which could materially adversely affect us. Any well incidents, including blowouts at a well site or any loss of containment or well control, may expose us to additional liabilities, which could be material. Generally, we rely on contractual indemnities, releases, and limitations on liability with our customers and insurance to protect us from potential liability related to such events. However, our insurance may not protect us against liability for certain kinds of events, including events involving pollution, or against losses resulting from business interruption. Moreover, we may not be able to maintain insurance at levels of risk coverage or policy limits that we deem adequate. 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.

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. 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.

We may fail to realize the anticipated benefits of the proposed acquisition of ChampionX.

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. 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.

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. 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. 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 control. Our targets are based on empirical data and estimates that reflect our understanding of current best practices for measuring or estimating emissions or other metrics, but we anticipate that future innovations in both measurement technologies and estimation methodologies could cause us to revise our baseline as well as re-calculate progress toward our targets.

Our business faces increased scrutiny from certain investors and other stakeholders related to our sustainability activities, including the goals, targets, and objectives that we announce, and our methodologies and timelines for pursuing them. If our sustainability practices do not meet investor or other stakeholder expectations and standards, including any third-party ratings used by stakeholders, which continue to evolve, our reputation, our ability to attract or retain employees, our ability to access capital, and our attractiveness as an investment or business partner could be negatively affected. Similarly, our failure or perceived failure to pursue or fulfill our sustainability-focused goals, targets, and objectives, to comply with ethical, environmental, or other standards, regulations, or expectations, or to satisfy various reporting standards with respect to these matters, within the timelines we announce, or at all, could adversely affect our business or reputation, as well as expose us to government enforcement actions and private litigation.

Failure to attract and retain qualified personnel could impede our operations.

Our future success depends on our ability to recruit, train, and retain qualified personnel. We require highly skilled personnel to operate and provide technical services and support for our business. Competition for the personnel necessary for our businesses intensifies as activity increases, technology evolves and customer demands change. 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.

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. Extreme weather conditions such as hurricanes, flooding, landslides, and heat waves have in the past resulted in, and may in the future result in, the evacuation of personnel, stoppage of services and activity disruptions at our facilities, in our supply chain, or at well-sites, or result in disruptions to our customers’ operations. Particularly severe weather events affecting platforms or structures may result in a suspension of activities. Climate change may impact the frequency and/or intensity of such events. In addition, acute or chronic physical impacts of climate change, such as sea level rise, coastal storm surge, inland flooding from intense rainfall, and hurricane-strength winds may damage our facilities. Any such extreme weather events may result in increased operating costs or decreases in revenue.

Item 1B. Unresolved Staff Comments.

None.

Item 1C. Cybersecurity.

SLB maintains a cyber risk management program designed to identify, assess, manage, mitigate, and respond to cybersecurity threats. This program is integrated within the Company’s enterprise risk management system and addresses both the corporate information technology environment and customer-facing products and services.

The underlying controls of the cyber risk management program are based on recognized best practices and standards for cybersecurity and information technology, including the National Institute of Standards and Technology (“NIST”) Cybersecurity Framework (“CSF”) and the International Organization Standardization (“ISO”) 27001 Information Security Management System Requirements. SLB has an annual assessment, performed by a third party, of the Company’s cyber risk management program against the NIST CSF.

SLB has a Cybersecurity Operations Center operating in three locations to provide 24/7 monitoring of its global cybersecurity environment and to coordinate the investigation and remediation of alerts. A program for staging incident response drills is in place to prepare support teams in the event of a significant incident.

Cyber partners are a key part of SLB’s cybersecurity infrastructure. SLB partners with leading cybersecurity companies and organizations, leveraging third-party technology and expertise. SLB engages with these partners to monitor and maintain the performance and effectiveness of products and services that are deployed in SLB’s environment as well as, if necessary, assist in responding to cyber attacks.

SLB’s Cybersecurity Director reports to SLB’s Chief Information Officer and is the head of the Company’s cybersecurity team. The Cyber Security Director is responsible for assessing and managing SLB’s cyber risk management program, informs senior management regarding the prevention, detection, mitigation, and remediation of cybersecurity incidents and supervises such efforts. The cybersecurity team has decades of experience selecting, deploying, and operating cybersecurity technologies, initiatives, and processes around the world, and relies on threat intelligence as well as other information obtained from governmental, public, and private sources, including external consultants engaged by SLB.

The Audit Committee of the Board of Directors oversees SLB’s cybersecurity risk exposures and the steps taken by management to monitor and mitigate cybersecurity risks. The cybersecurity team briefs the Audit Committee on the effectiveness of SLB’s cyber risk management program, typically on a quarterly basis. In addition, cybersecurity risks are reviewed by the SLB Board of Directors, at least annually, as part of the Company’s enterprise risk management process.

SLB faces risks from cybersecurity threats that could have a material adverse effect on its business, financial condition, results of operations, cash flows or reputation. SLB has experienced, and will continue to experience, cyber incidents in the normal course of its business. However, prior cybersecurity incidents have not had a material adverse effect on SLB’s business, financial condition, results of operations, or cash flows. See “Risk Factors – Business and Operational 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.”

Item 2. Properties.

SLB owns or leases numerous manufacturing facilities, administrative offices, service centers, research centers, data processing centers, mines, and other facilities throughout the world, none of which are individually material.

Item 3. Legal Proceedings.

The information with respect to this Item 3. Legal Proceedings is set forth in Note 15 – Contingencies, in the accompanying Consolidated Financial Statements.

Item 4. Mine Safety Disclosures.

Information 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.

1513

PART II

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

As of December 31, ~~2024~~2025, there were 2021,~~762~~139 stockholders of record. The principal US market for SLB’s common stock is the New York Stock Exchange (“NYSE”), where it is traded under the symbol “SLB.”

The following graph compares the cumulative total stockholder return on SLB common stock with the cumulative total return on the Standard & Poor’s 500 Index (“S&P 500 Index”) and the cumulative total return on the Philadelphia Oil Service Index. It assumes $100 was invested on December 31, ~~2019~~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. The following graph and related information shall not be deemed “soliciting material” or to be “filed” with the SEC, nor shall such information be incorporated by reference into any future filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except to the extent that SLB specifically incorporates it by reference into such filing.

Comparison 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 $3.5.9 billion of its common stock under this program as of December 31, ~~2024~~2025.

~~SLB's~~No ~~common~~shares ~~stock~~were ~~repurchase~~repurchased ~~program~~during ~~activity for~~ the three months ended December 31, ~~2024~~2025. ~~was as follows:~~

	(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.

Item 6. [Reserved].

1714

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion and analysis contains forward-looking statements, including, without limitation, statements relating to our plans, strategies, objectives, expectations, intentions, and resources. Such forward-looking statements should be read in conjunction with our disclosures under “Item 1A. Risk Factors” of this Annual Report on Form 10-K.

~~This~~SLB ~~section~~previously ofreported ~~the~~its ~~Form~~results ~~10-K~~on ~~generally~~the ~~discusses~~basis ~~2024~~of ~~and~~four ~~2023~~Divisions: ~~items~~Digital ~~and~~& ~~year-to-year~~Integration, ~~comparisons~~Reservoir ~~between~~Performance, ~~2024~~Well Construction, and ~~2023~~Production Systems. ~~Discussions~~ Commencing the third quarter of ~~2022~~2025, ~~items~~SLB's ~~and~~Digital ~~year-to-year~~business ~~comparison~~is ~~between~~reported ~~2023~~as ~~and~~a ~~2022~~separate ~~that~~Division. ~~are~~Additionally, ~~not~~SLB's ~~included~~Asset inPerformance ~~this~~Solutions ~~Form~~("APS"), ~~10-K~~Data ~~can~~Center beSolutions, ~~found~~and SLB Capturi businesses are now reported in ~~“Management’s~~the ~~Discussion~~All ~~and~~Other ~~Analysis~~category. ofThe ~~Financial~~acquired ~~Condition~~ChampionX ~~and~~businesses ~~Results~~are ofpredominantly ~~Operations”~~reported in ~~Part~~SLB's IIProduction Systems Division, ~~Item~~with 7the exception of its digital business, which is reported in SLB’'s ~~Annual~~Digital ~~Report~~Division. onPrior ~~Form~~periods ~~10-K~~have ~~for~~been ~~the~~recast ~~fiscal~~to ~~year~~conform ~~ended~~to ~~December~~the ~~31,~~current ~~2023~~presentation.

~~2024~~2025 Executive Overview

~~2024~~Although ~~was~~2025 presented a ~~strong~~challenging ~~year~~backdrop for ~~SLB~~the asindustry—with welower ~~successfully~~commodity ~~navigated~~prices, ~~evolving~~geopolitical ~~market~~uncertainty ~~conditions~~and toan ~~deliver~~oversupplied ~~revenue~~oil ~~growth,~~market—we ~~margin~~continued ~~expansion,~~to ~~and~~build ~~solid~~resilience ~~free~~across ~~cash~~our ~~flow.~~portfolio ~~Year~~by onaccelerating ~~year,~~our ~~revenue~~strategy. ~~increased~~We bycompleted ~~10%~~the ~~and~~acquisition ~~pretax~~of ~~segment~~ChampionX ~~operating~~during ~~income~~the ~~grew~~third byquarter ~~12%,~~in ~~while~~an weall-stock ~~generated~~transaction valued at $64.69 billion. inThe ~~cash~~combined ~~flow~~portfolio, ~~from~~technology ~~operations~~capabilities and ~~$4.0~~digital ~~billion~~leadership inpositions ~~free~~SLB ~~cash~~to ~~flow,~~create ~~enabling~~value usfor toits ~~return~~customers ~~$3.3~~and ~~billion~~stakeholders toby ~~shareholders~~increasing ~~and~~its ~~reduce~~exposure ~~net~~to ~~debt~~the bygrowing ~~$571~~production ~~million. These~~and ~~results~~recovery ~~demonstrate~~market ~~SLB’s~~while ~~ability~~delivering tobest-in-class ~~deliver~~workflow ~~consistent~~integration ~~financial~~across ~~performance~~production ~~despite~~chemicals ~~moderating~~and ~~upstream~~artificial ~~investment~~lift. ~~growth,~~In ~~driven~~addition byto growing our ~~global~~emphasis ~~scale~~on production and recovery, ~~unmatched~~we ~~digital~~also ~~offerings~~increased deployment of AI solutions and ~~ongoing~~the ~~focus~~rapid onexpansion ~~cost~~of ~~optimization.~~our Data Center Solutions business.

~~Our~~Amidst ~~full-year~~lower ~~results~~upstream ~~were~~spending, ~~highlighted~~global ~~by 12% international~~ revenue ~~growth~~of $35.7 ~~This~~billion ~~performance~~declined ~~was led by the Middle East & Asia and Europe & Africa, which grew 18~~2% ~~and~~year ~~13%,~~on ~~respectively. The Middle East & Asia achieved record revenues~~year, while ~~growth~~we ingenerated ~~Europe~~$6.5 &billion ~~Africa~~of ~~was~~cash ~~bolstered~~flow byfrom ~~the~~operations ~~Aker~~and ~~subsea~~$4.1 ~~business,~~billion ~~which was acquired in the fourth quarter~~ of ~~2023.~~free ~~Excluding~~cash ~~this acquired business~~flow, ~~international~~enabling ~~revenue~~us ~~increased~~to 7%return ~~year~~$4.0 ~~over~~billion ~~year,~~to ~~outperforming the rig count over the same period~~shareholders.

~~Our~~Excluding ~~Core~~the ~~divisions~~$1.5 —billion ~~Reservoir~~of ~~Performance,~~revenue ~~Well~~from ~~Construction~~the ~~and~~acquisition ~~Production~~of ~~Systems~~ChampionX, —revenue ~~delivered~~declined 96% ~~revenue~~year ~~growth~~on ~~compared to the prior~~ year, ~~led~~as ~~by 24%~~ growth in ~~Production~~our ~~Systems,~~Digital ~~largely~~and ~~due~~Data toCenter ~~the~~Solutions ~~subsea~~businesses ~~acquisition.~~were ~~Production~~more ~~Systems~~than ~~grew~~offset 9%by ~~organically~~declines ~~due to double-digit increases~~ in ~~surface~~Saudi ~~systems~~Arabia, ~~completions~~Mexico and ~~artificial~~offshore ~~lift.~~Sub-Saharan ~~Reservoir Performance also delivered 9% growth, underpinned by strong stimulation and intervention activity in the production space~~Africa.

~~Digital~~International ~~& Integration~~ revenue ~~increased~~declined 105% year on year, ~~driven~~due byto ~~20%~~the ~~growth~~lower activity in ~~digital~~Saudi Arabia, ~~which~~Mexico ~~reached~~and ~~$2.44~~Sub-Saharan ~~billion~~Africa ~~for~~while North America revenue grew 12% driven by the ~~year~~ChampionX acquisition. ~~Accelerated~~Excluding ~~adoption~~the impact of ~~our~~this ~~digital~~transaction, ~~technologies~~North ~~marked~~American revenue declined 2% despite a ~~milestone~~5% ~~year~~drop in upstream spending, ~~highlighted~~supported by ~~strategic~~growth ~~collaborations~~in ~~with~~Data ~~cross-industry~~Center ~~leaders,~~Solutions ~~the~~which ~~launch~~grew of121% ~~the~~year ~~Lumi™~~on ~~data~~year. ~~and~~This AIbusiness ~~platform,~~is ~~new~~expanding ~~Performance~~rapidly ~~Live™~~as ~~centers~~we tostrengthen ~~enable~~strategic ~~remote~~partnerships ~~operations,~~with ~~and~~hyperscalers ~~the~~to ~~achievement~~leverage ofour ~~fully~~modular ~~autonomous~~data ~~drilling~~center ~~operations~~manufacturing capabilities.

~~Our~~Digital ~~fit-for-basin~~revenue ~~approach,~~increased ~~domain~~9% ~~expertise~~on ~~and~~a ~~integration~~full-year ~~capabilities~~basis ~~have~~driven ~~established~~by ussignificant asuptake ~~the~~in ~~performance~~Digital ~~partner~~Operations ofas ~~choice~~well ~~for~~as ~~addressing~~steady ~~the~~growth ~~operating~~in ~~challenges~~Platforms ~~our~~& ~~customers~~Applications ~~face~~as ~~throughout~~customers ~~the~~continued ~~life~~to ~~cycle~~invest ofin ~~their~~automated ~~assets.~~solutions As operators across the industry increasingly prioritize production and recovery, our strengths are more critical than ever. With the anticipated completion of our announced acquisition of ChampionX, we are set to ~~further~~improve ~~strengthen~~performance ~~our production~~ and ~~recovery capabilities, enabling us to deliver even greater value to our customers~~efficiency. ~~This strategic acquisition will also enhance the resilience of the SLB portfolio, providing some stability against the cycles in the years to come.~~

~~While~~SLB ~~upstream~~concluded ~~investment~~the ~~growth~~year ~~will~~with ~~remain~~a ~~subdued~~very instrong ~~the~~fourth ~~short~~quarter ~~term~~driven ~~due~~by toProduction ~~global~~Systems, ~~oversupply~~Digital and Reservoir Performance. Notably, wefourth ~~anticipate~~quarter ~~that~~revenue increased sequentially across each of our four geographies for the ~~oil~~first ~~supply~~time ~~imbalance~~since ~~will~~the ~~gradually~~second ~~abate~~quarter of 2024, reflecting stabilized global upstream activity. ~~Global~~We ~~economic~~experienced sequential organic revenue growth ~~and~~both ain ~~heightened~~North ~~focus~~America onand ~~energy~~in ~~security,~~the ~~coupled~~international ~~with~~markets, ~~rising~~driven ~~energy~~by ~~demand~~higher ~~from~~offshore AIactivity and ~~data~~strong ~~centers~~year-end ~~will~~product ~~support~~and ~~the~~digital ~~investment~~sales ~~outlook~~in ~~for~~Latin America, the ~~oil~~Middle East and ~~gas~~Asia, ~~industry~~across ~~throughout~~Sub-Saharan ~~the~~Africa ~~rest~~and ofin ~~the~~North ~~decade~~America Offshore.

InAs ~~our~~we ~~Core~~move ~~business~~into 2026, we ~~are~~believe ~~making~~the ~~unmatched~~headwinds ~~contributions~~we toexperienced ~~the~~in ~~discovery,~~key ~~development~~regions ~~and~~in ~~extraction~~2025 ofare ~~oil~~behind ~~and~~us. ~~gas~~In ~~reserves~~particular, ~~fueling~~we ~~global~~expect ~~energy~~rig ~~supply.~~activity Wein ~~have~~ the ~~leading~~Middle ~~offering~~East, into ~~digital.~~increase ~~And~~compared weto ~~are~~today’s ~~pursuing~~level, aand ~~meaningful~~our ~~opportunity~~footprint in ~~New~~the ~~Energy~~region ~~and~~puts ~~decarbonization,~~us ~~where~~in ~~we have established~~ a ~~differentiated~~strong ~~market~~ position. ~~Together,~~to ~~this~~benefit isfrom ~~laying~~this ~~a strong foundation for our business~~recovery.

~~Given~~As ~~our~~economics ~~confidence~~remain inchallenged, ~~the~~production ~~business outlook~~ and ~~our~~recovery ~~ability~~activity tois ~~continue~~becoming ~~generating strong cash flows, in January 2025 our Board of Directors approved~~ a ~~3.6%~~strategic ~~increase~~priority tofor our ~~quarterly~~customers ~~dividend. Additionally, we entered into accelerated share repurchase transactions~~ to ~~repurchase~~unlock ~~$2.3~~incremental ~~billion~~barrels ofat ~~SLB~~the ~~common~~lowest ~~stock~~cost. This ~~positions~~is ustranslating tointo ~~increase~~higher ~~total~~demand ~~return~~particularly tofor ~~shareholders~~intervention services, inartificial ~~the~~lift, ~~form~~production ofchemicals ~~dividends~~ and ~~share~~SLB ~~repurchases, from $3~~OneSubsea.3 ~~billion in 2024 to at least $4 billion in 2025.~~

18We 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.

~~Fourth~~SLB ~~Quarter~~has ~~2024~~consistently ~~Results~~proven that the unique strengths of our portfolio enable us to create differentiated value and generate significant cash flows in varied market conditions.

				(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

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.

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.

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.

(2)

Excludes interest income included in the segments’ income (fourth quarter ~~2024~~2025: $10- million; third quarter ~~2024~~2025: $16- million).

(3)

Excludes interest expense included in the segments’ income (fourth quarter ~~2024~~2025: $3- million; third quarter ~~2024~~2025: $4- million).

(4)

Charges and credits are described in detail in Note 3 to the Consolidated Financial Statements.

Fourth-quarter revenue of $9.37 billion increased 19% sequentially, ~~driven~~with byinternational ~~digital~~revenue ~~sales~~increasing in8% and North America ~~and~~revenue ~~higher~~increasing ~~activity~~15%. inThese ~~the~~results ~~Middle~~reflect ~~East,~~a ~~Europe~~full ~~and~~quarter ~~North~~of ~~Africa.~~activity Onfrom athe ~~divisional~~acquired ~~basis,~~ChampionX ~~Digital~~businesses &which ~~Integration~~contributed ~~led~~$879 ~~the~~million ~~growth~~of revenue, ~~driven~~consisting byof ~~increased~~$583 ~~demand~~million ~~for~~in ~~digital~~North ~~products~~America and ~~solutions,~~$266 ~~while~~million ~~Production~~in ~~Systems~~the ~~benefited~~international markets. Third-quarter 2025 revenue reflected two months of activity from ~~strong~~ChampionX, ~~backlog~~which ~~conversion~~contributed asrevenue ~~customers~~of ~~continued~~$579 tomillion, ~~invest~~consisting of $387 million in ~~maximizing~~North ~~recovery~~America ~~from~~and ~~existing~~$171 ~~assets~~million in the international markets.

~~International~~Excluding ~~revenue~~the impact of ~~$7.5~~the ~~billion~~acquisition, ~~increased~~international 1%fourth-quarter ~~sequentially~~2025 ~~driven~~revenue byincreased ~~the~~7% ~~Middle East & Asia~~ and ~~Europe~~North &America ~~Africa.~~fourth-quarter ~~The~~2025 ~~Middle~~revenue ~~East~~increased ~~& Asia grew 2~~6% sequentially. Fourth ~~driven~~quarter byrevenue ~~strong~~increased ~~activity~~sequentially inacross all the ~~United~~four ~~Arab~~geographic ~~Emirates,~~areas ~~higher~~for ~~drilling~~the infirst ~~Egypt,~~time ~~and~~since ~~increased~~the ~~stimulation,~~second ~~intervention,~~quarter ~~and~~of ~~evaluation~~2024 ~~activity~~as inglobal ~~Qatar.~~upstream ~~These~~markets ~~gains~~have ~~were~~stabilized. The ~~offset~~organic bysequential ~~weaker~~revenue ~~performance~~growth both in ~~Saudi~~the ~~Arabia~~international markets and ~~Australia.~~North ~~Europe~~America &was ~~Africa also grew 2% sequentially largely~~ driven by ~~increased~~higher offshore activity inand ~~Europe~~strong year-end product and ~~North~~digital ~~Africa.~~sales, ~~Revenue~~most notably in Latin America, ~~declined~~the 3%Middle ~~sequentially~~East ~~primarily~~and ~~due~~Asia, toacross ~~reduced~~Sub-Saharan ~~drilling~~Africa ~~activity~~and inGulf ~~Mexico~~of America.

~~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.~~Digital

Digital &revenue ~~Integration~~reached $825 million, up 25% sequentially, driven by a $104 million increase in Digital Exploration as a result of year-end sales in the Gulf of America, Brazil and Angola, as well as robust increases in Digital Operations and Platforms & Applications.

Digital &pretax ~~Integration~~operating ~~revenue~~margin ofexpanded ~~$1.2~~557 ~~billion~~basis ~~increased~~points 6% sequentially ~~driven~~to ~~by 10~~34% ~~growth in digital revenue~~, ~~supported~~reflecting byimproved ~~greater~~profitability ~~adoption~~from ofstrong ~~digital~~Digital ~~technologies~~Exploration ~~and~~activity, ~~higher~~robust ~~sales~~growth ofin ~~exploration~~Digital ~~data~~Operations, ~~particularly~~and inhigher ~~the~~Platforms ~~U.S.~~& ~~Gulf~~Applications ~~of Mexico. Asset Performance Solutions (“APS”)~~ revenue ~~was flat sequentially~~.

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 $1.87 billion ~~declined~~increased 14% sequentially, primarily driven by ~~reduced~~higher ~~intervention and~~ stimulation activity, ~~partially~~in ~~offset~~the byMiddle ~~stronger~~East ~~evaluation~~& ~~activity.~~Asia ~~Revenue was impacted by lower stimulation~~ and higher intervention ~~work in Saudi Arabia, which was offset by increased~~ activity in ~~the~~Europe ~~rest of the Middle East~~ & ~~Asia and North America~~Africa.

Reservoir Performance pretax operating margin of 20% ~~expanded~~increased 35105 ~~bps~~basis points sequentially, ~~primarily~~ reflecting improved profitability in evaluation and intervention services due to the higher uptake of premium technologies.

Well Construction

Well Construction revenue of $32.39 billion ~~declined~~decreased 1% sequentially ~~due~~as tohigher ~~reduced~~offshore drilling activity in ~~Mexico~~North America and ~~Saudi~~Europe ~~Arabia,~~& ~~partially~~Africa ~~mitigated~~was bymore ~~higher~~than ~~activity~~offset ~~across~~by ~~the~~declines ~~rest~~in ofcertain ~~the~~land ~~Middle East & Asia~~markets.

Well Construction pretax operating margin of 2119% ~~declined~~was 70essentially ~~bps~~flat sequentially ~~due to the reduced activity~~.

1916

Production Systems

Production Systems revenue of $34.21 billion increased 317% sequentially, ~~with~~reflecting ~~growth~~a ~~led~~full byquarter ~~higher~~of ~~international~~activity ~~sales~~from ofthe acquired ChampionX production chemicals and artificial lift, ~~midstream~~businesses. ~~production~~Excluding ~~systems~~the ~~and~~impact ~~completions~~of the acquisition, ~~partially~~Production ~~offset~~Systems revenue increased 11% sequentially driven by ~~reduced~~strong sales of ~~subsea~~completions, artificial lift, and production ~~systems~~chemicals.

Production Systems pretax operating margin of 16% ~~decreased~~increased 9320 ~~bps~~basis points sequentially ~~primarily~~mainly ~~due~~driven toby ~~lower~~stronger profitability in ~~subsea~~completions and production ~~systems~~chemicals.

All Other

Revenue of $445 million increased $48 million sequentially largely due to higher APS revenue in Ecuador as a result of the resumption of production following the pipeline disruption during the third quarter.

Pretax operating income declined $11 million sequentially as improved profitability from the higher revenue in APS in Ecuador was more than offset by a significant loss on one particular project in SLB Capturi.

Full-Year 2025 Results


		(Stated in millions)

	2025		2024
		Pretax		Pretax
	Revenue	Income	Revenue	Income
Digital	$2,660	$745	$2,439	$612
Reservoir Performance	6,820	1,250	7,177	1,452
Well Construction	11,856	2,248	13,357	2,826
Production Systems	13,325	2,184	11,935	1,900
All Other	1,987	498	2,117	775
Eliminations & other	(940)	(351)	(736)	(244)
Corporate & other (1)		(759)		(744)
Interest income (2)		134		134
Interest expense (3)		(551)		(498)
Charges & credits (4)		(1,107)		(541)
	$35,708	$4,291	$36,289	$5,672

(1)

(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.

Full-year 2025 revenue of $35.7 billion decreased 2%, or $580 million year on year. Excluding the $1.5 billion of revenue from the acquired ChampionX businesses, revenue declined 6% year on year as growth in the Digital and Data Center Solutions businesses were more than offset by activity reductions in Saudi Arabia, Mexico and offshore Sub-Saharan Africa.

International revenue declined 5% year on year due to the lower activity in Saudi Arabia, Mexico and Sub-Saharan Africa. North America revenue grew 12% year on year primarily driven by the acquisition of ChampionX. Excluding the impact of this transaction, North America revenue declined 2% despite a 5% drop in upstream spending supported by growth in Data Center Solutions, which grew 121% year on year.

Digital

Digital revenue of $2.7 billion grew 9% year on year due to strong growth from both Digital Operations and Platforms & Applications. The acquisition of ChampionX also accounted for $48 million of the increase.

Digital pretax operating margin of 28% expanded 291 bps year on year primarily driven by the higher revenue and efficiency gains.

Reservoir Performance

Reservoir Performance revenue of $6.8 billion decreased 5% year on year primarily due to a slowdown in evaluation and stimulation activity in the international markets.

Reservoir Performance pretax operating margin of 18% contracted 191 bps year on year due to the lower evaluation and stimulation activity.

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.

Production Systems

Production Systems revenue of $13.3 billion increased 12% year on year reflecting five months of activity from the acquired ChampionX production chemicals and artificial lift businesses, which contributed $1.45 billion of revenue. Excluding the impact of this acquisition, Production Systems revenue was essentially flat year on year.

Production Systems pretax operating margin of 16% was essentially flat year on year.

All Other

Revenue of $2.0 billion decreased 6% year on year largely due to the absence of approximately $290 million of revenue following the divestiture of SLB’s interest in the Palliser APS project in Canada at the end of the second quarter of 2025 and the loss of approximately $100 million of APS revenue due to production interruption arising from a pipeline disruption in Ecuador during the third quarter of 2025. These decreases were partially offset by a $251 million, or 121%, increase in Data Center Solutions revenue.

Pretax operating income decreased $277 million year on year primarily due to the effects of the divestiture of the Palliser asset, the pipeline disruption in Ecuador and a significant loss on one particular project in SLB Capturi.

Full-Year 2024 Results

			(Stated in millions)	~~(Stated in millions)~~
	2024			2023			~~2023~~
			Pretax	~~Pretax~~		Pretax				~~Pretax~~
	Revenue		Income	~~Income~~Revenue		Income	~~Revenue~~			~~Income~~
Digital & Integration	$	4,247		$	1,408		$	3,871		$	1,257
Digital	$2,439		$612	$2,034		$366
Reservoir Performance	7,177	~~7,177~~	1,452	6,561	~~1,452~~	1,263		~~6,561~~			~~1,263~~
Well Construction	13,357	~~13,357~~	2,826	13,478	~~2,826~~	2,932		~~13,478~~			~~2,932~~
Production Systems	11,935	~~12,143~~	1,900	9,831	~~1,898~~	1,245		~~9,831~~			~~1,245~~
Eliminations & other		(635	)		(263	)		(606	)		(174	)
All Other	2,117		775	1,844		892
Pretax segment operating income					7,321						6,523
Eliminations & other	(736)		(244)	(613)		(175)
Corporate & other (1)			(744)		~~(744~~	(729)					~~(729~~	)
Interest income (2)			134		~~134~~	87					87
Interest expense (3)			(498)		~~(498~~	(489)					~~(489~~	)
Charges & credits (4)			(541)		~~(541~~	(110)					~~(110~~	)
	$	36,289		$	5,672		$	33,135		$	5,282
	$36,289		$5,672	$33,135		$5,282

(1)

(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-~~2024 was a strong year ~~2024~~for SLB as it successfully navigated evolving market conditions as full year revenue of $36.3 billion increased 10% year on year. Approximately 46% of ~~the~~this ~~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~~Full-year ~~revenue~~results ~~grew~~were highlighted by 12% ~~year~~international onrevenue ~~year~~growth. ~~Excluding~~This ~~the~~performance ~~contribution~~was ofled by the ~~acquired~~Middle ~~Aker~~East ~~subsea~~& ~~business,~~Asia ~~international~~and ~~revenue~~Europe ~~increased~~& 7%Africa, ~~primarily~~which ~~driven~~grew by18% ~~higher~~and ~~activity~~13%, inrespectively. ~~the~~The Middle East & Asia. ~~North~~achieved ~~America~~record ~~revenue~~revenues, ~~decreased~~while 1%growth ~~due~~in toEurope ~~lower~~& ~~drilling~~Africa inwas USbolstered ~~land~~by the acquisition of the Aker subsea business. Excluding this acquired business, international revenue increased 7% year over

~~Digital & Integration~~18

~~Digital~~year, &outperforming ~~Integration~~the ~~revenue~~rate of ~~$4.2~~upstream ~~billion~~investment ~~increased~~and ~~10%~~rig ~~year~~activity onover ~~year~~the ~~due~~same toperiod. ~~growth~~North inAmerica ~~digital~~ revenue asdecreased ~~APS~~1% ~~revenue~~due ~~was~~to ~~essentially~~lower ~~flat~~drilling in US land.

~~Digital~~SLB’s &Core ~~Integration~~divisions ~~pretax~~— ~~operating~~Reservoir ~~margin~~Performance, ofWell 33Construction and Production Systems — delivered 9% ~~increased~~revenue 67growth ~~bps~~compared ~~year~~to onthe prior year, ~~primarily~~led by 21% growth in Production Systems, largely due to the ~~growth~~subsea acquisition. Production Systems grew 9% organically due to double-digit increases in ~~digital~~surface ~~revenue~~systems, ~~partially~~completions ~~offset~~and byartificial ~~effects~~lift. ofReservoir ~~higher~~Performance ~~APS~~also ~~amortization~~delivered ~~expense~~9% growth, underpinned by strong stimulation and ~~lower~~intervention ~~gas~~activity ~~prices~~in the production space.

Digital revenue, which reached $2.44 billion for the year, increased 20% year on year. 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.

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.

Reservoir Performance

Reservoir Performance revenue of $7.2 billion increased 9% year on year due to increased stimulation and intervention activity, with approximately 75% of the revenue growth coming from the Middle East & Asia.

Reservoir Performance pretax operating margin of 20% expanded 99 bps year on year due to improved profitability in the international markets driven by higher activity and improved pricing from increased technology intensity.

Well Construction

Well Construction revenue of $13.4 billion decreased 1% year on year. 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.

Production Systems

Production Systems revenue of $1211.19 billion increased 2421% 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.

Production Systems pretax operating margin of 16% expanded ~~297~~325 bps year on year driven by a favorable activity mix, execution efficiency, and conversion of improved-price backlog.

~~Interest~~All & Other ~~Income, Net~~

~~Interest~~Revenue &of ~~other~~$2.1 ~~income,~~billion ~~net~~increased ~~consisted~~15% year on year with approximately 75% of the ~~following:~~increase attributable to the Data Center Solutions business. APS revenue was essentially flat. The remaining increase was driven by the SLB Capturi joint venture which was formed in the second quarter of 2024.

			(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

Pretax operating income decreased $117 million year on year primarily due to the effects of high APS amortization expense and lower gas prices.

Interest ~~income~~& ~~increased~~Other ~~$74 million primarily due to higher average cash and short-term investment balances.~~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

* See Note 3 to the Consolidated Financial Statements.

Interest income decreased $39 million in 2025 as compared to 2024 primarily due to lower average cash and short-term investment balances and increased $74 million in 2024 as compared to 2023 primarily due to higher average cash and short-term investment balances.

Other

Research & engineering and General & administrative expenses, as a percentage of Revenue, were as follows:

	2024			2023
	2025			2024			2023
Research & engineering		2.10	%		2.1	%		2.1	%
General & administrative		1.10	%		1.1	%		1.1	%

Charges and Credits

SLB recorded charges and credits during 2025, 2024 and 2023. These charges and credits, which are summarized below, are more fully described in Note 3 to the Consolidated Financial Statements.

The 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:

	(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


	(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

	(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)			~~(Stated in millions)~~
	Dec. 31,			Dec. 31,			Dec. 31,
Components of Liquidity:	~~2024~~2025			~~2023~~2024			2023
Cash	$	3,~~544~~036		$	23,~~900~~544		$	2,900
Short-term investments		1,~~125~~176			1,~~089~~125			1,089
Short-term borrowings and current portion of long-term debt		(1,~~051~~894	)		(1,~~123~~051	)		(1,123	)
Long-term debt		(119,~~023~~742	)		(1011,~~842~~023	)		(10,842	)
Net debt (1)	$	(7,~~405~~424	)	$	(7,~~976~~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	)


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. Management believes that Net debt provides useful information to investors and management regarding the level of SLB’s indebtedness by reflecting cash and investments that could be used to repay debt. Net debt is a non-GAAP financial measure that should be considered in addition to, not as a substitute for or superior to, total debt.

(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. Management believes that free cash flow is an important liquidity measure for the company and that it is useful to investors and management as a measure of our ability to generate cash. Once business needs and obligations are met, this cash can be used to reinvest in the company for future growth or to return to shareholders through dividend payments or share repurchases. Free cash flow does not represent the residual cash flow available for discretionary expenditures. Free cash flow is a non-GAAP financial measure that should be considered in addition to, not as a substitute for or superior to, cash flow from operations.

Key liquidity events during 2025, 2024 and 2023 included:

•

In January ~~2024~~2026, SLB announced a 103.5% increase to its quarterly cash dividend from $0.25285 per share of outstanding common stock to $0.~~275~~295 per share, beginning with the dividend ~~paid~~payable in April ~~2024~~2026. In January ~~2023~~2025, SLB announced a 433.6% increase to its quarterly cash dividend from $0.~~175~~275 per share of outstanding common stock to $0.285 per share, beginning with the dividend payable in April 2025. 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 ~~2023~~2024. Dividends paid during 2025, 2024 and 2023 were $1.6 billion, $1.5 billion and $1.3 billion, respectively.

•

InCapital ~~January~~investments ~~2025,~~(consisting ~~SLB~~of ~~announced~~capital aexpenditures, ~~3.6%~~APS ~~increase~~investments, toand ~~its~~exploration ~~quarterly~~data ~~dividend~~capitalized) ~~from~~were $02.~~275~~4 ~~per~~billion ~~share~~in of2025, ~~outstanding~~and ~~common~~$2.6 ~~stock~~billion toin $0both 2024 and 2023.~~285~~ ~~per~~Capital ~~share,~~investments ~~beginning~~during ~~with~~2026 ~~the~~are ~~dividend~~expected ~~payable~~to inbe ~~April~~approximately ~~2025~~$2.5 billion.

•

AsDuring ofthe ~~December~~fourth ~~31,~~quarter ~~2024~~of 2025, SLB ~~cumulatively~~repaid ~~repurchased~~its $30.5 billion of4.00% ~~its~~Senior ~~common~~Notes ~~stock~~due ~~under its $10 billion share repurchase program~~2025.

•

During the third quarter of 2025, SLB repaid its $0.5 billion 1.40% Senior Notes due 2025.

•

During the third quarter of 2025, SLB fully repaid all the $0.6 billion of debt assumed in connection with the acquisition of ChampionX.

•

During the third quarter of 2025 and concurrent with the close of the ChampionX acquisition, the ChampionX Drilling Technologies business was disposed of and SLB received $286 million of proceeds.

•

As of December 31, 2025, SLB cumulatively repurchased $5.9 billion of its common stock under its $10 billion share repurchase program.

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

•

~~SLB~~During ~~has~~the ~~entered~~second ~~into~~quarter ~~accelerated share repurchase (“ASR”) transactions to repurchase $2.3 billion~~ of ~~its common stock. Under the terms of the ASR agreements, on January 13,~~ 2025, SLB ~~received~~completed ~~an initial share delivery of approximately 80% of~~ the ~~shares~~sale ~~to be repurchased, based on the closing price per share~~ of its ~~common~~interest ~~stock~~in on the ~~preceding~~Palliser ~~day.~~APS ~~SLB~~project ~~expects~~in ~~the~~Canada ~~remainder~~in ofexchange ~~the~~for ~~shares~~net tocash beproceeds ~~delivered no later than the end~~ of ~~May~~$338 ~~2025~~million. ~~Under certain circumstances,~~ SLB ~~may~~recorded berevenue ~~required to deliver shares or pay cash, at its option, upon settlement~~ of ~~the~~approximately ~~ASR agreements~~$0.2 ~~The~~billion ~~total~~relating ~~number~~to ofthis ~~shares~~project ~~ultimately~~during ~~purchased under~~ the ~~ASR~~six ~~agreements~~months ~~will~~ended ~~depend~~June ~~upon~~30, ~~the~~2025 ~~final settlement~~ and ~~will~~approximately be$0.5 ~~based~~billion ~~on volume-weighted average prices of SLB’s common stock~~ during ~~the terms of the ASR transactions, less a discount~~2024.

•

Capital investments (consisting of capital expenditures, APS investments, and exploration data capitalized) were $2.6 billion in both 2024 and 2023. 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. The new company, SLB Capturi, combines technology portfolios, expertise, and operation platforms to support accelerated carbon capture adoption for industrial decarbonization at scale. At closing, SLB paid NOK 4.1 billion ($0.4 billion) in cash to ACC for the purchase of 80% of the shares in Aker Carbon Capture Holdings AS (“ACCH”), which held the business of ACC. ~~ACC is also entitled to performance-based payments of up to NOK 1.4 billion if certain targets are met over the period from 2025 to 2027.~~

After a lock-up period of three years, ACC is entitled to sell its 20% interest in ACCH to SLB during a period of six months for a price based on the fair market value of the combined business subject to a floor of NOK 1.0 billion and a ceiling of NOK 2.1 billion (the “put option”). Additionally, after the expiration of the put option, SLB has the right to purchase ACC’s 20% interest in the combined business during the following six months for a price based on the fair market value of the combined business subject to a floor of NOK 1.5 billion and a ceiling of NOK 2.6 billion.

•

During the first quarter of 2023, SLB sold all of its remaining approximately 9 million shares of Liberty and received net proceeds of $137 million. 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.

As of December 31, 2025, SLB had $4.2 billion of cash and short-term investments and committed credit facility agreements with commercial banks aggregating $5.0 billion, all of which was available. 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.

AsThe offollowing ~~December~~table ~~31,~~reflects ~~2024,~~the ~~SLB~~carrying ~~had~~amounts ~~$4.67 billion~~ of ~~cash~~SLB’s ~~and~~debt ~~short-term~~at ~~investments~~December ~~and committed credit facility agreements with commercial banks aggregating $5.0 billion~~31, ~~all~~2025 ~~of which was available. SLB believes these amounts, along with cash generated~~ by ~~ongoing~~year ~~operations,~~of ~~will~~maturity: ~~be sufficient to meet future business requirements for the next 12 months and beyond.~~

On October 17, 2024, SLB entered into a definitive agreement to sell its interest in the Palliser APS project in Canada. Under the terms of the agreement, SLB will receive cash proceeds of approximately $430 million, subject to closing adjustments that are typical for such a transaction. The transaction, which is subject to regulatory approval and other customary closing conditions, is expected to close in the first quarter of 2025. SLB recorded revenue of approximately $0.5 billion relating to this project during 2024.


																	(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

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
2026		387
2027		341
2028		262
2029		~~192~~204
Thereafter		584
2030		153
	$	2,187
Thereafter		430
	$	1,777

See Note 14, Leases of the Consolidated Financial Statements for details regarding SLB’s lease obligations.

SLB has outstanding letters of credit/guarantees that relate to business performance bonds, customs/excise tax commitments, facility lease/rental obligations, etc. These were entered into in the ordinary course of business and are customary practices in the various countries where SLB operates.

Critical Accounting Estimates

The preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the United States requires SLB to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities and the reported amounts of revenue and expenses. 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.

estimates” because they are particularly dependent on estimates and assumptions made by SLB about matters that are inherently uncertain.

SLB bases its estimates on historical experience and on various assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

Allowance for Doubtful Accounts

SLB maintains an allowance for doubtful accounts in order to record accounts receivable at their net realizable value. Judgment is involved in recording and making adjustments to this reserve. Allowances have been recorded for receivables believed to be uncollectible, including amounts for the resolution of potential credit and other collection issues such as disputed invoices. 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.

As a large multinational company with a long history of operating in a cyclical industry, SLB has extensive experience in working with its customers during difficult times to manage its accounts receivable. During weak economic environments or when there is an extended period of weakness in oil and gas prices, SLB typically experiences delays in the payment of its receivables. 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. 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.24

Asmay ofbe ~~December~~required ~~31,~~in ~~2024,~~future ~~the~~periods ~~United~~depending ~~States~~on ~~represented~~how ~~11%~~such ofpotential ~~SLB’s~~issues ~~net~~are ~~accounts receivable balance. As of December 31~~resolved, ~~2024,~~or ~~Mexico~~if ~~represented 9.7% of SLB's net accounts receivable balance. (See Note 10 to~~ the ~~Consolidated~~financial ~~Financial~~condition ~~Statements).~~of SLB’s ~~receivables~~customers ~~from~~were ~~its~~to ~~primary~~deteriorate ~~customer~~resulting in ~~Mexico~~an ~~are~~impairment ~~not~~of intheir ~~dispute~~ability ~~and SLB has not historically had any material write-offs due~~ to ~~uncollectible~~make ~~accounts receivable relating to this customer~~payments.

As a large multinational company with a long history of operating in a cyclical industry, SLB has extensive experience in working with its customers during difficult times to manage its accounts receivable. During weak economic environments or when there is an extended period of weakness in oil and gas prices, SLB typically experiences delays in the payment of its receivables. 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. 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. 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.

Goodwill, Intangible Assets and Long-Lived Assets

SLB records the excess of purchase price over the fair value of the tangible and identifiable intangible assets acquired and liabilities assumed as goodwill. The goodwill relating to each of SLB’s reporting units is tested for impairment annually as well as when an event, or change in circumstances, indicates an impairment may have occurred.

Under generally accepted accounting principles, SLB has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of one or more of its reporting units is greater than its carrying amount. If, after assessing the totality of events or circumstances, SLB determines it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, there is no need to perform any further testing. However, if SLB concludes otherwise, then it is required to perform a quantitative impairment test by calculating the fair value of the reporting unit and comparing the fair value with the carrying amount of the reporting unit. If the fair value of the reporting unit is less than its carrying value, an impairment loss is recorded based on that difference.

SLB has the option to bypass the qualitative assessment for any reporting unit in any period and proceed directly to ~~performing~~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 ~~2024~~2025. 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. Based on the results of this test, SLB recorded a $210 million goodwill impairment charge during 2025 relating to this reporting unit.

The income approach estimates the fair value by discounting the reporting unit’s estimated future cash flows using SLB’s estimate of the discount rate, or expected return, that a marketplace participant would have required as of the valuation date. The more significant assumptions inherent in the income approach include the estimated future net annual cash flows for the reporting unit and the discount rate. SLB selected the assumptions used in the discounted cash flow projections using current and anticipated market conditions and estimated growth rates. SLB’s estimates are based upon assumptions believed to be reasonable.

The discount rate utilized to value the reporting unit was 14.75%. Assuming all other assumptions and inputs used in the discounted cash flow analysis were held constant, a 50-basis point increase in the discount rate assumption would have increased the goodwill impairment charge by approximately $32 million. Conversely, assuming all other assumptions and inputs used in the respective discounted cash flow analysis were held constant, a 50-basis point decrease in the discount rate assumption would have decreased the goodwill impairment charge by approximately $36 million.

Long-lived assets, including fixed assets, intangible assets, and investments in APS projects, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. In reviewing for impairment, the carrying value of such assets is compared to the estimated undiscounted future cash flows expected from the use of the assets and their eventual disposition. If such cash flows are not sufficient to support the asset’s recorded value, an impairment charge is recognized to reduce the carrying value of the long-lived asset to its estimated fair value. The determination of future cash flows as well as the estimated fair value of long-lived assets involves significant estimates on the part of management. If there is a material change in economic conditions or other circumstances influencing the estimate of future cash flows or fair value, SLB could be required to recognize impairment charges in the future.

Income Taxes

SLB conducts business in more than 100 tax jurisdictions, a number of which have tax laws that are not fully defined and are evolving. SLB’s tax filings are subject to regular audits by the tax authorities. These audits may result in assessments for additional taxes that are resolved with the authorities or, potentially, through the courts. SLB recognizes the impact of a tax position in its financial statements if that position is more likely than not of being sustained on audit, based on the technical merits of the position. Tax liabilities are recorded based on estimates of additional taxes that will be due upon the conclusion of these audits. 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. In such an event, SLB will record additional tax expense or tax benefit in the period in which such resolution occurs.

and complex application of tax regulations, the ultimate resolution of audits may result in liabilities that could be materially different from these estimates. 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. 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 911% of SLB’s revenue in ~~2024~~2025, 69% in ~~2023~~2024, and 56% in ~~2022~~2023, was recognized under this method.

The estimate of total project costs has a significant impact on both the amount of revenue recognized as well as the related profit on a project. Revenue and profits on contracts can also be significantly affected by change orders and claims. Profits are recognized based on the estimated project profit multiplied by the percentage complete. Due to the nature of these projects, adjustments to estimates of contract revenue and total contract costs are often required as work progresses. Any expected losses on a project are recorded in full in the period in which they become probable.

Pension and Postretirement Benefits

SLB’s pension and postretirement benefit obligations are described in detail in Note 17 to the Consolidated Financial Statements. The obligations and related costs are calculated using actuarial concepts, which include critical assumptions related to the discount rate and the expected rate of return on plan assets. These assumptions are important elements of expense and/or liability measurement and are updated on an annual basis, or upon the occurrence of significant events.

The discount rate that SLB uses reflects the prevailing market rate of a portfolio of high-quality debt instruments with maturities matching the expected timing of payment of the related benefit obligations. 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 5.7055% at December 31, ~~2024~~2025 and 5.2570% at December 31, ~~2023~~2024.

•

The weighted-average discount rate utilized to determine the liability for SLB’s international pension plans was 5.6756% at December 31, ~~2024~~2025 and 5.1467% at December 31, ~~2023~~2024.

•

The discount rate utilized to determine expense for SLB’s United States pension plans and postretirement medical plan was 5.2570% in ~~2024~~2025 and 5.5025% in ~~2023~~2024.

•

The weighted-average discount rate utilized to determine expense for SLB’s international pension plans was 5.1467% in ~~2024~~2025 and 5.4114% in ~~2023~~2024.

The expected rate of return for SLB’s retirement benefit plans represents the long-term average rate of return expected to be earned on plan assets based on expectations regarding future rates of return for the portfolio considering the asset allocation and related historical rate of return. The average expected rate of return on plan assets for the United States pension plans was 6.0030% in ~~both~~2025 ~~2024~~ and ~~2023~~6.00% in 2024. The weighted average expected rate of return on plan assets for the international pension plans was 56.9157% in ~~2024~~2025 and 65.0091% in ~~2023~~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
	Effect on 2025	Dec. 31, 2025
Change in Assumption	Pretax Expense	Obligation
25 basis point decrease in discount rate	-+$18	+$~~324~~333
25 basis point increase in discount rate	+-$39	-$~~308~~317
25 basis point decrease in expected return on plan assets	+$3128	-
25 basis point increase in expected return on plan assets	-$3128	-

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

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

Item 7A. Quantitative and Qualitative 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~~2025 was denominated in US dollars. However, outside the United States, a significant portion of SLB’s expenses is incurred in foreign currencies. Therefore, when the US dollar weakens in relation to the foreign currencies of the countries in which SLB conducts business, the US dollar-reported expenses will increase.

SLB is exposed to risks on future cash flows relating to its fixed rate debt denominated in currencies other than the functional currency. SLB uses cross-currency interest rate swaps to provide a hedge against these cash flow risks and effectively convert the debt to US-dollar denominated fixed rate debt.

SLB maintains a foreign currency risk management strategy that uses derivative instruments to manage the impact of changes in foreign exchange rates on its earnings. SLB enters into foreign currency forward contracts to provide a hedge against currency fluctuations on certain monetary assets and liabilities, and certain expenses denominated in currencies other than the functional currency.

A 10% appreciation in the US dollar from the December 31, ~~2024~~2025 market rates would decrease the unrealized value of SLB’s forward contracts by $~~121~~154 million. Conversely, a 10% depreciation in the US dollar from the December 31, ~~2024~~2025 market rates would increase the unrealized value of SLB’s forward contracts by $~~133~~166 million. In either scenario, the gain or loss on the forward contract would be offset by the gain or loss on the underlying transaction, and therefore, would have no impact on future earnings.

At December 31, ~~2024~~2025, forward contracts for the US dollar equivalent of $10.08 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.

Forward-Looking Statements

This Form 10-K, as well as other statements we make, ~~contains~~contain “forward-looking statements” within the meaning of the federal securities laws, which include any statements that are not historical facts. Such statements often contain words such as “expect,” “may,” “can,” “believe,” “predict,” “plan,” “potential,” “projected,” “projections,” “precursor,” “forecast,” “outlook,” “expectations,” “estimate,” “intend,” “anticipate,” “ambition,” “goal,” “target,” “scheduled,” “think,” “should,” “could,” “would,” “will,” “see,” “likely,” and other similar words. Forward-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 ~~the~~ ongoing ~~conflict~~or inescalating ~~Ukraine~~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; 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.

~~This~~If ~~Form~~one ~~10-K~~or ~~also~~more ~~includes~~of ~~forward-looking~~these ~~statements~~or ~~relating~~other torisks ~~the~~or ~~proposed~~uncertainties ~~transaction~~materialize ~~between~~(or ~~SLB and ChampionX, including statements regarding~~ the ~~benefits~~consequences of ~~the~~any ~~transaction~~such ~~and~~development ~~the~~changes), ~~anticipated~~or ~~timing~~should ofour ~~the~~underlying ~~transaction.~~assumptions ~~Factors~~prove ~~and~~incorrect, ~~risks~~actual ~~that may impact future~~ results ~~and~~or ~~performance~~outcomes ~~include,~~may ~~but~~vary ~~are~~materially ~~not~~from ~~limited~~those ~~to,~~reflected ~~and~~ in ~~each~~our ~~case~~forward-looking asstatements. aForward-looking ~~possible~~and ~~result~~other ofstatements ~~the~~in ~~proposed~~this ~~transaction~~Form on10-K ~~each~~regarding ofour ~~SLB~~environmental, social, and ~~ChampionX:~~other ~~the~~sustainability ~~ultimate~~plans ~~outcome~~and ofgoals ~~the~~are ~~proposed~~not ~~transaction~~an ~~between~~indication ~~SLB~~that ~~and~~these ~~ChampionX;~~statements ~~the~~are ~~ability~~necessarily material to ~~operate~~investors ~~the~~or ~~SLB~~required ~~and~~to ~~ChampionX~~be ~~respective~~disclosed ~~businesses, including business disruptions; difficulties~~ in ~~retaining~~our ~~and~~filings ~~hiring~~with ~~key personnel and employees;~~ the ~~ability~~SEC. toIn ~~maintain~~addition, ~~favorable~~historical, ~~business~~current, ~~relationships~~and ~~with~~forward-looking ~~customers~~environmental, ~~suppliers~~social, and ~~other~~sustainability-related ~~business~~statements ~~partners;~~may ~~the~~be ~~terms~~based ~~and~~on ~~timing~~standards offor ~~the~~measuring ~~proposed~~progress ~~transaction;~~that ~~the~~are ~~occurrence~~still ~~of any event~~developing, ~~change~~internal orcontrols ~~other~~and ~~circumstance~~processes that ~~could~~continue ~~give rise~~ to ~~the~~evolve, ~~termination~~and ofassumptions ~~the~~that ~~proposed~~are ~~transaction;~~subject ~~the anticipated or actual tax treatment of the proposed transaction; the ability~~ to ~~satisfy~~change ~~closing~~in ~~conditions to~~ the ~~completion~~future. ofStatements ~~the~~in ~~proposed~~this ~~transaction;~~Form ~~other~~10-K ~~risks~~are ~~related~~made toas ~~the completion~~ of ~~the~~January ~~proposed~~23, ~~transaction~~2026, and ~~actions related thereto; the ability of~~ SLB ~~and~~disclaims ~~ChampionX~~any tointention ~~integrate~~or ~~the~~obligation ~~business successfully and~~ to ~~achieve~~update ~~anticipated~~publicly ~~synergies~~or ~~and~~revise ~~value~~such ~~creation from the proposed transaction; the ability to secure government regulatory approvals on the terms expected~~statements, atwhether ~~all~~as ~~or in~~ a ~~timely~~result ~~manner;~~of ~~litigation~~new ~~and~~information, ~~regulatory~~future ~~proceedings~~events, ~~including any proceedings that may be instituted against SLB~~ or ~~ChampionX related to the proposed transaction,~~ otherwise.

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.

If one or more of these or other risks or uncertainties materialize (or the consequences of any such development changes), or should our underlying assumptions prove incorrect, actual results or outcomes may vary materially from those reflected in our forward-looking statements. Forward-looking and other statements in this Form 10-K regarding our environmental, social, and other sustainability plans and goals are not an indication that these statements are necessarily material to investors or required to be disclosed in our filings with the SEC. In addition, historical, current, and forward-looking environmental, social, and sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. 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.

Item 8. Financial Statements and Supplementary Data.

~~SCHLUMBERGER~~SLB LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF INCOME

	(Stated in millions, except per share amounts)
Year Ended December 31,	~~2024~~2025		~~2023~~2024		~~2022~~2023
Revenue
Services	$	2321,~~297~~200	$	2223,~~439~~297	$	1922,~~552~~439
Product sales		1214,~~992~~508		1012,~~696~~992		810,~~539~~696
Total Revenue		3635,~~289~~708		3336,~~135~~289		2833,~~091~~135
Interest & other income, net		380		342		610
Interest & other income		481		380		342
Expenses
Cost of services		1716,~~847~~764		17,~~231~~847		1517,~~233~~231
Cost of sales		1012,~~982~~437		910,~~341~~982		79,~~697~~341
Research & engineering		~~749~~709		~~711~~749		~~634~~711
General & administrative		~~385~~340		~~364~~385		~~376~~364
Restructuring & other		~~399~~457		-237		-
Merger & integration		123		45		-
Impairments		331		162		-
Interest		512		503		490
Merger & integration		302		123		45
Income before taxes		5,672		5,282		4,271
Interest		558		512		503
Tax expense		1,093		1,007		779
Income before taxes		4,291		5,672		5,282
Net income		4,579		4,275		3,492
Tax expense		840		1,093		1,007
Net income attributable to noncontrolling interests		118		72		51
Net income		3,451		4,579		4,275
Net income attributable to SLB	$	4,461	$	4,203	$	3,441
Net income attributable to noncontrolling interests		77		118		72
Basic earnings per share of SLB	$	3.14	$	2.95	$	2.43
Net income attributable to SLB	$	3,374	$	4,461	$	4,203
Diluted earnings per share of SLB	$	3.11	$	2.91	$	2.39
Basic earnings per share of SLB	$	2.38	$	3.14	$	2.95
Diluted earnings per share of SLB	$	2.35	$	3.11	$	2.91
Average shares outstanding:
Basic		1,421		1,~~425~~421		1,~~416~~425
Assuming dilution		1,~~436~~437		1,~~443~~436		1,~~437~~443

See the Notes to Consolidated Financial Statements

~~SCHLUMBERGER~~SLB LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(Stated in millions)
Year Ended December 31,	~~2024~~2025			~~2023~~2024			~~2022~~2023
Net income	$	43,~~579~~451		$	4,~~275~~579		$	34,~~492~~275
Currency translation adjustments:
Net change arising during the period		~~(138~~299	)		(~~113~~138	)		(26113	)
Cash flow hedges:
Net gain (loss) on cash flow hedges		8			177			(148	)
Net (loss) gain on cash flow hedges		(15	)		8			177
Reclassification to net income of net realized (gain) loss		(4	)		(19	)		117
Reclassification to net income of net realized loss		(74	)		(4	)		(19	)
Pension and other postretirement benefit plans:
Actuarial loss arising during the period		(~~582~~28	)		(~~437~~582	)		(~~305~~437	)
Amortization to net income of net actuarial losses		(334	)		(123	)		75(12	)
Amortization to net income of net prior service credit		(2313	)		(23	)		(23	)
Income taxes on pension and other postretirement benefit plans

Filing Compare · SLB LIMITED/NV