Schlumberger

Annual 
Report
on Form 10-K
For the Fiscal Year Ended December 31, 2024

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-K
(Mark One)
Í
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2024
OR
‘
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 N.V.
(Schlumberger 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-Dominique
Paris, France
75007
5599 San Felipe, 17th Floor
Houston, Texas, United States of America
77056
62 Buckingham Gate
London, United Kingdom
SW1E 6AJ
Parkstraat 83
The 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 Í 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 Í
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 Í 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 Í 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
È 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. È
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 Í
As of June 30, 2024, the aggregate market value of the common stock of the registrant held by non-affiliates of the registrant was approximately
$66.86 billion.
As of December 31, 2024, the number of shares of common stock outstanding was 1,400,850,420.
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 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 (the “2025 Proxy Statement”).

SCHLUMBERGER LIMITED
Table of Contents
Form 10-K
Page
PART I
Item 1.
Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
Item 1A.
Risk Factors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Item 1B.
Unresolved Staff Comments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Item 1C.
Cybersecurity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Item 2.
Properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
Item 3.
Legal Proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
Item 4.
Mine Safety Disclosures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
PART II
Item 5.
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer
Purchases of Equity Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
Item 6.
[Reserved] . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of
Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
Item 7A.
Quantitative and Qualitative Disclosures About Market Risk . . . . . . . . . . . . . . . . . . . . . . . 37
Item 8.
Financial Statements and Supplementary Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39
Item 9.
Changes in and Disagreements with Accountants on Accounting and Financial
Disclosure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81
Item 9A.
Controls and Procedures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81
Item 9B.
Other Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81
Item 9C.
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections . . . . . . . . . . . . . . . . 81
PART III
Item 10.
Directors, Executive Officers and Corporate Governance . . . . . . . . . . . . . . . . . . . . . . . . . 82
Item 11.
Executive Compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83
Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related
Stockholder Matters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83
Item 13.
Certain Relationships and Related Transactions, and Director Independence . . . . . . . . . 83
Item 14.
Principal Accounting Fees and Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83
PART IV
Item 15.
Exhibits and Financial Statement Schedules . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84
Item 16.
Form 10-K Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88
Signatures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89
Certifications
2

PART I
Item 1. Business.
All references in this report to “Registrant,” “Company,” “SLB,” “we” or “our” are to Schlumberger
Limited (Schlumberger N.V.) and its consolidated subsidiaries.
We are SLB, a global technology company driving energy innovation for a balanced planet. 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 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 unveiled a new logo that underscores our
vision for a decarbonized energy future. This bold change highlighted our leadership as a global
technology company focused on driving energy innovation within traditional energy sources and
beyond. The SLB brand builds on nearly a century of technology innovation and industrialization. Our
identity symbolizes SLB’s commitment to moving farther and faster in facilitating the world’s energy
needs today and forging the road ahead for a sustainable future.
SLB is organized under four Divisions that combine and integrate SLB’s technologies, enhancing our
ability to support the emerging long-term growth opportunities in each of these market segments. The
four Divisions are:
•
Digital & Integration
•
Reservoir Performance
•
Well Construction
•
Production Systems
Digital & Integration – Combines SLB’s industry-leading digital solutions and data products with its
integrated offering of Asset Performance Solutions (“APS”). This Division enables greater performance
for our customers by reducing cycle times and risk, accelerating returns, increasing productivity, and
lowering costs and carbon emissions.
The primary offerings comprising this Division are:
•
Digital Solutions: Includes products, services, and solutions that span the energy value chain
from subsurface characterization through field development and hydrocarbon production to
carbon management and the integration of adjacent energy systems. Offerings are founded
upon proprietary and open-source data platform technologies, industry-leading simulators, and
workflow tools, and include domain-specific application of innovative digital capabilities, such
as artificial intelligence (“AI”) and machine learning. Solutions are deployable on traditional
on-premise IT infrastructures, the cloud, and the edge, allowing for full market coverage
irrespective of customer constraints. Digital Solutions also provides comprehensive reservoir
interpretation and data processing services, enabled by a scientifically advanced platform and
innovative subsurface imaging techniques for exploration data, and includes one of the
industry’s most extensive exploration data libraries.
•
Asset Performance Solutions: Offers an integrated business model for field production
projects. Combines SLB’s services and products with drilling rig management and specialized
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engineering and project management expertise, to provide a complete solution from well
construction to production improvement. As of December 31, 2024, SLB’s APS portfolio
primarily consisted of three field production projects in Ecuador and one in Canada.
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 from subsurface reservoirs to the surface, into pipelines, and to refineries. Production
Systems provides a comprehensive portfolio of equipment and services including subsurface
production systems, subsea and surface equipment and services, and midstream production systems.
The primary offerings comprising this Division are:
•
Subsea Production Systems: Through its OneSubsea™joint venture, provides integrated
solutions, products, systems, and services for the subsea market, including wellheads, subsea
trees, manifolds and flowline connectors, control systems, connectors and services designed
to maximize reservoir recovery and extend the life of each field.
4

•
Artificial Lift: Provides lifting solutions using electrical submersible pumps, gas lift equipment,
progressing cavity pumps, and surface horizontal pumping systems.
•
Completions: Supplies well completion services and equipment that includes packers, safety
valves, and sand control technology, as well as a range of intelligent systems that enable real-
time visibility and performance monitoring.
•
Surface Production Systems: Designs and manufactures onshore and offshore systems
including wellheads, valves, chokes, actuators, and surface trees, and provides fracturing and
flow back services to operators.
•
Midstream Production Systems: Enables efficient monetization of subsurface assets using
standard and custom-designed onshore, offshore, and downstream processing and chemical
treatment systems, as well as unique, reservoir-driven, fit-for-purpose integrated production
systems for accelerating first production and maximizing project economics.
•
Valves: Serves the upstream, midstream, and downstream markets with a broad portfolio of
valves that are primarily used to control and direct the flow of hydrocarbons as they are moved
from wellheads through flow lines, gathering lines, and transmission systems to refineries,
petrochemical plants, and industrial centers for processing.
SLB’s four Divisions operate through a geographical structure of four Basins that are aligned with
critical concentrations of activity: Americas Land, Offshore Atlantic, Middle East & North Africa, and
Asia. The Basins are configured around common regional characteristics that enable us to deploy
fit-for-purpose technologies, operating models, and skills to meet the specific customer needs in each
Basin. 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
On April 2, 2024, SLB announced a definitive agreement to purchase ChampionX Corporation
(“ChampionX”) in an all-stock transaction. ChampionX is a global leader in chemistry solutions, artificial lift
systems, and highly engineered equipment and technologies that help companies drill for and produce oil
and gas safely, efficiently, and sustainably around the world. Under the terms of the agreement,
ChampionX shareholders will receive 0.735 shares of SLB common stock in exchange for each ChampionX
share. At the closing of the transaction ChampionX shareholders will own approximately 9% of SLB’s
outstanding shares of common stock. ChampionX reported revenue of approximately $2.7 billion for the
nine months ended September 30, 2024. 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.
5

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 advancement, we will
continue innovating new products, services and technologies that make the exploration, development
and production of oil and gas assets cleaner, more cost effective, and more efficient, with lower carbon
emissions and less impact on the environment.
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 to harness the promise of a
lower-carbon future. SLB is uniquely positioned to support customers on their digital journeys by
providing an offering which spans planning and operational workflows, underpinned by a data platform
which allows customers to realize efficiency gains through AI.
SLB’s customers have access to leading digital products that help to meet their sustainability goals by
driving transparency, better measurement, more effective planning, and more impactful and reliable
outcomes. To continue elevating customer offerings, we are accelerating the adoption of our
proprietary Delfi™offering, an open, scalable, and secure cloud-based software environment.
Our cloud-based solutions allow our customers to transition from our established software applications
to our Delfi digital platform, and shift from a user-based license model to software-as-a-service (SaaS)
subscriptions. 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.
Through our LumiTM data and AI platform, we also enable data-driven decision making for our
customers across the energy industry. Data from a wide variety of sources across the subsurface and
operations value chain can be accessed, facilitating AI-driven decision making at scale. The platform
can connect diverse industry data sources, inclusive of on-premises data platforms and customer data
infrastructure.
We are also focused on using digital technology to enhance operational performance for our
customers. Our software products sold directly to customers, which are agnostic to equipment
provider, enable automation and autonomy to reduce cost and improve performance. However, we
also provide digital services to enhance the SLB equipment and service offering in our Core Divisions.
Many of these services use embedded AI to automate insights and differentiate our service delivery
offering.
6

New Energy
New Energy offers a significant opportunity to use SLB’s experience and scale to drive innovation for a
low-carbon economy spanning industries beyond oil and gas. We are building a broad, diverse portfolio
across New Energy sectors, selected for their materiality and adjacency to existing SLB strengths and
our ability to offer differentiated technology.
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.
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Sustainability
SLB’s emissions reduction strategy is at the center of our identity and vision, and our commitment to a
sustainable future is underscored by bold science-backed targets aligned with the Paris Agreement. In
2021, SLB became the first company in the energy services industry to commit to a 2050 net-zero
greenhouse gas (“GHG”) emissions target including all three emission scopes.
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 110,000 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
8

which we work, as reflected in the charts below. This fosters a culture that is global in outlook, yet local
in practice.
2024 REVENUE MIX
2024 NATIONALITY MIX
Europe &
Africa
North
America
18%
27%
36%
19%
Middle East
& Asia
Latin
America
North
America
37%
12%
17%
34%
Europe &
Africa
Middle East
& Asia
Latin
America
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 of Conduct that outlines the standards of behavior and ethics that all employees are
expected to follow, and that prohibits any form of discrimination, harassment, or retaliation;
•
a diversity, equity, and inclusion (“DEI”) strategy supported by a network of inclusion
champions that promote DEI awareness and best practices; and
•
a mobility program that enables employees to gain international exposure and experience and
develop cross-cultural competencies.
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.
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.
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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,
2023, and 2022.
Governmental Regulations
SLB is subject to numerous environmental and other governmental and regulatory requirements
related to its operations worldwide. For additional details, see “Item 1(a). Risk Factors – Legal and
Regulatory Risks,” which is incorporated by reference in this Item 1.
Corporate Information
SLB was founded in 1926. Schlumberger Limited, the NYSE-listed parent of the SLB family of
companies, is incorporated under the laws of Curaçao and has executive offices in Paris, Houston,
London, and The Hague. The Company changed its brand name to SLB in 2022 but did not change
the legal name of its listed parent company, which remains Schlumberger Limited.
Available Information
The
SLB
website
is
www.slb.com.
SLB
uses
its
Investor
Relations
website,
https://investorcenter.slb.com/, as a routine channel for distribution of important information, including
news releases, analyst presentations, and financial information. 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.
10

Information About Our Executive Officers
The following table sets forth, as of January 22, 2025, the names and ages of SLB’s executive officers,
including all offices and positions held by each executive officer during the past five years.
Name
Age
Current Position and Five-Year Business Experience
Olivier Le Peuch
61
Chief Executive Officer and Director, since August 2019.
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.
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.
11

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;
12

•
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 85% of
our consolidated revenue 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;
•
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. The carrying value of our net assets in Russia was
approximately $0.6 billion as of December 31, 2024. This consisted of $0.1 billion of cash and short-
term investments, $0.3 billion of receivables, $0.2 billion of fixed assets, $0.3 billion of other assets,
and $0.3 billion of current liabilities.
13

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.
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.
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
14

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.
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.
15

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
16

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.
17

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
18

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
19

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.
20

PART II
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer
Purchases of Equity Securities.
As of December 31, 2024, there were 20,762 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 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
$0
$50
$100
$150
$200
$250
12/31/20
12/31/21
12/31/22
12/31/23
12/31/24
12/31/19
Comparison of Cumulative Five-Year Total Return 
Schlumberger Ltd
S&P 500 Index
Philadelphia Oil Service Index (OSX)
Share Repurchases
On January 21, 2016, the SLB Board of Directors approved a $10 billion share repurchase program for
SLB common stock. SLB cumulatively repurchased $3.5 billion of its common stock under this program
as of December 31, 2024.
21

SLB’s common stock repurchase program activity for the three months ended December 31, 2024 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].
22

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 section of the Form 10-K generally discusses 2024 and 2023 items and year-to-year comparisons
between 2024 and 2023. Discussions of 2022 items and year-to-year comparison between 2023 and
2022 that are not included in this Form 10-K can be found in “Management’s Discussion and Analysis
of Financial Condition and Results of Operations” in Part II, Item 7 of SLB’s Annual Report on
Form 10-K for the fiscal year ended December 31, 2023.
2024 Executive Overview
2024 was a strong year for SLB as we successfully navigated evolving market conditions to deliver
revenue growth, margin expansion, and solid free cash flow. Year on year, revenue increased by 10%
and pretax segment operating income grew by 12%, while we generated $6.6 billion in cash flow from
operations and $4.0 billion in free cash flow, enabling us to return $3.3 billion to shareholders and
reduce net debt by $571 million. These results demonstrate SLB’s ability to deliver consistent financial
performance despite moderating upstream investment growth, driven by our global scale, unmatched
digital offerings and ongoing focus on cost optimization.
Our full-year results were highlighted by 12% international revenue growth. This performance was led
by the Middle East & Asia and Europe & Africa, which grew 18% and 13%, respectively. The Middle
East & Asia achieved record revenues, while growth in Europe & Africa was bolstered by the Aker
subsea business, which was acquired in the fourth quarter of 2023. Excluding this acquired business,
international revenue increased 7% year over year, outperforming the rig count over the same period.
Our Core divisions—Reservoir Performance, Well Construction and Production Systems—delivered
9% revenue growth compared to the prior year, led by 24% growth in Production Systems, largely due
to the subsea acquisition. Production Systems grew 9% organically due to double-digit increases in
surface systems, completions and artificial lift. Reservoir Performance also delivered 9% growth,
underpinned by strong stimulation and intervention activity in the production space.
Digital & Integration revenue increased 10% year on year, driven by 20% growth in digital, which
reached $2.44 billion for the year. Accelerated adoption of our digital technologies marked a milestone
year, highlighted by strategic collaborations with cross-industry leaders, the launch of the Lumi™data
and AI platform, new Performance Live™centers to enable remote operations, and the achievement of
fully autonomous drilling operations.
Our fit-for-basin approach, domain expertise and integration capabilities have established us as the
performance partner of choice for addressing the operating challenges our customers face throughout
the life cycle of their assets. As operators across the industry increasingly prioritize production and
recovery, our strengths are more critical than ever. With the anticipated completion of our announced
acquisition of ChampionX, we are set to further strengthen our production and recovery capabilities,
enabling us to deliver even greater value to our customers. This strategic acquisition will also enhance
the resilience of the SLB portfolio, providing some stability against the cycles in the years to come.
While upstream investment growth will remain subdued in the short term due to global oversupply, we
anticipate that the oil supply imbalance will gradually abate. Global economic growth and a heightened
23

focus on energy security, coupled with rising energy demand from AI and data centers will support the
investment outlook for the oil and gas industry throughout the rest of the decade.
In our Core business, we are making unmatched contributions to the discovery, development and
extraction of oil and gas reserves, fueling global energy supply. We have the leading offering in
digital. And we are pursuing a meaningful opportunity in New Energy and decarbonization, where we
have established a differentiated market position. Together, this is laying a strong foundation for our
business.
Given our confidence in the business outlook and our ability to continue generating strong cash flows,
in January 2025 our Board of Directors approved a 3.6% increase to our quarterly dividend.
Additionally, we entered into accelerated share repurchase transactions to repurchase $2.3 billion of
SLB common stock. This positions us to increase total return to shareholders, in the form of dividends
and share repurchases, from $3.3 billion in 2024 to at least $4 billion in 2025.
Fourth Quarter 2024 Results
(Stated in millions)
Fourth Quarter 2024
Third Quarter 2024
Revenue
Pretax
Income
Revenue
Pretax
Income
Digital & Integration . . . . . . . . . . . . . . . . . . . . . . .
$
1,156
$
442
$
1,088
$
386
Reservoir Performance . . . . . . . . . . . . . . . . . . . .
1,810
370
1,823
367
Well Construction . . . . . . . . . . . . . . . . . . . . . . . .
3,267
681
3,312
714
Production Systems . . . . . . . . . . . . . . . . . . . . . .
3,197
506
3,103
519
Eliminations & other . . . . . . . . . . . . . . . . . . . . . .
(146)
(81)
(167)
(84)
Pretax segment operating income . . . . . . . .
1,918
1,902
Corporate & other (1) . . . . . . . . . . . . . . . . . . . . . .
(177)
(187)
Interest income (2) . . . . . . . . . . . . . . . . . . . . . . . .
36
36
Interest expense (3) . . . . . . . . . . . . . . . . . . . . . . .
(128)
(132)
Charges & credits (4) . . . . . . . . . . . . . . . . . . . . . .
(262)
(112)
$
9,284
$
1,387
$
9,159
$
1,507
(1)
Comprised principally of certain corporate expenses not allocated to the segments, stock-based
compensation costs, amortization expense associated with certain intangible assets, certain
centrally managed initiatives, and other nonoperating items.
(2)
Excludes interest income included in the segments’ income (fourth quarter 2024: $10 million;
third quarter 2024: $16 million).
(3)
Excludes interest expense included in the segments’ income (fourth quarter 2024: $3 million;
third quarter 2024: $4 million).
(4)
Charges and credits are described in detail in Note 3 to the Consolidated Financial Statements.
Fourth-quarter revenue of $9.3 billion increased 1% sequentially, driven by digital sales in North
America and higher activity in the Middle East, Europe and North Africa. On a divisional basis, Digital &
Integration led the growth, driven by increased demand for digital products and solutions, while
Production Systems benefited from strong backlog conversion as customers continued to invest in
maximizing recovery from existing assets.
24

International revenue of $7.5 billion increased 1% sequentially driven by the Middle East & Asia and
Europe & Africa. The Middle East & Asia grew 2% sequentially driven by strong activity in the
United Arab Emirates, higher drilling in Egypt, and increased stimulation, intervention, and evaluation
activity in Qatar. These gains were offset by weaker performance in Saudi Arabia and Australia.
Europe & Africa also grew 2% sequentially largely driven by increased activity in Europe and
North Africa. Revenue in Latin America declined 3% sequentially primarily due to reduced drilling
activity in Mexico.
North America revenue of $1.8 billion increased 4% sequentially due to higher digital sales, increased
sales of production systems, and increased drilling activity in U.S. land and Canada.
Digital & Integration
Digital & Integration revenue of $1.2 billion increased 6% sequentially driven by 10% growth in digital
revenue, supported by greater adoption of digital technologies and higher sales of exploration data,
particularly in the U.S. Gulf of Mexico. Asset Performance Solutions (“APS”) revenue was flat
sequentially.
Digital & Integration pretax operating margin of 38% expanded 274 basis points (“bps”) sequentially,
reflecting improved profitability in digital from higher sales and cost efficiencies.
Reservoir Performance
Reservoir Performance revenue of $1.8 billion declined 1% sequentially driven by reduced intervention
and stimulation activity, partially offset by stronger evaluation activity. Revenue was impacted by lower
stimulation and intervention work in Saudi Arabia, which was offset by increased activity in the rest of
the Middle East & Asia and North America.
Reservoir Performance pretax operating margin of 20% expanded 35 bps sequentially, primarily
reflecting improved profitability in evaluation services.
Well Construction
Well Construction revenue of $3.3 billion declined 1% sequentially due to reduced drilling activity in
Mexico and Saudi Arabia, partially mitigated by higher activity across the rest of the Middle East &
Asia.
Well Construction pretax operating margin of 21% declined 70 bps sequentially due to the reduced
activity.
Production Systems
Production Systems revenue of $3.2 billion increased 3% sequentially with growth led by higher
international sales of artificial lift, midstream production systems and completions, partially offset by
reduced sales of subsea production systems.
Production Systems pretax operating margin of 16% decreased 93 bps sequentially primarily due to
lower profitability in subsea production systems.
25

Full-Year 2024 Results
(Stated in millions)
2024
2023
Revenue
Pretax
Income
Revenue
Pretax
Income
Digital & Integration . . . . . . . . . . . . . . . . . . . . .
$
4,247
$
1,408
$
3,871
$
1,257
Reservoir Performance . . . . . . . . . . . . . . . . . .
7,177
1,452
6,561
1,263
Well Construction . . . . . . . . . . . . . . . . . . . . . .
13,357
2,826
13,478
2,932
Production Systems . . . . . . . . . . . . . . . . . . . .
12,143
1,898
9,831
1,245
Eliminations & other . . . . . . . . . . . . . . . . . . . .
(635)
(263)
(606)
(174)
Pretax segment operating income . . . . . .
7,321
6,523
Corporate & other (1) . . . . . . . . . . . . . . . . . . . .
(744)
(729)
Interest income (2) . . . . . . . . . . . . . . . . . . . . . .
134
87
Interest expense (3) . . . . . . . . . . . . . . . . . . . . .
(498)
(489)
Charges & credits (4) . . . . . . . . . . . . . . . . . . . .
(541)
(110)
$
36,289
$
5,672
$
33,135
$
5,282
(1)
Comprised principally of certain corporate expenses not allocated to the segments, stock-based
compensation costs, amortization expense associated with certain intangible assets, certain
centrally managed initiatives, and other nonoperating items.
(2)
Excludes interest income included in the segments’ income (2024: $40 million; 2023: $13 million).
(3)
Excludes interest expense included in the segments’ income (2024: $14 million; 2023:
$14 million).
(4)
Charges and credits are described in detail in Note 3 to the Consolidated Financial Statements.
Full-year 2024 revenue of $36.3 billion increased 10% year on year. Approximately 46% of the
year-on-year revenue increase came from the acquisition of the Aker Solutions subsea business
(“Aker”) in the fourth quarter of 2023 (see Note 6 to the Consolidated Financial Statements).
International revenue grew by 12% year on year. Excluding the contribution of the acquired Aker
subsea business, international revenue increased 7% primarily driven by higher activity in the Middle
East & Asia. North America revenue decreased 1% due to lower drilling in US land.
Digital & Integration
Digital & Integration revenue of $4.2 billion increased 10% year on year due to growth in digital
revenue as APS revenue was essentially flat.
Digital & Integration pretax operating margin of 33% increased 67 bps year on year primarily due to the
growth in digital revenue partially offset by effects of higher APS amortization expense and lower gas
prices.
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.
26

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 $12.1 billion increased 24% 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 bps year on year driven by a
favorable activity mix, execution efficiency, and conversion of improved-price backlog.
Interest & Other Income, Net
Interest & other income, net consisted of the following:
(Stated in millions)
2024
2023
Earnings of equity method investments . . . . . . . . . . . . . . . . . . . . . . . . .
$
182
$
206
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
174
100
Gain on sale of investment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
24
-
Gain on sale of Liberty shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
-
36
$
380
$
342
Interest income increased $74 million primarily due to higher average cash and short-term investment
balances.
Other
Research & engineering and General & administrative expenses, as a percentage of Revenue, were
as follows:
2024
2023
Research & engineering . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2.1%
2.1%
General & administrative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1.1%
1.1%
Charges and Credits
SLB recorded charges and credits during 2024 and 2023. These charges and credits, which are
summarized below, are more fully described in Note 3 to the Consolidated Financial Statements.
27

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
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:
Merger and integration . . . . . . . . . . . . . . .
56
8
8
40
Currency devaluation loss in
Argentina . . . . . . . . . . . . . . . . . . . . . . . .
90
-
-
90
$
110 $
- $
8 $
102
28

Liquidity and Capital Resources
Details of the components of liquidity as well as changes in liquidity follow:
(Stated in millions)
Components of Liquidity:
Dec. 31,
2024
Dec. 31,
2023
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
3,544
$
2,900
Short-term investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,125
1,089
Short-term borrowings and current portion of long-term debt . . . . . .
(1,051)
(1,123)
Long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(11,023)
(10,842)
Net debt (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
(7,405)
$
(7,976)
Changes in Liquidity:
2024
2023
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
4,579
$
4,275
Charges and credits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
541
110
Depreciation and amortization (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,519
2,312
Stock-based compensation expense . . . . . . . . . . . . . . . . . . . . . . . . .
316
293
Earnings of equity method investments, less dividends received . . .
(18)
(132)
Increase in working capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(1,379)
(215)
US federal tax refund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
-
85
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
44
(91)
Cash flow from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6,602
6,637
Capital expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(1,931)
(1,939)
APS investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(483)
(507)
Exploration data capitalized . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(198)
(153)
Free cash flow (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3,990
4,038
Dividends paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(1,533)
(1,317)
Stock repurchase program . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(1,737)
(694)
Proceeds from employee stock purchase plan . . . . . . . . . . . . . . . . .
219
191
Proceeds from exercise of stock options . . . . . . . . . . . . . . . . . . . . . .
29
90
Taxes paid on net-settled stock-based compensation awards . . . . .
(90)
(169)
Business acquisitions and investments, net of cash acquired plus
debt assumed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(553)
(330)
Proceeds from sale of Liberty shares . . . . . . . . . . . . . . . . . . . . . . . . .
-
137
Purchases of Blue Chip Swap securities . . . . . . . . . . . . . . . . . . . . . .
(207)
(185)
Proceeds from sales of Blue Chip Swap securities . . . . . . . . . . . . . .
152
97
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
53
(195)
Change in net debt before impact of changes in foreign
exchange rates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
323
1,663
Impact of changes in foreign exchange rates . . . . . . . . . . . . . . . . . . .
248
(307)
Decrease in Net Debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
571
1,356
Net Debt, Beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(7,976)
(9,332)
Net Debt, End of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
(7,405)
$
(7,976)
29

(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 2024 and 2023 included:
•
In January 2024, SLB announced a 10% increase to its quarterly cash dividend from $0.25 per
share of outstanding common stock to $0.275 per share, beginning with the dividend paid in
April 2024. In January 2023, SLB announced a 43% increase to its quarterly cash dividend
from $0.175 per share of outstanding common stock to $0.25 per share, beginning with the
dividend paid in April 2023. Dividends paid during 2024 and 2023 were $1.5 billion and
$1.3 billion, respectively.
In January 2025, SLB announced a 3.6% increase to its quarterly dividend from $0.275 per
share of outstanding common stock to $0.285 per share, beginning with the dividend payable
in April 2025.
•
As of December 31, 2024, SLB cumulatively repurchased $3.5 billion of its common stock
under its $10 billion share repurchase program.
The following table summarizes the activity under the share repurchase program:
(Stated in millions, except per share amounts)
Total Cost of
Shares
Purchased
Total Number
of Shares
Purchased
Average Price
Paid per Share
2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
1,737
38.4
$
45.29
2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
694
13.3
$
52.05
SLB has entered into accelerated share repurchase (“ASR”) transactions to repurchase
$2.3 billion of its common stock. Under the terms of the ASR agreements, on January 13, 2025,
SLB received an initial share delivery of approximately 80% of the shares to be repurchased,
based on the closing price per share of its common stock on the preceding day. SLB expects the
remainder of the shares to be delivered no later than the end of May 2025. Under certain
circumstances, SLB may be required to deliver shares or pay cash, at its option, upon settlement
of the ASR agreements. The total number of shares ultimately purchased under the ASR
agreements will depend upon the final settlement and will be based on volume-weighted average
prices of SLB’s common stock during the terms of the ASR transactions, less a discount.
30

•
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, 2024, SLB had $4.67 billion of cash and short-term investments and committed
credit facility agreements with commercial banks aggregating $5.0 billion, all of which was available.
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.
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.
31

The following table reflects the carrying amounts of SLB’s debt at December 31, 2024 by year of
maturity:
(Stated in millions)
2025
2026
2027
2028
2029
2030
2031
2032
After
2032
Total
Fixed rate debt
4.00% Senior Notes . . . . . . . . $
523
523
1.40% Senior Notes . . . . . . . .
500
500
1.375% Guaranteed Notes . .
$1,040
1,040
1.00% Guaranteed Notes . . .
624
624
0.25% Notes . . . . . . . . . . . . . .
$
936
936
5.00% Senior Notes . . . . . . . .
495
495
3.90% Senior Notes . . . . . . . .
$1,478
1,478
4.50% Senior Notes . . . . . . . .
497
497
4.30% Senior Notes . . . . . . . .
$
848
848
5.00% Senior Notes . . . . . . . .
493
493
2.65% Senior Notes . . . . . . . .
$1,250
1,250
0.50% Notes . . . . . . . . . . . . . .
$935
935
2.00% Guaranteed Notes . . .
$1,034
1,034
4.85% Senior Notes . . . . . . . .
$
498
498
5.00% Senior Notes . . . . . . . .
489
489
7.00% Notes . . . . . . . . . . . . . .
197
197
5.95% Notes . . . . . . . . . . . . . .
111
111
5.13% Notes . . . . . . . . . . . . . .
98
98
Total fixed rate debt . . . . . . . . $1,023 $1,664 $1,431 $1,975 $1,341 $1,250 $935 $1,034 $1,393 $12,046
Variable rate debt . . . . . . . . .
28
-
-
-
-
-
-
-
-
28
Total . . . . . . . . . . . . . . . . . . . . $1,051 $1,664 $1,431 $1,975 $1,341 $1,250 $935 $1,034 $1,393 $12,074
Interest payments on fixed rate debt obligations by year are as follows:
(Stated in millions)
2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
421
2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
387
2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
341
2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
262
2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
192
Thereafter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
584
$
2,187
See Note 14, Leases of the Consolidated Financial Statements for details regarding SLB’s lease
obligations.
32

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.
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.
As of December 31, 2024, the United States represented 11% of SLB’s net accounts receivable
balance. As of December 31, 2024, Mexico represented 9.7% of SLB’s net accounts receivable
balance. (See Note 10 to the Consolidated Financial Statements). SLB’s receivables from its primary
customer in Mexico are not in dispute and SLB has not historically had any material write-offs due to
uncollectible accounts receivable relating to this customer.
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
33

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 the quantitative goodwill impairment test.
SLB elected to perform the qualitative assessment described above for purposes of its annual goodwill
impairment test in 2024. Based on this assessment, SLB concluded it was more likely than not that the
fair value of each of its reporting units was greater than its carrying amount. Accordingly, no further
testing was required.
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.
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 9% of SLB’s revenue in 2024, 6% in 2023, and 5% in 2022,
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
34

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 5.70% at December 31, 2024 and 5.25% at December 31,
2023.
•
The weighted-average discount rate utilized to determine the liability for SLB’s international
pension plans was 5.67% at December 31, 2024 and 5.14% at December 31, 2023.
•
The discount rate utilized to determine expense for SLB’s United States pension plans and
postretirement medical plan was 5.25% in 2024 and 5.50% in 2023.
•
The weighted-average discount rate utilized to determine expense for SLB’s international
pension plans was 5.14% in 2024 and 5.41% in 2023.
The 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 6.00% in both 2024 and 2023.
The weighted average expected rate of return on plan assets for the international pension plans was
5.91% in 2024 and 6.00% in 2023. A higher expected rate of return decreases pension expense.
The 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)
Change in Assumption
Effect on
2024 Pretax
Expense
Effect on
Dec. 31, 2024
Obligation
25 basis point decrease in discount rate . . . . . . . . . . . . . . . . . . . . . .
-$1
+$324
25 basis point increase in discount rate . . . . . . . . . . . . . . . . . . . . . .
+$3
-$308
25 basis point decrease in expected return on plan assets . . . . . . .
+$31
-
25 basis point increase in expected return on plan assets . . . . . . .
-$31
-
35

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)
Change in Assumption
Effect on
2024 Pretax
Expense
Effect on
Dec. 31, 2024
Obligation
25 basis point decrease in discount rate . . . . . . . . . . . . . . . . . . . . . .
+$2
+$22
25 basis point increase in discount rate . . . . . . . . . . . . . . . . . . . . . . .
-$2
-$21
36

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 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 market rates would decrease the
unrealized value of SLB’s forward contracts by $121 million. Conversely, a 10% depreciation in the US
dollar from the December 31, 2024 market rates would increase the unrealized value of SLB’s forward
contracts by $133 million. 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, forward contracts for the US dollar equivalent of $10.0 billion in various foreign
currencies were outstanding, of which $4.5 billion related to hedges of debt balances denominated in
currencies other than the functional currency.
Forward-Looking Statements
This Form 10-K, as well as other statements we make, contains “forward-looking statements” within the
meaning of the federal securities laws, which include any statements that are not historical facts. 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); oil and natural gas demand and production growth; oil and natural gas prices; forecasts
or expectations regarding energy transition and global climate change; improvements in operating
procedures and technology; capital expenditures by SLB and the oil and gas industry; the business
strategies of SLB, including digital and “fit for basin,” as well as the strategies of SLB’s customers;
SLB’s capital allocation plans, including dividend plans and share repurchase programs; SLB’s APS
projects, joint ventures, and other alliances; the impact of the ongoing conflict in Ukraine on global
energy supply; access to raw materials; future global economic and geopolitical conditions; future
liquidity, including free cash flow; and future results of operations, such as margin levels. 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
37

financial and performance targets and other forecasts and expectations; SLB’s inability to achieve
net-zero carbon emissions goals or interim emissions reduction goals; general economic, geopolitical
and business conditions in key regions of the world; the ongoing conflict in Ukraine; foreign currency
risk; inflation; changes in monetary policy by governments; pricing pressure; weather and seasonal
factors; unfavorable effects of health pandemics; availability and cost of raw materials; operational
modifications, delays or cancellations; challenges in SLB’s supply chain; production declines; the
extent of future charges; SLB’s inability to recognize efficiencies and other intended benefits from its
business strategies and initiatives, such as digital or new energy, as well as its cost reduction
strategies; changes in government regulations and regulatory requirements, including those related to
offshore oil and gas exploration, radioactive sources, explosives, chemicals and climate-related
initiatives; the inability of technology to meet new challenges in exploration; the competitiveness of
alternative energy sources or product substitutes; and other risks and uncertainties detailed in this
Form 10-K and other filings that we make with the SEC.
This Form 10-K also includes forward-looking statements relating to the proposed transaction between
SLB and ChampionX, including statements regarding the benefits of the transaction and the
anticipated timing of the transaction. Factors and risks that may impact future results and performance
include, but are not limited to, and in each case as a possible result of the proposed transaction on
each of SLB and ChampionX: the ultimate outcome of the proposed transaction between SLB and
ChampionX; the ability to operate the SLB and ChampionX respective businesses, including business
disruptions; difficulties in retaining and hiring key personnel and employees; the ability to maintain
favorable business relationships with customers, suppliers and other business partners; the terms and
timing of the proposed transaction; the occurrence of any event, change or other circumstance that
could give rise to the termination of the proposed transaction; the anticipated or actual tax treatment of
the proposed transaction; the ability to satisfy closing conditions to the completion of the proposed
transaction; other risks related to the completion of the proposed transaction and actions related
thereto; the ability of SLB and ChampionX to integrate the business successfully and to achieve
anticipated synergies and value creation from the proposed transaction; the ability to secure
government regulatory approvals on the terms expected, at all or in a timely manner; litigation and
regulatory proceedings, including any proceedings that may be instituted against SLB or ChampionX
related to the proposed transaction, 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.
38

Item 8. Financial Statements and Supplementary Data.
SCHLUMBERGER LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
(Stated in millions, except per share amounts)
Year Ended December 31,
2024
2023
2022
Revenue
Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
23,297 $
22,439 $
19,552
Product sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12,992
10,696
8,539
Total Revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
36,289
33,135
28,091
Interest & other income, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
380
342
610
Expenses
Cost of services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17,847
17,231
15,233
Cost of sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10,982
9,341
7,697
Research & engineering . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
749
711
634
General & administrative . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
385
364
376
Restructuring & other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
399
-
-
Merger & integration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
123
45
-
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
512
503
490
Income before taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5,672
5,282
4,271
Tax expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,093
1,007
779
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4,579
4,275
3,492
Net income attributable to noncontrolling interests . . . . . . . .
118
72
51
Net income attributable to SLB . . . . . . . . . . . . . . . . . . . . . . . . . . $
4,461 $
4,203 $
3,441
Basic earnings per share of SLB . . . . . . . . . . . . . . . . . . . . . . . $
3.14 $
2.95 $
2.43
Diluted earnings per share of SLB . . . . . . . . . . . . . . . . . . . . . $
3.11 $
2.91 $
2.39
Average shares outstanding:
Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,421
1,425
1,416
Assuming dilution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,436
1,443
1,437
See the Notes to Consolidated Financial Statements
39

SCHLUMBERGER LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(Stated in millions)
Year Ended December 31,
2024
2023
2022
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
4,579
$
4,275
$
3,492
Currency translation adjustments:
Net change arising during the period . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(138)
(113)
(26)
Cash flow hedges:
Net gain (loss) on cash flow hedges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8
177
(148)
Reclassification to net income of net realized (gain) loss . . . . . . . . . . . . .
(4)
(19)
117
Pension and other postretirement benefit plans:
Actuarial loss arising during the period . . . . . . . . . . . . . . . . . . . . . . . . . . .
(582)
(437)
(305)
Amortization to net income of net actuarial losses . . . . . . . . . . . . . . . . . .
(3)
(12)
75
Amortization to net income of net prior service credit . . . . . . . . . . . . . . . .
(23)
(23)
(23)
Income taxes on pension and other postretirement benefit plans . . . . . .
42
58
24
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4
(30)
1
Comprehensive income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3,883
3,876
3,207
Comprehensive income attributable to noncontrolling interests . . . . . . . .
118
72
51
Comprehensive income attributable to SLB . . . . . . . . . . . . . . . . . . . . . . . . . .
$
3,765
$
3,804
$
3,156
See the Notes to Consolidated Financial Statements
40

SCHLUMBERGER LIMITED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(Stated in millions)
December 31,
2024
2023
ASSETS
Current Assets
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
3,544 $
2,900
Short-term investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,125
1,089
Receivables less allowance for doubtful accounts (2024—$325; 2023—$337) . .
8,011
7,812
Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4,375
4,387
Other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,515
1,530
18,570
17,718
Investments in Affiliated Companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,635
1,624
Fixed Assets less accumulated depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7,359
7,240
Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14,593
14,084
Intangible Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3,012
3,239
Other Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3,766
4,052
$
48,935 $
47,957
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable and accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10,375
10,904
Estimated liability for taxes on income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
982
994
Short-term borrowings and current portion of long-term debt . . . . . . . . . . . . . .
1,051
1,123
Dividends payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
403
374
12,811
13,395
Long-term Debt
11,023
10,842
Postretirement Benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
512
175
Deferred Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
67
140
Other Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,172
2,046
26,585
26,598
Equity
Common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11,458
11,624
Treasury stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(1,773)
(678)
Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16,395
13,497
Accumulated other comprehensive loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4,950)
(4,254)
SLB stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
21,130
20,189
Noncontrolling interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,220
1,170
22,350
21,359
$
48,935 $
47,957
See the Notes to Consolidated Financial Statements
41

SCHLUMBERGER LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(Stated in millions)
Year Ended December 31,
2024
2023
2022
Cash flows from operating activities:
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
4,579
$
4,275
$
3,492
Adjustments to reconcile net income to cash provided by operating activities:
Charges and credits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
541
110
(347)
Depreciation and amortization (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,519
2,312
2,147
Deferred taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(41)
28
(39)
Stock-based compensation expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
316
293
313
Earnings of equity method investments, less dividends received . . . . . . . . . . . . . . .
(18)
(132)
(96)
Change in assets and liabilities: (2)
Increase in receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(236)
(659)
(1,728)
Increase in inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(101)
(254)
(737)
Decrease (increase) in other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
121
(44)
Decrease (increase) in other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13
(10)
(45)
(Decrease) increase in accounts payable and accrued liabilities . . . . . . . . . . . . . . . .
(994)
724
704
(Decrease) increase in estimated liability for taxes on income . . . . . . . . . . . . . . . . .
(51)
(62)
96
Increase (decrease) in other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
32
(76)
23
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
40
(33)
(19)
NET CASH PROVIDED BY OPERATING ACTIVITIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6,602
6,637
3,720
Cash flows from investing activities:
Capital expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(1,931)
(1,939)
(1,618)
APS investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(483)
(507)
(587)
Exploration data capitalized . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(198)
(153)
(97)
Business acquisitions and investments, net of cash acquired . . . . . . . . . . . . . . . . . . . . . .
(553)
(242)
(58)
(Purchase) sale of short-term investments, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(32)
117
138
Purchases of Blue Chip Swap securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(207)
(185)
(259)
Proceeds from sales of Blue Chip Swap securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
152
97
111
Proceeds from sale of Liberty shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
137
732
Proceeds from sale of ADC shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
223
Proceeds from sale of real estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
120
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
107
(108)
(93)
NET CASH USED IN INVESTING ACTIVITIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3,145)
(2,783)
(1,388)
Cash flows from financing activities:
Dividends paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(1,533)
(1,317)
(848)
Stock repurchase program . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(1,737)
(694)
—
Proceeds from employee stock purchase plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
219
191
142
Proceeds from exercise of stock options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
29
90
81
Taxes paid on net-settled stock-based compensation awards . . . . . . . . . . . . . . . . . . . . . .
(90)
(169)
(93)
Proceeds from issuance of long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,475
994
—
Repayment of long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(955)
(1,578)
(1,650)
Net (decrease) increase in short-term borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(115)
2
37
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(65)
(31)
(51)
NET CASH USED IN FINANCING ACTIVITIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2,772)
(2,512)
(2,382)
Net increase (decrease) in cash before translation effect . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
685
1,342
(50)
Impact of changes in exchange rates on cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(41)
(97)
(52)
Cash, beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,900
1,655
1,757
Cash, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
3,544
$
2,900
$
1,655
(1)
Includes depreciation of fixed assets and amortization of intangible assets, exploration data costs and APS investments.
(2)
Net of the effect of business acquisitions and divestitures.
See the Notes to Consolidated Financial Statements
42

SCHLUMBERGER LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY
(Stated in millions)
Common Stock
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Noncontrolling
Interests
Total
Issued
In Treasury
Balance, January 1, 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . .
$12,608
$(2,233)
$ 8,199
$(3,570)
$
282
$15,286
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3,441
51
3,492
Currency translation adjustments . . . . . . . . . . . . . . . . .
(26)
(26)
Changes in fair value of cash flow hedges . . . . . . . . . .
(31)
(31)
Pension and other postretirement benefit plans . . . . . .
(229)
(229)
Vesting of restricted stock, net of taxes withheld . . . . .
(795)
702
(93)
Employee stock purchase plan . . . . . . . . . . . . . . . . . . .
(222)
364
142
Stock-based compensation expense . . . . . . . . . . . . . .
313
313
Shares sold to optionees, less shares exchanged . . . .
(67)
148
81
Dividends declared ($0.65 per share) . . . . . . . . . . . . . .
(921)
(921)
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
1
(29)
(25)
Balance, December 31, 2022 . . . . . . . . . . . . . . . . . . . . . . . .
11,837
(1,016)
10,719
(3,855)
304
17,989
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4,203
72
4,275
Currency translation adjustments . . . . . . . . . . . . . . . . .
(113)
(113)
Changes in fair value of cash flow hedges . . . . . . . . . .
158
158
Pension and other postretirement benefit plans . . . . . .
(414)
(414)
Vesting of restricted stock, net of taxes withheld . . . . .
(702)
533
(169)
Employee stock purchase plan . . . . . . . . . . . . . . . . . . .
(162)
353
191
Stock repurchase program . . . . . . . . . . . . . . . . . . . . . . .
(694)
(694)
Stock-based compensation expense . . . . . . . . . . . . . .
293
293
Shares sold to optionees, less shares exchanged . . . .
(53)
143
90
Dividends declared ($1.00 per share) . . . . . . . . . . . . . .
(1,425)
(1,425)
Acquisition of Aker Subsea . . . . . . . . . . . . . . . . . . . . . .
413
841
1,254
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2)
3
(30)
(47)
(76)
Balance, December 31, 2023 . . . . . . . . . . . . . . . . . . . . . . . .
11,624
(678)
13,497
(4,254)
1,170
21,359
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4,461
118
4,579
Currency translation adjustments . . . . . . . . . . . . . . . . .
(138)
(138)
Changes in fair value of cash flow hedges . . . . . . . . . .
4
4
Pension and other postretirement benefit plans . . . . . .
(566)
(566)
Vesting of restricted stock, net of taxes withheld . . . . .
(407)
317
(90)
Employee stock purchase plan . . . . . . . . . . . . . . . . . . .
(65)
284
219
Stock repurchase program . . . . . . . . . . . . . . . . . . . . . . .
(1,737)
(1,737)
Stock-based compensation expense . . . . . . . . . . . . . .
316
316
Shares sold to optionees, less shares exchanged . . . .
(10)
39
29
Dividends declared ($1.10 per share) . . . . . . . . . . . . . .
(1,563)
(1,563)
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
4
(68)
(62)
Balance, December 31, 2024 . . . . . . . . . . . . . . . . . . . . . . . .
$11,458
$(1,773)
$16,395
$(4,950)
$1,220
$22,350
See the Notes to Consolidated Financial Statements
43

SCHLUMBERGER LIMITED AND SUBSIDIARIES
SHARES OF COMMON STOCK
(Stated in millions)
Issued
In Treasury
Shares
Outstanding
Balance, January 1, 2022 . . . . . . . . . . . . . . . . . . . . . . . . . .
1,434
(31)
1,403
Employee stock purchase plan . . . . . . . . . . . . . . . . . . .
-
5
5
Vesting of restricted stock, net of taxes withheld . . . . .
-
10
10
Shares sold to optionees, less shares exchanged . . . .
-
2
2
Balance, December 31, 2022 . . . . . . . . . . . . . . . . . . . . . . .
1,434
(14)
1,420
Employee stock purchase plan . . . . . . . . . . . . . . . . . . .
-
5
5
Vesting of restricted stock, net of taxes withheld . . . . .
-
8
8
Shares sold to optionees, less shares exchanged . . . .
-
2
2
Stock repurchase program . . . . . . . . . . . . . . . . . . . . . . .
-
(13)
(13)
Acquisition of Aker Subsea . . . . . . . . . . . . . . . . . . . . . . .
5
-
5
Balance, December 31, 2023 . . . . . . . . . . . . . . . . . . . . . . .
1,439
(12)
1,427
Employee stock purchase plan . . . . . . . . . . . . . . . . . . .
-
5
5
Vesting of restricted stock, net of taxes withheld . . . . .
-
6
6
Shares sold to optionees, less shares exchanged . . . .
-
1
1
Stock repurchase program . . . . . . . . . . . . . . . . . . . . . . .
-
(38)
(38)
Balance, December 31, 2024 . . . . . . . . . . . . . . . . . . . . . . .
1,439
(38)
1,401
See the Notes to Consolidated Financial Statements
44

Notes to Consolidated Financial Statements
1. Business Description
Schlumberger Limited (Schlumberger N.V., incorporated in Curaçao) and its consolidated subsidiaries
(collectively, “SLB”) form a global technology company that drives energy innovation for a balanced
planet. With a global footprint in more than 100 countries and employees representing almost twice as
many nationalities, SLB works each day on innovating energy technology, delivering digital at scale,
decarbonizing industries, and developing and scaling new energy systems that accelerate the energy
transition.
Recently Announced Transaction
On April 2, 2024, SLB announced a definitive agreement to purchase ChampionX Corporation
(“ChampionX”) in an all-stock transaction. ChampionX is a global leader in chemistry solutions, artificial
lift systems, and highly engineered equipment and technologies that help companies drill for and
produce oil and gas safely, efficiently, and sustainably around the world. Under the terms of the
agreement, ChampionX shareholders will receive 0.735 shares of SLB common stock in exchange for
each ChampionX share. At the closing of the transaction ChampionX shareholders will own
approximately 9% of SLB’s outstanding shares of common stock. ChampionX reported revenue of
approximately $2.7 billion for the nine months ended September 30, 2024. 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.
2. Summary of Accounting Policies
The Consolidated Financial Statements of SLB have been prepared in accordance with accounting
principles generally accepted in the United States of America.
Use of Estimates
The preparation of financial statements requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities at the date of
the financial statements and the reported amounts of revenue and expenses during the reporting
period. On an ongoing basis, SLB evaluates its estimates, including those related to collectibility of
accounts receivable; revenue recognized for certain long-term construction-type contracts over time;
recoverability of fixed assets, goodwill, intangible assets, Asset Performance Solutions investments,
and investments in affiliates; income taxes; exploration data; contingencies and actuarial assumptions
for employee benefit plans. SLB bases its estimates on historical experience and other 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.
Revenue Recognition
SLB recognizes revenue upon the transfer of control of promised products or services to customers at
an amount that reflects the consideration it expects to receive in exchange for these products or
services. The vast majority of SLB’s services and product offerings are short-term in nature. The time
between invoicing and when payment is due under these arrangements is generally between 30 to
60 days.
45

Revenue is recognized 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. 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. 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. Due to the nature of these projects,
adjustments to estimates of contract revenue and total contract costs may be required as work
progresses. Progress billings are generally issued upon completion of certain phases of work as
stipulated in the contract. Any expected losses on a project are recorded in full in the period in which
they become probable.
Total backlog was $5.4 billion at December 31, 2024, of which approximately 55% is expected to be
recognized as revenue during 2025.
Short-term Investments
Short-term investments are comprised primarily of money market funds, time deposits, certificates of
deposit, commercial paper, bonds, and notes, substantially all of which are denominated in US dollars
and are stated at cost plus accrued interest, which approximates fair value.
For purposes of the Consolidated Statement of Cash Flows, SLB does not consider Short-term
investments to be cash equivalents.
Investments in Affiliated Companies
Investments in companies in which SLB does not have a controlling financial interest, but over which it
has significant influence, are accounted for using the equity method. SLB’s share of the after-tax
earnings of equity method investees is included in Interest & other income. Investments in privately
held companies in which SLB does not have the ability to exercise significant influence are accounted
for using the cost method. Investments in publicly traded companies in which SLB does not have the
ability to exercise significant influence are reported at fair value, with unrealized gains and losses
reported as a component of Interest & other income.
Exploration Data
SLB’s exploration data library consists of completed and in-process seismic surveys that are licensed
on a nonexclusive basis. SLB capitalizes costs directly incurred in acquiring and processing the
exploration data. Such costs are charged to Cost of services based on the percentage of the total costs
to the estimated total revenue that SLB expects to receive from the sales of such data. However, an
individual survey generally will not carry a net book value greater than a 4-year, straight-line amortized
value.
The carrying value of the exploration data library is reviewed for impairment annually as well as when
an event or change in circumstance indicating impairment may have occurred. Adjustments to the
carrying value are recorded when it is determined that estimated future cash flows, which involve
significant judgment on the part of SLB, would not be sufficient to recover the carrying value of the
surveys. Significant adverse changes in SLB’s estimated future cash flows could result in impairment
charges in a future period.
Asset Performance Solutions
Asset Performance Solutions (“APS”) projects are generally focused on developing and co-managing
production of customers’ assets under long-term agreements. SLB invests its own services and
46

products into the field development activities and operations and is compensated on a fee-per-barrel
basis or based on cash flow generated. This includes certain arrangements whereby SLB is only
compensated based on incremental production that it helps deliver above a mutually agreed baseline.
SLB capitalizes its investments in a project including the direct costs associated with providing its
services or products. These capitalized investments are amortized to the Consolidated Statement of
Income as the related production is achieved based on the units of production method, whereby each
unit produced is assigned a pro-rata portion of the unamortized costs based on estimated total
production, resulting in a matching of revenue with the applicable costs.
Concentration of Credit Risk
SLB is exposed to concentrations of credit risk primarily relating to cash, short-term investments,
receivables from clients, and derivative financial instruments. SLB places its cash and short-term
investments with financial institutions and corporations and limits the amount of credit exposure with
any one of them. SLB regularly evaluates the creditworthiness of the issuers in which it invests. By
using derivative financial instruments to hedge certain exposures, SLB exposes itself to some credit
risk. SLB minimizes this credit risk by entering into transactions with high-quality counterparties,
limiting the exposure to each counterparty and monitoring the financial condition of its counterparties.
As a large multinational company, SLB’s accounts receivable are spread over many countries and
customers. The United States represented 11% of SLB’s net accounts receivable balance at
December 31, 2024. No other country accounted for greater than 10% of SLB’s accounts receivable
balance. SLB maintains an allowance for uncollectible accounts receivable based on expected
collectibility and performs ongoing credit evaluations of its customers’ financial condition. If the financial
condition of SLB’s customers were to deteriorate resulting in an impairment of their ability to make
payments, adjustments to the allowance may be required.
See Note 10 – Derivative Instruments and Hedging Activities for details regarding outstanding credit
default swaps that SLB has issued to certain financial institutions.
47

Earnings per Share
The following is a reconciliation from basic to diluted earnings per share of SLB:
(Stated in millions, except per share amounts)
Net Income
Attributable to
SLB
Average
Shares
Outstanding
Earnings per
Share
2024:
Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
4,461
1,421
$
3.14
Dilutive impact of stock options and restricted stock . . . . . .
-
15
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
4,461
1,436
$
3.11
2023:
Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
4,203
1,425
$
2.95
Dilutive impact of stock options and restricted stock . . . . . . . . . . .
-
18
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
4,203
1,443
$
2.91
2022:
Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
3,441
1,416
$
2.43
Dilutive impact of stock options and restricted stock . . . . . . . . . . .
-
21
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
3,441
1,437
$
2.39
The number of outstanding employee stock options to purchase shares of SLB common stock that
were not included in the computation of diluted earnings per share, because to do so would have had
an anti-dilutive effect, were as follows:
(Stated in millions)
2024
2023
2022
Employee stock options . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16
21
25
48

3. Charges and Credits
2024
SLB recorded the following charges and credits during 2024:
(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
During the second quarter of 2024, SLB commenced a program to realign and optimize its support and
service delivery structure in certain parts of its organization. As a result, SLB recorded severance
charges of $111 million during the second quarter, $65 million during the third quarter, and $61 million
during the fourth quarter which are classified in Restructuring & other in the Consolidated Statement of
Income. SLB may record additional charges relating to workforce reductions in 2025 as it continues to
realign and optimize its structure.
In connection with the October 2023 acquisition of the Aker Solutions (“Aker”) subsea business (see
Note 6 – Acquisition) and the pending ChampionX transaction, SLB recorded $165 million of charges
during 2024, consisting of: $43 million relating to the amortization of purchase accounting adjustments
associated with the write-up of acquired inventories to its estimated fair value (classified in Cost of
sales in the Consolidated Statement of Income), and $122 million of other merger and integration-
related costs which are classified in Merger & integration.
During the fourth quarter of 2024, SLB recorded other restructuring charges consisting of $93 million of
impairments relating to equity investments and $69 million of fixed asset impairments. These charges
are classified in Restructuring & other in the Consolidated Statement of Income.
During the fourth quarter of 2024, SLB sold an investment accounted for under the equity method. SLB
received proceeds of $51 million and recognized a gain of $24 million, which is classified in Interest &
other, net in the Consolidated Statement of Income.
49

2023
SLB recorded the following charges and credits during 2023:
(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
First quarter 2023:
•
On December 31, 2020, SLB contributed its onshore hydraulic fracturing business in the
United States and Canada, including its pressure pumping, pumpdown perforating and
Permian frac sand business, to Liberty Energy Inc. (“Liberty”) in exchange for an equity interest
in Liberty. 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 which is classified in Interest & other income, net in the Consolidated
Statement of Income.
Fourth quarter 2023:
•
In connection with SLB’s acquisition of the Aker subsea business, SLB recorded the following
charges: $23 million of acquisition-related transaction costs, including advisory and legal fees;
$11 million relating to the amortization of purchase accounting adjustments associated with the
write-up of acquired inventories to its estimated fair value; and $22 million of other merger and
integration-related costs. $45 million of these costs are classified in Merger & integration in the
Consolidated Statement of Income with the remaining $11 million classified in Cost of sales.
•
Although SLB’s functional currency in Argentina is the US dollar, a portion of its transactions
are denominated in pesos. During the fourth quarter of 2023, Argentina devalued its peso
relative to the US dollar by approximately 55%. As a result, SLB recorded a $90 million
devaluation charge. $61 million of this charge is classified in Cost of services in the
Consolidated Statement of Income, with the remaining $29 million classified in Cost of sales.
50

2022
SLB recorded the following charges and credits during 2022, all of which are classified in Interest &
other income, net in the Consolidated Statement of Income:
(Stated in millions)
Pretax
Charge (Credit)
Tax Benefit
(Expense)
Net
First quarter:
Gain on sale of Liberty shares . . . . . . . . . . . . . .
$
(26) $
(4) $
(22)
Second quarter:
Gain on sale of Liberty shares . . . . . . . . . . . . . .
(215)
(14)
(201)
Gain on sale of real estate . . . . . . . . . . . . . . . . .
(43)
(2)
(41)
Fourth quarter:
Gain on sale of Liberty shares . . . . . . . . . . . . . .
(84)
(19)
(65)
Loss on Blue Chip Swap transactions . . . . . . . .
139
-
139
Gain on ADC equity investment . . . . . . . . . . . . .
(107)
(3)
(104)
Gain on repurchase of bonds . . . . . . . . . . . . . . .
(11)
(2)
(9)
$
(347) $
(44) $
(303)
•
During 2022, SLB sold 47.8 million of its shares of Liberty and received proceeds of
$730 million. These transactions resulted in gains of $325 million.
•
The Central Bank of Argentina maintains certain currency controls that limit SLB’s ability to
access US dollars in Argentina and remit cash from its operations in Argentina. A legal indirect
foreign exchange mechanism exists, in the form of capital market transactions known as Blue
Chip Swaps, which effectively results in a parallel US dollar exchange rate. During the fourth
quarter of 2022, SLB entered into Blue Chip Swap transactions that resulted in a loss of
$139 million.
•
During the fourth quarter of 2022, SLB repurchased $395 million of its 3.75% Senior Notes due
2024, and $409 million of its 4.00% Senior Notes due 2025 for $790 million, resulting in a gain
of $11 million after considering the write-off of the related deferred financing fees and other
costs.
•
SLB accounts for its investment in the Arabian Drilling Company (“ADC”), an onshore and
offshore gas and oil rig drilling company in Saudi Arabia, under the equity method. During the
fourth quarter of 2022, ADC completed an initial public offering (“IPO”). In connection with the
IPO, SLB sold a portion of its interest in a secondary offering that resulted in SLB receiving net
proceeds of $223 million. As a result of these transactions, SLB’s ownership interest in ADC
decreased from 49% to approximately 34%. SLB recognized a gain of $107 million,
representing the gain on the sale of a portion of its interest as well as the effect of the
ownership dilution of its equity investment due to the IPO. As of December 31, 2024, the fair
value of SLB’s investment in ADC, based on the quoted market price of ADC’s shares, was
approximately $0.9 billion and the carrying value of its investment was $0.6 billion. SLB
accounts for its share of ADC’s net income on a one-quarter lag.
•
During the second quarter of 2022, SLB sold certain real estate and received proceeds of
$120 million. As a result of this transaction, SLB recognized a gain of $43 million.
51

4. Inventories
Inventories, which are stated at the lower of average cost or net realizable value, consist of the
following:
(Stated in millions)
2024
2023
Raw materials & field materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
2,387
$
2,296
Work in progress . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
786
762
Finished goods . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,202
1,329
$
4,375
$
4,387
5. Fixed Assets
Fixed assets consist of the following:
(Stated in millions)
2024
2023
Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
315
$
323
Buildings & improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4,510
4,569
Machinery & equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
24,748
25,073
29,573
29,965
Less: Accumulated depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
22,214
22,725
$
7,359
$
7,240
The estimated useful lives of Buildings & improvements are primarily 25 to 30 years. The estimated
useful lives of Machinery & equipment are primarily 5 to 10 years.
Depreciation expense, which is recorded on a straight-line basis, was $1.6 billion in 2024 and
$1.4 billion in each of 2023 and 2022.
6. Acquisition
On October 2, 2023, SLB, Aker, and Subsea7 closed their previously announced joint venture. The
new business, OneSubsea, will drive innovation and efficiency in subsea production by helping
customers unlock reserves and reduce cycle time. OneSubsea now comprises SLB’s and Aker’s
subsea businesses, which include an extensive complementary subsea production and processing
technology portfolio, world-class manufacturing scale and capacity, access to industry-leading
reservoir
and
digital
domain
expertise,
unique
pore-to-process
integration
capabilities,
and
strengthened research and development capabilities.
In addition to contributing its subsea business to the joint venture, at closing SLB issued 5.1 million
shares of its common stock valued at $306.5 million to Aker. Concurrently, Subsea7 purchased a 10%
interest in exchange for $306.5 million in cash to Aker. The joint venture also issued a promissory note
valued at $87.5 million to Aker. SLB owns 70% of the joint venture, while Aker owns 20% and Subsea7
owns 10%.
52

The formation of the joint venture was accounted for as a business combination. As the majority owner
and controlling entity, SLB is considered the acquirer and reflects OneSubsea as a consolidated
subsidiary in its Consolidated Financial Statements. The transfer of the SLB subsea business to the
joint venture was accounted for at historical cost, while the Aker subsea business was recorded based
on the fair value of the assets acquired and liabilities assumed of approximately $1.3 billion.
The combination of the historical cost and fair value, discussed above, resulted in net assets of the
joint venture of approximately $2.8 billion upon formation. Aker and Subsea7’s combined 30% interest
in the initial net assets of OneSubsea of $0.8 billion was recognized in Noncontrolling interests in the
Consolidated Balance Sheet. The $0.1 billion difference between the noncontrolling interest recognized
and the fair value of Aker’s net assets acquired less the fair value of the SLB shares of common stock
issued to Aker was recorded as an increase to Common stock in the Consolidated Balance Sheet.
The following amounts represent the estimated fair value of assets acquired and liabilities assumed in
connection with the formation of the joint venture.
(Stated in millions)
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
48
Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
355
Inventories (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
192
Other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
237
Fixed assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
168
Intangible assets (weighted average life of 18 years) . . . . . . . . . . . . . . . . . . . . . . . . . . .
390
Accounts payable and accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(915)
Deferred taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(127)
Other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(1)
Total identifiable net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
347
Goodwill (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
966
Total consideration transferred . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
1,313
(1)
SLB recorded an adjustment of $54 million to write-up the acquired inventory to its estimated fair
value. SLB’s Cost of sales reflected this increased valuation as the acquired inventory was sold.
$11 million of this adjustment was expensed as of December 31, 2023 and the remaining
$43 million was expensed in 2024. See Note 3 – Charges and Credits.
(2)
The goodwill recognized is primarily attributable to intangible assets that do not qualify for
separate recognition as well as expected synergies from combining the subsea operations of SLB
and Aker. None of the goodwill is deductible for income tax purposes.
For the period from October 2, 2023 to December 31, 2023, the subsea business acquired from Aker
contributed revenue of approximately $0.5 billion. The acquired Aker subsea business’ contribution to
Net income attributable to SLB for the same period was not material.
Aker reported revenue for its subsea business of approximately $1.5 billion for the year ended
December 31, 2022 and $1.4 billion for the nine months ended September 30, 2023. Assuming SLB
had acquired Aker’s subsea business as of January 1, 2022, Net income attributable to SLB and
diluted earnings per share on a pro forma basis would not be materially different from SLB’s reported
results for the years ended December 31, 2023 and 2022, respectively.
53

7. Goodwill
The changes in the carrying amount of goodwill by segment were as follows:
(Stated in millions)
Digital &
Integration
Reservoir
Performance
Well
Construction
Production
Systems
Other
Total
Balance, December 31, 2022 . . . $
2,044 $
3,804 $
6,281 $
853 $
- $
12,982
Acquisitions . . . . . . . . . . . . . . . . .
-
-
136
966
-
1,102
Balance, December 31, 2023 . . .
2,044
3,804
6,417
1,819
-
14,084
Acquisitions . . . . . . . . . . . . . . . . .
-
-
5
22
482
509
Balance, December 31, 2024 . . . $
2,044 $
3,804 $
6,422 $
1,841 $
482 $
14,593
8. Intangible Assets
Intangible assets consist of the following:
(Stated in millions)
2024
2023
Gross
Book Value
Accumulated
Amortization
Net Book
Value
Gross
Book Value
Accumulated
Amortization
Net Book
Value
Customer relationships . . . . . . . . . . . $
1,887 $
799 $
1,088 $
1,887 $
709 $
1,178
Technology/technical know-how . . .
1,588
872
716
1,516
770
746
Trade names . . . . . . . . . . . . . . . . . . .
795
299
496
795
265
530
Other . . . . . . . . . . . . . . . . . . . . . . . . . .
1,604
892
712
1,582
797
785
$
5,874 $
2,862 $
3,012 $
5,780 $
2,541 $
3,239
Customer relationships are generally amortized over periods ranging from 18 to 28 years, technology/
technical know-how are generally amortized over periods ranging from 10 to 18 years, and trade
names are generally amortized over periods ranging from 15 to 30 years.
Amortization expense was $334 million in 2024, $314 million in 2023, and $301 million in 2022.
Based on the carrying value of intangible assets at December 31, 2024, amortization expense for the
subsequent five years is estimated to be as follows: 2025: $322 million, 2026: $312 million, 2027:
$308 million, 2028: $298 million and 2029: $285 million.
54

9. Long-term Debt and Debt Facility Agreements
Long-term Debt consists of the following:
(Stated in millions)
2024
2023
3.90% Senior Notes due 2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
1,478
$
1,469
2.65% Senior Notes due 2030 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,250
1,250
1.375% Guaranteed Notes due 2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,040
1,104
2.00% Guaranteed Notes due 2032 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,034
1,098
0.25% Notes due 2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
936
994
0.50% Notes due 2031 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
935
992
4.30% Senior Notes due 2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
848
847
1.00% Guaranteed Notes due 2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
624
662
4.85% Senior Notes due 2033 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
498
497
4.50% Senior Notes due 2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
497
497
5.00% Senior Notes due 2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
495
-
5.00% Senior Notes due 2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
493
-
5.00% Senior Notes due 2034 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
489
-
7.00% Notes due 2038 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
197
200
5.95% Notes due 2041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
111
112
5.13% Notes due 2043 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
98
98
4.00% Senior Notes due 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
-
523
1.40% Senior Notes due 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
-
499
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
-
-
$
11,023
$
10,842
Long-term Debt as of December 31, 2024 is due as follows: $1.7 billion in 2026, $1.4 billion in 2027,
$2.0 billion in 2028, $1.3 billion in 2029, $1.3 billion in 2030 and $3.3 billion thereafter.
The estimated fair value of SLB’s Long-term Debt at December 31, 2024 and December 31, 2023 was
$10.4 billion and $10.2 billion, respectively, and was estimated based on quoted market prices.
At December 31, 2024, SLB had committed credit facility agreements with commercial banks
aggregating $5.0 billion, of which $2.0 billion matures in February 2028 and $3.0 billion matures in
December 2029. These committed facilities support commercial paper programs in the United States
and Europe. There were no borrowings under these facilities at December 31, 2024 and 2023.
Commercial paper borrowings are classified as long-term debt to the extent they are backed up by
available and unused committed credit facilities maturing in more than one year and to the extent it is
SLB’s intent to maintain these obligations for longer than one year. There were no borrowings under
the commercial paper programs at December 31, 2024 and 2023.
Schlumberger Limited fully and unconditionally guarantees the securities issued by certain of its
subsidiaries, including securities issued by Schlumberger Investment SA and Schlumberger Finance
Canada Ltd., both indirect wholly-owned subsidiaries of Schlumberger Limited.
55

10. Derivative Instruments and Hedging Activities
SLB’s functional currency is primarily the US dollar. Approximately 70% of SLB’s revenues in 2024
were 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 (strengthens) in
relation to the foreign currencies of the countries in which SLB conducts business, the US dollar-
reported expenses will increase (decrease).
Changes in foreign currency exchange rates expose SLB 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 risks. These contracts are accounted for as cash
flow hedges, with the fair value of the derivative recorded on the Consolidated Balance Sheet and in
Accumulated other comprehensive loss. Amounts recorded in Accumulated other comprehensive loss
are reclassified into earnings in the same period or periods that the hedged item is recognized in
earnings.
Details regarding SLB’s outstanding cross-currency interest rate swaps as of December 31, 2024,
were as follows:
•
During 2019, SLB entered into cross-currency interest rate swaps in order to hedge changes in
the fair value of its €0.5 billion 0.25% Notes due 2027 and €0.5 billion 0.50% Notes due 2031
that were issued by a US-dollar functional currency subsidiary. These cross-currency interest
rate swaps effectively convert the Euro-denominated notes to US-dollar denominated debt with
fixed annual interest rates of 2.51% and 2.76%, respectively.
•
During 2020, a US-dollar functional currency subsidiary of SLB issued €0.8 billion of Euro-
denominated debt. SLB entered into cross-currency interest rate swaps to hedge changes in
the fair value of its €0.4 billion of 0.25% Notes due 2027 and €0.4 billion of 0.50% Notes due
2031. These cross-currency interest rate swaps effectively convert the Euro-denominated
notes to US-dollar denominated debt with fixed annual interest rates of 1.87% and 2.20%,
respectively.
•
During 2020, a US-dollar functional currency subsidiary of SLB issued €2.0 billion of Euro-
denominated debt. SLB entered into cross-currency interest rate swaps to hedge changes in
the fair value of its €1.0 billion of 1.375% Guaranteed Notes due 2026 and €1.0 billion of 2.00%
Guaranteed Notes due 2032. These cross-currency interest rate swaps effectively convert the
Euro-denominated notes to US-dollar denominated debt with fixed annual interest rates of
2.77% and 3.49%, respectively.
•
During 2020, a Canadian dollar functional currency subsidiary of SLB issued $0.5 billion of US
dollar denominated debt. SLB entered into cross-currency interest rate swaps to hedge
changes in the fair value of its $0.5 billion 1.40% Senior Notes due 2025. These cross-
currency interest rate swaps effectively convert the US dollar notes to Canadian dollar
denominated debt with a fixed annual interest rate of 1.73%.
A summary of the amounts included in the Consolidated Balance Sheet relating to cross currency
interest rate swaps follows:
(Stated in millions)
Dec. 31, 2024
Dec. 31, 2023
Other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
37
$
-
Other Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
2
$
36
Other Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
183
$
67
56

The fair values were determined using a model with inputs that are observable in the market or can be
derived or corroborated by observable data.
SLB is exposed to risks on future cash flows to the extent that the local currency is not the functional
currency and expenses denominated in local currency are not equal to revenues denominated in local
currency. SLB uses foreign currency forward contracts to provide a hedge against a portion of these
cash flow risks. These contracts are accounted for as cash flow hedges.
SLB is also exposed to changes in the fair value of assets and liabilities denominated in currencies
other than the functional currency. While SLB uses foreign currency forward contracts to economically
hedge this exposure as it relates to certain currencies, these contracts are not designated as hedges
for accounting purposes. Instead, the fair value of the derivative is recorded on the Consolidated
Balance Sheet and changes in the fair value are recognized in the Consolidated Statement of Income,
as are changes in the fair value of the hedged item. Transaction losses of $139 million in 2024,
$154 million (including $90 million related to the Argentina devaluation; see Note 3 – Charges and
credits for further details) in 2023, and $96 million in 2022 were recognized in the Consolidated
Statement of Income net of related hedging activities.
Foreign currency forward contracts were outstanding for the US dollar equivalent of $5.5 billion and
$5.4 billion in various foreign currencies as of December 31, 2024 and 2023, respectively.
Other than the previously mentioned cross-currency interest rate swaps, the fair value of the other
outstanding derivatives was not material as of December 31, 2024 and 2023.
The effect of derivative instruments designated as hedges and those not designated as hedges on the
Consolidated Statement of Income was as follows:
(Stated in millions)
Gain (Loss) Recognized in
Income
Consolidated Statement of
Income Classification
2024
2023
2022
Derivatives designated as cash flow hedges:
Cross-currency interest rate swaps . . . . . . .
$
(199)$
173 $
(254) Cost of services/sales
Cross-currency interest rate swaps . . . . . . .
(85)
(88)
(88) Interest expense
Commodity contracts . . . . . . . . . . . . . . . . . .
(7)
3
(87) Revenue
Foreign currency forward contracts . . . . . . .
23
15
(30) Cost of services/sales
Foreign exchange contract . . . . . . . . . . . . . .
(12)
-
- Revenue
$
(280)$
103 $
(459)
Derivatives not designated as hedges:
Foreign currency forward contracts . . . . . . .
$
5 $
(9) $
42 Cost of services/sales
SLB has issued credit default swaps (“CDSs”) to certain financial institutions that have an aggregate
notional amount outstanding of approximately $1.15 billion as of December 31, 2024. The CDSs relate
to borrowings provided by the financial institutions to SLB’s primary customer in Mexico. The
borrowings were used by this customer to pay certain of SLB’s outstanding receivables. Approximately
$350 million of the outstanding CDSs reduces on a monthly basis over its remaining 14-month term
while the remaining $800 million reduces on a monthly basis over its remaining 18-month term. The fair
value of these derivative liabilities was not material at December 31, 2024.
57

11. Stockholders’ Equity
SLB is authorized to issue 4,500,000,000 shares of common stock, par value $0.01 per share, of which
1,400,850,420 and 1,427,394,843 shares were outstanding on December 31, 2024 and 2023,
respectively. Holders of common stock are entitled to one vote for each share of stock held. SLB is
also authorized to issue 200,000,000 shares of preferred stock, par value $0.01 per share, which may
be issued in series with terms and conditions determined by the SLB Board of Directors. No shares of
preferred stock have been issued.
Accumulated Other Comprehensive Loss consists of the following:
(Stated in millions)
2024
2023
2022
Currency translation adjustments . . . . . . . . . . . . . . . . . . . . . . .
$
(2,697) $
(2,557) $
(2,444)
Pension and other postretirement benefit plans . . . . . . . . . . .
(2,275)
(1,709)
(1,295)
Cash flow hedges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
46
42
(116)
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(24)
(30)
-
$
(4,950) $
(4,254) $
(3,855)
12. Stock-based Compensation Plans
SLB has three types of stock-based compensation programs: (i) a restricted stock unit and
performance share unit program (collectively referred to as “restricted stock”), (ii) a discounted stock
purchase plan (“DSPP”), and (iii) stock options.
Restricted Stock
SLB grants performance share units to certain key employees. The number of shares earned is
determined at the end of each performance period based on SLB’s achievement of certain predefined
targets as described in the underlying performance share unit agreement. In the event SLB exceeds
the predefined target, shares for up to a maximum of 250% of the target award may be awarded. In the
event SLB falls below the predefined target, a reduced number of shares may be awarded. If SLB falls
below the threshold award performance level, no shares will be awarded. As of December 31, 2024,
2.4 million performance share units were outstanding assuming the achievement of 100% of target.
Restricted stock awards do not pay dividends or have voting rights prior to vesting and generally vest
at the end of three years or ratably in equal tranches over a three-year period. The fair value of a
restricted stock award is generally the quoted market price of SLB’s stock on the date of grant less the
present value of the expected dividends not received prior to vesting.
58

The following table summarizes information related to restricted stock activity:
(Shares stated in millions)
2024
2023
2022
Restricted
Stock
Weighted-
Average
Grant
Date Fair
Value
Restricted
Stock
Weighted-
Average
Grant
Date Fair
Value
Restricted
Stock
Weighted-
Average
Grant
Date Fair
Value
Unvested at beginning of year . . . . . . . . . . .
14 $
39.88
18 $
30.24
22 $
29.03
Granted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6 $
45.44
5 $
56.24
7 $
36.16
Adjustments for performance achieved . . . .
1 $
22.85
2 $
32.47
2 $
35.55
Vested . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(8) $
32.50
(11) $
29.82
(13) $
32.42
Unvested at year-end
13 $
46.12
14 $
39.88
18 $
30.24
Discounted Stock Purchase Plan
Under the terms of the DSPP, employees can choose to have a portion of their earnings withheld,
subject to certain restrictions, to purchase SLB common stock. Until July 1, 2022, the purchase price of
the stock was 92.5% of the lower of the stock price at the beginning or end of the plan period at
six-month intervals. Effective July 1, 2022, the purchase price of the stock was changed to 85% of the
lower of the stock price at the beginning or end of the plan period at six-month intervals.
The fair value of the employees’ purchase rights under the DSPP was estimated using the Black-
Scholes model with the following assumptions and resulting weighted-average fair value per share:
2024
2023
2022
Dividend yield . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2.1%
1.7%
1.8%
Expected volatility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
31%
50%
47%
Risk-free interest rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.31%
5.13%
1.32%
Weighted-average fair value per share . . . . . . . . . . . . . . . . . . . .
$
12.02
$
14.93
$
8.05
Stock Options
Key employees may be granted stock options under SLB stock option plans. The exercise price equals
the average of the high and low sales prices of SLB stock on the date of grant. The maximum term is
10 years, and the options generally vest in increments over five years.
59

The following table summarizes stock option activity:
(Shares stated in millions)
2024
2023
2022
Shares
Weighted-
Average
Exercise
Price
Shares
Weighted-
Average
Exercise
Price
Shares
Weighted-
Average
Exercise
Price
Outstanding at beginning of year . . . . . .
28 $
72.33
35 $
70.31
42 $
68.95
Exercised . . . . . . . . . . . . . . . . . . . . . . . . .
(1) $
39.91
(2) $
40.02
(2) $
40.04
Forfeited / expired . . . . . . . . . . . . . . . . . .
(5) $
91.55
(5) $
73.18
(5) $
71.45
Outstanding at year-end . . . . . . . . . . . . .
22 $
69.20
28 $
72.33
35 $
70.31
The following table summarizes information related to options outstanding and options exercisable as
of December 31, 2024:
(Shares stated in millions)
Options Outstanding
Options Exercisable
Exercise prices range
Options
Outstanding
Weighted-
Average
Remaining
Life
(in years)
Weighted-
Average
Exercise
Price
Options
Exercisable
Weighted-
Average
Exercise
Price
$38.75 - $41.47 . . . . . . . . . . . . . . .
6
4.7
$
39.75
5
$
40.00
$47.55 - $77.10 . . . . . . . . . . . . . . .
5
1.8
$
70.54
5
$
70.54
$77.80 - $84.22 . . . . . . . . . . . . . . .
5
1.0
$
80.09
5
$
80.09
$87.38 - $91.74 . . . . . . . . . . . . . . .
6
1.2
$
89.44
6
$
89.44
22
2.3
$
69.20
21
$
71.08
The weighted-average remaining contractual life of stock options exercisable as of December 31, 2024
was 2.1 years.
Stock options outstanding as of December 31, 2024 had no intrinsic value.
Total Stock-based Compensation Expense
The following summarizes stock-based compensation expense recognized in income:
(Stated in millions)
2024
2023
2022
Restricted stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
250
$
225
$
255
DSPP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
59
56
41
Stock options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7
12
17
$
316
$
293
$
313
60

At December 31, 2024, there was $292 million of total unrecognized compensation cost related to
nonvested stock-based compensation arrangements, of which $172 million is expected to be
recognized in 2025, $100 million in 2026, $17 million in 2027, and $3 million in 2028.
As of December 31, 2024, approximately 18 million shares of SLB common stock were available for
future grants under SLB’s stock-based compensation programs.
13. Income Taxes
Income before taxes subject to United States and non-United States income taxes was as follows:
(Stated in millions)
2024
2023
2022
United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
641
$
355
$
600
Outside United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5,031
4,927
3,671
$
5,672
$
5,282
$
4,271
SLB recorded net pretax charges of $540 million in 2024 ($188 million of charges in the US and
$352 million of net charges outside the US); $110 million in 2023 ($2 million of net credits in the US
and $112 million of charges outside the US); and $347 million in 2022 ($379 million of net credits in the
US and $32 million of net charges outside the US). These charges and credits are included in the table
above and are more fully described in Note 3 – Charges and Credits.
The components of net deferred tax liabilities were as follows:
(Stated in millions)
2024
2023
Intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
(788) $
(844)
Net operating losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
123
214
Fixed assets, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
173
190
Research and development credits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
158
162
Capitalized research and development costs . . . . . . . . . . . . . . . . . . . . . . . .
216
155
Pension and other postretirement benefits . . . . . . . . . . . . . . . . . . . . . . . . . .
(62)
(94)
Other, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
113
77
$
(67) $
(140)
Approximately $97 million of the $123 million deferred tax asset relating to net operating losses at
December 31, 2024 can be carried forward indefinitely. The majority of the remaining balance expires
at various dates between 2037 and 2042.
The deferred tax balance at December 31, 2024 and 2023 was net of valuation allowances relating to
the following:
(Stated in millions)
2024
2023
US foreign tax credits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
162
$
188
Net operating losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
62
$
106
61

The vast majority of the $162 million of US foreign tax credits will expire by 2026.
The components of Tax expense were as follows:
(Stated in millions)
2024
2023
2022
Current:
United States-Federal . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
10
$
(23) $
2
United States-State . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7
5
3
Outside United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,117
997
813
1,134
979
818
Deferred:
United States-Federal . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
88
$
(77) $
98
United States-State . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
6
13
Outside United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(61)
104
(70)
Valuation allowance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(70)
(5)
(80)
(41)
28
(39)
$
1,093
$
1,007
$
779
A reconciliation of the United States statutory federal tax rate to the consolidated effective tax rate
follows:
2024
2023
2022
US federal statutory rate . . . . . . . . . . . . . . . . . . . . . . . . . .
21%
21%
21%
Charges and credits (See Note 3) . . . . . . . . . . . . . . . . . .
—
—
(1)
Change in valuation allowance . . . . . . . . . . . . . . . . . . . . .
(1)
—
(2)
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(1)
(2)
—
19%
19%
18%
A number of the jurisdictions in which SLB operates have tax laws that are not fully defined and are
evolving. SLB’s tax filings are subject to regular audit by the tax authorities. These audits may result in
assessments for additional taxes that are resolved with the tax authorities or, potentially, through the
courts. Tax liabilities are recorded based on estimates of additional taxes that will be due upon the
conclusion of these audits. Due to the uncertain and complex application of tax regulations, the
ultimate resolution of audits may result in liabilities which could be materially different from these
estimates.
62

A reconciliation of the beginning and ending amount of liabilities associated with uncertain tax positions
is as follows:
(Stated in millions)
2024
2023
2022
Balance at beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
783 $
893
$
1,001
Additions based on tax positions related to the current year . . . .
79
66
41
Additions for tax positions of prior years . . . . . . . . . . . . . . . . . . . .
150
91
64
Impact of changes in exchange rates . . . . . . . . . . . . . . . . . . . . . .
(23)
(25)
(38)
Settlements with tax authorities . . . . . . . . . . . . . . . . . . . . . . . . . . .
(75)
(36)
(37)
Reductions for tax positions of prior years . . . . . . . . . . . . . . . . . .
(104)
(176)
(94)
Reductions due to the lapse of statute of limitations . . . . . . . . . .
(95)
(30)
(44)
$
715 $
783
$
893
The amounts above exclude accrued interest and penalties of $116 million at December 31, 2024 and
$155 million at December 31, 2023. SLB classifies interest and penalties relating to uncertain tax
positions within Tax expense in the Consolidated Statement of Income.
The following table summarizes the tax years that are either currently under audit or remain open and
subject to examination by the tax authorities in the most significant jurisdictions in which SLB operates:
Ecuador . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2020 - 2024
Mexico . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2019 - 2024
Norway . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2019 - 2024
Russia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2022 - 2024
Saudi Arabia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2019 - 2024
United Kingdom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2020 - 2024
United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2021 - 2024
14. Leases
SLB’s leasing activities primarily consist of operating leases for administrative offices, manufacturing
facilities, research centers, service centers, sales offices, and certain equipment. Total operating lease
expense, which approximates cash paid and includes short-term leases, was $1.4 billion in each of
2024 and 2023 and $1.2 billion in 2022.
63

Maturities of operating lease liabilities as of December 31, 2024 were as follows:
(Stated in millions)
2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
193
2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
142
2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
118
2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
96
2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
72
Thereafter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
249
Total lease payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
870
Less: Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(128)
$
742
Amounts recognized in balance sheet:
Accounts payable and accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
186
Other Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
556
$
742
The weighted-average remaining lease term as of December 31, 2024 was 8 years. The weighted-
average discount rate used to determine the operating lease liability as of December 31, 2024
was 3.8%.
15. Contingencies
SLB is party to various legal proceedings from time to time. A liability is accrued when a loss is both
probable and can be reasonably estimated. Management believes that the probability of a material loss
with respect to any currently pending legal proceeding is remote. However, litigation is inherently
uncertain, and it is not possible to predict the ultimate disposition of any of these proceedings.
16. Segment Information
SLB is organized under four Divisions that combine and integrate SLB’s technologies, enhancing the
Company’s ability to support the emerging long-term growth opportunities in each of these market
segments.
The four Divisions, representing SLB’s segments, are:
•
Digital & Integration – Combines SLB’s industry-leading digital solutions and data products
with its integrated offering of Asset Performance Solutions.
•
Reservoir Performance – Consists of reservoir-centric technologies and services that are
critical to optimizing reservoir productivity and performance.
•
Well Construction – Combines the full portfolio of products and services to optimize well
placement and performance, maximize drilling efficiency, and improve wellbore assurance.
•
Production
Systems
–
Develops
technologies
and
provides
expertise
that
enhance
production and recovery from subsurface reservoirs to the surface, into pipelines, and to
refineries.
64

Financial information by segment is as follows:
(Stated in millions)
2024
Revenue
Pretax Income
Assets
Depreciation
and
Amortization
Capital
Investments
Digital & Integration . . . . . . . . . . . . . . . . . . $
4,247 $
1,408 $
3,117 $
654 $
682
Reservoir Performance . . . . . . . . . . . . . . .
7,177
1,452
3,802
403
624
Well Construction . . . . . . . . . . . . . . . . . . . .
13,357
2,826
6,741
649
745
Production Systems . . . . . . . . . . . . . . . . . .
12,143
1,898
7,116
348
418
Eliminations & other . . . . . . . . . . . . . . . . . .
(635)
(263)
1,247
287
143
Goodwill and intangible assets . . . . . . . . .
17,605
Cash and short-term investments . . . . . . .
4,669
All other assets . . . . . . . . . . . . . . . . . . . . . .
4,638
Corporate & other (1) . . . . . . . . . . . . . . . . . .
(744)
178
Interest income (2) . . . . . . . . . . . . . . . . . . . .
134
Interest expense (3) . . . . . . . . . . . . . . . . . . .
(498)
Charges & credits (4) . . . . . . . . . . . . . . . . . .
(541)
$
36,289 $
5,672 $
48,935 $
2,519 $
2,612
(Stated in millions)
2023
Revenue
Pretax Income
Assets
Depreciation
and
Amortization
Capital
Investments
Digital & Integration . . . . . . . . . . . . . . . . . . $
3,871 $
1,257 $
3,089 $
578 $
660
Reservoir Performance . . . . . . . . . . . . . . .
6,561
1,263
3,491
387
514
Well Construction . . . . . . . . . . . . . . . . . . . .
13,478
2,932
7,129
587
908
Production Systems . . . . . . . . . . . . . . . . . .
9,831
1,245
6,640
325
384
Eliminations & other . . . . . . . . . . . . . . . . . .
(606)
(174)
1,352
277
133
Goodwill and intangible assets . . . . . . . . .
17,323
Cash and short-term investments . . . . . . .
3,989
All other assets . . . . . . . . . . . . . . . . . . . . . .
4,944
Corporate & other (1) . . . . . . . . . . . . . . . . . .
(729)
158
Interest income (2) . . . . . . . . . . . . . . . . . . . .
87
Interest expense (3) . . . . . . . . . . . . . . . . . . .
(489)
Charges & credits (4) . . . . . . . . . . . . . . . . . .
(110)
$
33,135 $
5,282 $
47,957 $
2,312 $
2,599
65

(Stated in millions)
2022
Revenue
Pretax Income
Assets
Depreciation
and
Amortization
Capital
Investments
Digital & Integration . . . . . . . . . . . . . . . . . . . $
3,725 $
1,357 $
3,132 $
504 $
689
Reservoir Performance . . . . . . . . . . . . . . . .
5,553
881
3,159
386
478
Well Construction . . . . . . . . . . . . . . . . . . . .
11,397
2,202
6,481
524
687
Production Systems . . . . . . . . . . . . . . . . . .
7,862
748
5,603
311
346
Eliminations & other . . . . . . . . . . . . . . . . . .
(446)
(177)
1,426
271
102
Goodwill and intangible assets . . . . . . . . . .
15,974
Cash and short-term investments . . . . . . .
2,897
All other assets . . . . . . . . . . . . . . . . . . . . . .
4,463
Corporate & other (1) . . . . . . . . . . . . . . . . . .
(637)
151
Interest income (2) . . . . . . . . . . . . . . . . . . . .
27
Interest expense (3) . . . . . . . . . . . . . . . . . . .
(477)
Charges & credits (4) . . . . . . . . . . . . . . . . . .
347
$
28,091 $
4,271 $
43,135 $
2,147 $
2,302
(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)
Interest income excludes amounts which are included in the segments’ income (2024: $39 million; 2023:
$12 million; 2022: $72 million).
(3)
Interest expense excludes amounts which are included in the segments’ income (2024: $14 million; 2023:
$14 million; 2022: $13 million).
(4)
See Note 3 – Charges and Credits.
Segment assets consist of receivables, inventories, fixed assets, exploration data, and APS
investments.
Capital investments includes capital expenditures, APS investments, and exploration data cost
capitalized.
Depreciation and amortization includes depreciation of fixed assets and amortization of intangible
assets, exploration data costs, and APS investments.
Revenue by geographic area for the years ended December 31, 2024, 2023, and 2022 was as follows:
(Stated in millions)
2024
2023
2022
North America . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
6,680
$
6,727
$
5,995
Latin America . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6,719
6,645
5,661
Europe & Africa * . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9,671
8,524
7,201
Middle East & Asia . . . . . . . . . . . . . . . . . . . . . . . . . .
13,026
11,019
9,033
Eliminations & other . . . . . . . . . . . . . . . . . . . . . . . . .
193
220
201
$
36,289
$
33,135
$
28,091
* Includes Russia and the Caspian region
66

Revenue is based on the location where services are provided and products are sold.
SLB did not have revenue from third-party customers in its country of domicile during the last three
years. Revenue in the United States in 2024, 2023, and 2022 was $5.3 billion, $5.4 billion, and
$4.6 billion, respectively.
North America and International revenue disaggregated by segment was as follows:
(Stated in millions)
2024
North
America
International
Other
Total
Digital & Integration . . . . . . . . . . . . . . . . . . .
$
1,115
$
3,127
$
5 $
4,247
Reservoir Performance . . . . . . . . . . . . . . . .
548
6,622
7
7,177
Well Construction . . . . . . . . . . . . . . . . . . . . .
2,359
10,776
222
13,357
Production Systems . . . . . . . . . . . . . . . . . . .
2,725
9,386
32
12,143
Eliminations & other . . . . . . . . . . . . . . . . . . .
(67)
(496)
(72)
(635)
$
6,680
$
29,415
$
194 $
36,289
(Stated in millions)
2023
North
America
International
Other
Total
Digital & Integration . . . . . . . . . . . . . . . . . . .
$
984
$
2,881
$
6 $
3,871
Reservoir Performance . . . . . . . . . . . . . . . .
498
6,057
6
6,561
Well Construction . . . . . . . . . . . . . . . . . . . . .
2,709
10,530
239
13,478
Production Systems . . . . . . . . . . . . . . . . . . .
2,598
7,219
14
9,831
Eliminations & other . . . . . . . . . . . . . . . . . . .
(62)
(499)
(45)
(606)
$
6,727
$
26,188
$
220 $
33,135
(Stated in millions)
2022
North
America
International
Other
Total
Digital & Integration . . . . . . . . . . . . . . . . . . .
$
1,069
$
2,651
$
5 $
3,725
Reservoir Performance . . . . . . . . . . . . . . . .
455
5,091
7
5,553
Well Construction . . . . . . . . . . . . . . . . . . . . .
2,311
8,875
211
11,397
Production Systems . . . . . . . . . . . . . . . . . . .
2,176
5,675
11
7,862
Eliminations & other . . . . . . . . . . . . . . . . . . .
(16)
(397)
(33)
(446)
$
5,995
$
21,895
$
201 $
28,091
67

Fixed Assets less accumulated depreciation by geographic area was as follows:
(Stated in millions)
2024
2023
North America . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
1,805
$
1,728
Latin America . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,044
1,079
Europe & Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,721
1,804
Middle East & Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,789
2,629
$
7,359
$
7,240
Significant segment expenses, which represents the difference between segment revenue and pretax
segment income, consist of the following:
(Stated in millions)
2024
Digital &
Integration
Reservoir
Performance
Well
Construction
Production
Systems
Compensation . . . . . . . . . . . . . . . . . . . . . . . . . $
811 $
1,638 $
2,587 $
1,043
Cost of products, materials, and supplies . . .
-
1,232
3,579
7,610
Depreciation and amortization . . . . . . . . . . . .
654
403
649
348
Allocations . . . . . . . . . . . . . . . . . . . . . . . . . . . .
426
668
1,011
529
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
948
1,784
2,705
715
$
2,839 $
5,725 $
10,531 $
10,245
(Stated in millions)
2023
Digital &
Integration
Reservoir
Performance
Well
Construction
Production
Systems
Compensation . . . . . . . . . . . . . . . . . . . . . . . . . $
806 $
1,501 $
2,526 $
1,104
Cost of products, materials, and supplies . . .
-
1,157
3,673
5,946
Depreciation and amortization . . . . . . . . . . . .
578
387
587
325
Allocations . . . . . . . . . . . . . . . . . . . . . . . . . . . .
424
605
943
492
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
806
1,648
2,817
719
$
2,614 $
5,298 $
10,546 $
8,586
68

(Stated in millions)
2022
Digital &
Integration
Reservoir
Performance
Well
Construction
Production
Systems
Compensation . . . . . . . . . . . . . . . . . . . . . . . . . $
751 $
1,366 $
2,247 $
976
Cost of products, materials, and supplies . . .
-
977
3,273
4,732
Depreciation and amortization . . . . . . . . . . . .
504
386
524
311
Allocations . . . . . . . . . . . . . . . . . . . . . . . . . . . .
406
571
828
470
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
707
1,372
2,323
625
$
2,368 $
4,672 $
9,195 $
7,114
Other segment expenses include transportation, mobilization, lease, occupancy, professional, and
other costs.
SLB’s chief operating decision maker is its Chief Executive Officer who uses pretax segment income to
assess the performance of each segment.
17. Pension and Other Postretirement Benefit Plans
Pension Plans
SLB sponsors several defined benefit pension plans that cover substantially all US employees hired
prior to October 1, 2004. The benefits are based on years of service and compensation, on a career-
average pay basis.
In addition to the US defined benefit pension plans, SLB sponsors several other international defined
benefit pension plans. The most significant of these international plans are the International Staff
Pension Plan and the UK pension plan (collectively, the “International plans”). The International Staff
Pension Plan covers certain international employees hired prior to July 1, 2014 and is based on years
of service and compensation on a career-average pay basis. The UK plan covers employees hired
prior to April 1, 1999, and is based on years of service and compensation, on a final salary basis.
The weighted-average assumed discount rate, compensation increases and expected long-term rate of
return on plan assets used to determine the net pension cost for the US and International plans were
as follows:
US
International
2024
2023
2022
2024
2023
2022
Discount rate . . . . . . . . . . . . . . .
5.25%
5.50%
3.00%
5.14%
5.41%
2.83%
Compensation increases . . . . . .
4.00%
4.00%
4.00%
4.84%
4.84%
4.83%
Return on plan assets . . . . . . . .
6.00%
6.00%
4.40%
5.91%
6.00%
5.05%
69

Net pension cost (credit) included the following components:
(Stated in millions)
US
International
2024
2023
2022
2024
2023
2022
Service cost . . . . . . . . . . . . . . . . . . . . . . . . . $
23 $
23 $
37 $
56 $
54 $
101
Interest cost . . . . . . . . . . . . . . . . . . . . . . . . .
173
178
137
413
407
298
Expected return on plan assets . . . . . . . . . .
(200)
(198)
(202)
(553)
(607)
(530)
Amortization of net loss . . . . . . . . . . . . . . . .
-
-
5
10
-
80
$
(4) $
3 $
(23) $
(74) $
(146) $
(51)
The weighted-average assumed discount rate and compensation increases used to determine the
projected benefit obligations for the US and International plans were as follows:
US
International
2024
2023
2024
2023
Discount rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.70%
5.25%
5.67%
5.14%
Compensation increases . . . . . . . . . . . . . . . . . . . . . . . . .
4.00%
4.00%
4.85%
4.84%
70

The changes in the projected benefit obligation, plan assets and funded status of the plans were as
follows:
(Stated in millions)
US
International
2024
2023
2024
2023
Change in Projected Benefit Obligations:
Projected benefit obligation at beginning of year . . . . .
$
3,413
$
3,315
$
8,109
$
7,598
Service cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
23
23
56
54
Interest cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
173
178
413
407
Contribution by plan participants . . . . . . . . . . . . . . . . . .
—
—
61
52
Actuarial losses (gains) . . . . . . . . . . . . . . . . . . . . . . . . .
(160)
117
(457)
302
Currency effect . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
(2)
56
Benefits paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(224)
(220)
(384)
(360)
Projected benefit obligation at end of year . . . . . . . . . .
$
3,225
$
3,413
$
7,796
$
8,109
Change in Plan Assets:
Plan assets at fair value at beginning of year . . . . . . . .
$
3,427
$
3,396
$
8,390
$
8,126
Actual return on plan assets . . . . . . . . . . . . . . . . . . . . .
(38)
242
(408)
494
Currency effect . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
(2)
71
Company contributions . . . . . . . . . . . . . . . . . . . . . . . . .
10
9
17
7
Contributions by plan participants . . . . . . . . . . . . . . . . .
—
—
61
52
Benefits paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(224)
(220)
(384)
(360)
Plan assets at fair value at end of year . . . . . . . . . . . . .
$
3,175
$
3,427
$
7,674
$
8,390
Asset / (Unfunded Liability) . . . . . . . . . . . . . . . . . . . .
$
(50)
$
14
$
(122) $
281
Amounts Recognized in Balance Sheet:
Postretirement Benefits . . . . . . . . . . . . . . . . . . . . . . . . .
$
(154)
$
(159)
$
(358) $
(16)
Other Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
104
173
236
297
$
(50)
$
14
$
(122) $
281
Amounts Recognized in Accumulated Other
Comprehensive Loss:
Actuarial losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
405
$
328
$
2,296
$
1,804
Accumulated benefit obligation . . . . . . . . . . . . . . . . . . .
$
3,137
$
3,313
$
7,634
$
7,942
The asset represents the difference between the plan assets and the projected benefit obligation
(“PBO”). The PBO represents the actuarial present value of benefits based on employee service and
compensation and includes an assumption about future compensation levels. The accumulated benefit
obligation represents the actuarial present value of benefits based on employee service and
compensation but does not include an assumption about future compensation levels.
Actuarial gains and losses arising during 2024 and 2023 were primarily attributable to changes in the
discount rate used to determine the PBO.
71

The weighted-average allocation of plan assets as of December 31, 2024 and 2023 and the target
allocations by asset category as of December 31, 2024 were as follows:
US
International
Target
2024
2023
Target
2024
2023
Cash and cash equivalents . . . . . . . . .
0 - 3%
1%
1%
0 - 5%
1%
3%
Equity securities . . . . . . . . . . . . . . . . .
0 - 5
2
-
0 - 5
3
1
Debt securities . . . . . . . . . . . . . . . . . . .
80 - 90
82
84
60 - 70
69
69
Private equity and real estate . . . . . . .
5 - 12
9
10
15 - 20
17
17
Private debt . . . . . . . . . . . . . . . . . . . . .
2 - 8
6
5
9 - 15
10
10
100%
100%
100%
100%
100%
100%
The expected rate of return on assets assumptions reflect the long-term average rate of return
expected to be earned on plan assets. The assumptions have been determined based on expectations
regarding future rates of return for the portfolio considering the asset allocation and related historical
rates of return. The appropriateness of the assumptions is reviewed annually.
The fair value of SLB’s pension plan assets at December 31, 2024 and 2023, by asset category, is
presented below and was determined based on valuation techniques categorized as follows:
•
Level One: The use of quoted prices in active markets for identical instruments.
•
Level Two: The use of quoted prices for similar instruments in active markets or quoted prices
for identical or similar instruments in markets that are not active or other inputs that are
observable in the market or can be corroborated by observable market data.
72

•
Level Three: The use of significant unobservable inputs that typically require the use of
management’s estimates of assumptions that market participants would use in pricing.
(Stated in millions)
US Plan Assets
2024
2023
Total
Level
One
Level
Two
Level
Three
Total
Level
One
Level
Two
Level
Three
Asset Category:
Cash and Cash Equivalents . . . . . . . . . . . . . . . $
33 $
33 $
- $
- $
33 $
33 $
- $
-
Equity Securities . . . . . . . . . . . . . . . . . . . . . . . .
70
58
12
-
6
-
6
-
Debt Securities:
Corporate bonds . . . . . . . . . . . . . . . . . . . . . .
1,713
-
1,713
-
1,540
-
1,540
-
Government and related debt securities . . .
861
13
848
-
1,334
163
1,171
-
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13
-
13
-
12
-
12
-
Alternative Investments:
Private equity . . . . . . . . . . . . . . . . . . . . . . . . .
234
-
-
234
287
-
-
287
Private debt . . . . . . . . . . . . . . . . . . . . . . . . . .
186
-
-
186
148
-
-
148
Real estate . . . . . . . . . . . . . . . . . . . . . . . . . .
65
-
-
65
67
-
-
67
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
3,175 $
104 $
2,586 $
485 $
3,427 $
196 $
2,729 $
502
(Stated in millions)
International Plan Assets
2024
2023
Total
Level
One
Level
Two
Level
Three
Total
Level
One
Level
Two
Level
Three
Asset Category:
Cash and Cash Equivalents . . . . . . . . . . . . . . . $
90 $
89 $
1 $
- $
267 $
260 $
7 $
-
Equity Securities . . . . . . . . . . . . . . . . . . . . . . . .
264
264
122
122
Debt Securities:
Corporate bonds . . . . . . . . . . . . . . . . . . . . . .
2,948
-
2,948
-
3,001
-
3,001
-
Government and related debt securities . . .
1,969
448
1,521
-
2,466
563
1,903
-
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
390
-
390
-
292
-
292
-
Alternative Investments:
Private equity . . . . . . . . . . . . . . . . . . . . . . . . .
1,136
-
-
1,136
1,269
-
-
1,269
Private debt . . . . . . . . . . . . . . . . . . . . . . . . . .
738
-
-
738
805
-
-
805
Real estate . . . . . . . . . . . . . . . . . . . . . . . . . .
139
-
-
139
168
-
-
168
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
7,674 $
801 $
4,860 $
2,013 $
8,390 $
945 $
5,203 $
2,242
SLB’s funding policy is to contribute amounts that are based upon a number of factors including the
funded status of the plans, amounts that are deductible for income tax purposes, legal funding
requirements, and available cash flow. SLB does not expect to make any material contributions to its
postretirement benefit plans in 2025.
Postretirement Benefits Other Than Pensions
SLB provides healthcare benefits to certain former US employees who have retired.
73

The actuarial assumptions used to determine the accumulated postretirement benefit obligation and
net periodic benefit cost for the US postretirement medical plan were as follows:
Benefit Obligation
At December 31,
Net Periodic Benefit
Cost for the Year
2024
2023
2024
2023
2022
Discount rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.25%
5.25%
5.25%
5.50%
3.00%
Return on plan assets . . . . . . . . . . . . . . . . . . . . . . . . .
-
-
4.43%
4.41%
2.94%
Current medical cost trend rate . . . . . . . . . . . . . . . . .
7.25%
7.50%
7.25%
7.50%
6.75%
Ultimate medical cost trend rate . . . . . . . . . . . . . . . .
4.50%
4.50%
4.50%
4.50%
4.50%
Year that the rate reaches the ultimate trend rate . .
2035
2035
2035
2035
2031
The net credit for the US postretirement medical plan included the following components:
(Stated in millions)
2024
2023
2022
Service cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
19
$
16
$
23
Interest cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
41
42
33
Expected return on plan assets . . . . . . . . . . . . . . . . . . . . . . . . .
(42)
(41)
(38)
Amortization of prior service credit . . . . . . . . . . . . . . . . . . . . . .
(23)
(23)
(23)
Amortization of net gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(13)
(12)
(10)
$
(18) $
(18) $
(15)
74

The changes in the accumulated postretirement benefit obligation, plan assets and funded status were
as follows:
(Stated in millions)
2024
2023
Change in Accumulated Postretirement Benefit Obligation:
Benefit obligation at beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
805
$
808
Service cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
19
16
Interest cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
41
42
Contribution by plan participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6
7
Actuarial gains . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(37)
(7)
Benefits paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(53)
(61)
Benefit obligation at end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
781
$
805
Change in Plan Assets:
Plan assets at fair value at beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
964
$
938
Actual return on plan assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1
87
Contributions by plan participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6
7
Benefits paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(58)
(68)
Plan assets at fair value at end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
913
$
964
Asset . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
132
$
159
Amounts Recognized in Accumulated Other Comprehensive Loss:
Actuarial gains . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
224
$
239
Prior service credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13
36
$
237
$
275
The asset balance relating to this plan was included in Other Assets in the Consolidated Balance
Sheet.
The assets of the US postretirement medical plan are invested 85% in debt securities and 15% in
equity securities at December 31, 2024. The fair value of these assets was primarily determined based
on Level Two valuation techniques.
Other Information
The expected benefits to be paid under the US and International pension plans as well as the
postretirement medical plan are as follows:
(Stated in millions)
Pension Plans
Postretirement
Medical Plan
US
International
2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
230
$
423
$
49
2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
233
$
437
$
50
2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
232
$
454
$
51
2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
233
$
469
$
53
2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
234
$
475
$
55
2030-2034 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
1,180
$
2,591
$
310
75

18. Supplementary Information
Cash paid for interest and income taxes was as follows:
(Stated in millions)
2024
2023
2022
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
510
$
503
$
562
Income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
1,140
$
1,064
$
716
Interest and other income, net includes the following:
(Stated in millions)
2024
2023
2022
Earnings of equity method investments . . . . . . . . . . . . . . . . . . .
$
182
$
206
$
164
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
174
100
99
Gain on sale of investment * . . . . . . . . . . . . . . . . . . . . . . . . . . . .
24
—
—
Gain on sale of Liberty shares * . . . . . . . . . . . . . . . . . . . . . . . . .
—
36
325
Loss on Blue Chip Swap transactions * . . . . . . . . . . . . . . . . . . .
—
—
(139)
Gain on ADC equity investment * . . . . . . . . . . . . . . . . . . . . . . . .
—
—
107
Gain on sale of real estate * . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
43
Gain on repurchase of bonds * . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
11
$
380
$
342
$
610
* See Note 3 – Charges and Credits
The components of depreciation and amortization expense were as follows:
(Stated in millions)
2024
2023
2022
Depreciation of fixed assets . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
1,551
$
1,445
$
1,368
Amortization of APS investments . . . . . . . . . . . . . . . . . . . . . . . .
481
410
368
Amortization of intangible assets . . . . . . . . . . . . . . . . . . . . . . . .
334
314
301
Amortization of exploration data costs . . . . . . . . . . . . . . . . . . . .
153
143
110
$
2,519
$
2,312
$
2,147
The change in Allowance for doubtful accounts was as follows:
(Stated in millions)
2024
2023
2022
Balance at beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
337
$
340
$
319
Additions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6
18
54
Amounts written off . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(18)
(21)
(33)
Balance at end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
325
$
337
$
340
76

Revenue in excess of billings related to contracts where revenue is recognized over time was
$0.5 billion at December 31, 2024 and $0.4 billion at December 31, 2023. Such amounts are included
within Receivables less allowance for doubtful accounts in the Consolidated Balance Sheet.
Other Assets consist of the following:
(Stated in millions)
2024
2023
Investments in APS projects . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
2,083
$
2,111
Pension and other postretirement plan assets . . . . . . . . . . . . . . . . . . . . .
472
629
Operating lease assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
702
718
Exploration data costs capitalized . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
196
151
Fair value of hedge contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14
65
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
299
378
$
3,766
$
4,052
Accounts payable and accrued liabilities consist of the following:
(Stated in millions)
2024
2023
Trade . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
4,230
$
4,613
Payroll, vacation, and employee benefits . . . . . . . . . . . . . . . . . . . . . . . . .
1,475
1,625
Billings and cash collections in excess of revenue . . . . . . . . . . . . . . . . .
2,007
1,996
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,663
2,670
$
10,375
$
10,904
77

Management’s Report on Internal Control Over Financial Reporting
SLB management is responsible for establishing and maintaining adequate internal control over
financial reporting as defined in Rule 13a–15(f) of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”). SLB’s internal control over financial reporting is a process designed to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting principles.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the
risk that controls may become inadequate because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate.
SLB management assessed the effectiveness of its internal control over financial reporting as of
December 31, 2024. In making this assessment, it used the criteria set forth in 2013 by the Committee
of Sponsoring Organizations of the Treadway Commission in Internal Control—Integrated Framework.
Based on this assessment SLB’s management has concluded that, as of December 31, 2024, its
internal control over financial reporting is effective based on those criteria.
The effectiveness of SLB’s internal control over financial reporting as of December 31, 2024 has been
audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated
in their report which appears herein.
78

Report of Independent Registered Public Accounting Firm
To the Board of Directors and Stockholders
of Schlumberger Limited
Opinions on the Financial Statements and Internal Control over Financial Reporting
We have audited the accompanying consolidated balance sheet of Schlumberger Limited and its
subsidiaries (the “Company”) as of December 31, 2024 and 2023, and the related consolidated
statements of income, comprehensive income, stockholders’ equity and cash flows for each of the
three years in the period ended December 31, 2024, including the related notes (collectively referred to
as the “consolidated financial statements”). We also have audited the Company’s internal control over
financial reporting as of December 31, 2024, based on criteria established in Internal Control—
Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway
Commission (COSO).
In our opinion, the consolidated financial statements referred to above present fairly, in all material
respects, the financial position of the Company as of December 31, 2024 and 2023 and the results of
its operations and its cash flows for each of the three years in the period ended December 31, 2024 in
conformity with accounting principles generally accepted in the United States of America. Also in our
opinion, the Company maintained, in all material respects, effective internal control over financial
reporting as of December 31, 2024, based on criteria established in Internal Control—Integrated
Framework (2013) issued by the COSO.
Basis for Opinions
The Company’s management is responsible for
these consolidated financial statements,
for
maintaining effective internal control over financial reporting, and for its assessment of the
effectiveness of internal control over financial reporting, included in the accompanying Management’s
Report on Internal Control Over Financial Reporting. Our responsibility is to express opinions on the
Company’s consolidated financial statements and on the Company’s internal control over financial
reporting based on our audits. We are a public accounting firm registered with the Public Company
Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect
to the Company in accordance with the U.S. federal securities laws and the applicable rules and
regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require
that we plan and perform the audits to obtain reasonable assurance about whether the consolidated
financial statements are free of material misstatement, whether due to error or fraud, and whether
effective internal control over financial reporting was maintained in all material respects.
Our audits of the consolidated financial statements included performing procedures to assess the risks
of material misstatement of the consolidated financial statements, whether due to error or fraud, and
performing procedures that respond to those risks. Such procedures included examining, on a test
basis, evidence regarding the amounts, and disclosures in the consolidated financial statements. Our
audits also included evaluating the accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation of the consolidated financial statements.
Our audit of internal control over financial reporting included obtaining an understanding of internal
control over financial reporting, assessing the risk that a material weakness exists, and testing and
evaluating the design and operating effectiveness of internal control based on the assessed risk. Our
audits also included performing such other procedures as we considered necessary in the
circumstances. We believe that our audits provide a reasonable basis for our opinions.
79

Definition and Limitations of Internal Control over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting principles. A company’s internal
control over financial reporting includes those policies and procedures that (i) pertain to the
maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and
dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are
recorded as necessary to permit preparation of financial statements in accordance with generally
accepted accounting principles, and that receipts and expenditures of the company are being made
only in accordance with authorizations of management and directors of the company; and (iii) provide
reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or
disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the
risk that controls may become inadequate because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate.
Critical Audit Matters
The critical audit matter communicated below is a matter arising from the current period audit of the
consolidated financial statements that was communicated or required to be communicated to the audit
committee and that (i) relates to accounts or disclosures that are material to the consolidated financial
statements and (ii) involved our especially challenging, subjective, or complex judgments. The
communication of critical audit matters does not alter in any way our opinion on the consolidated financial
statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing
a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
Uncertain Tax Positions
As described in Note 13 to the consolidated financial statements, the Company’s tax filings are subject
to regular audit by the tax authorities, and those audits may result in assessments for additional taxes
that are resolved with the tax authorities or, potentially, through the courts. Tax liabilities are recorded
based on estimates of additional taxes that will be due upon the conclusion of these audits.
The principal considerations for our determination that performing procedures relating to uncertain tax
positions is a critical audit matter are the significant judgment applied by management in determining
these liabilities including a high degree of estimation uncertainty due to the uncertain and complex
application of tax regulations, which in turn led to a high degree of auditor judgment, subjectivity, and
effort in performing procedures to evaluate management’s estimates.
Addressing the matter involved performing procedures and evaluating audit evidence in connection with
forming our overall opinion on the consolidated financial statements. These procedures included testing
the effectiveness of controls relating to the identification and recognition of uncertain tax positions. These
procedures also included, among others (i) evaluating management’s process for determining the
estimated liabilities for uncertain tax positions, (ii) testing the completeness and reasonableness of
uncertain
tax
positions
recorded
in
the
consolidated
financial
statements,
and (iii)
evaluating
assessments received from the relevant tax authorities. Professionals with specialized skill and
knowledge were used to assist in evaluating the reasonableness of assumptions used by management,
including management’s assessment of whether tax positions are more likely than not of being sustained.
/s/ PricewaterhouseCoopers LLP
Houston, Texas
January 22, 2025
We have served as the Company’s auditor since 1952.
80

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial
Disclosure.
None.
Item 9A. Controls and Procedures.
SLB has carried out an evaluation under the supervision and with the participation of SLB’s
management, including the Chief Executive Officer (“CEO”) and the Chief Financial Officer (“CFO”), of
the effectiveness of SLB’s “disclosure controls and procedures” (as such term is defined in Rules
13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this report.
Based on this evaluation, the CEO and the CFO have concluded that, as of the end of the period
covered by this report, SLB’s disclosure controls and procedures were effective to provide reasonable
assurance that information required to be disclosed in the reports that SLB files or submits under the
Exchange Act is recorded, processed, summarized, and reported within the time periods specified in
the Securities and Exchange Commission’s rules and forms. SLB’s disclosure controls and procedures
include controls and procedures designed so that information required to be disclosed in reports filed
or submitted under the Exchange Act is accumulated and communicated to its management, including
the CEO and the CFO, as appropriate, to allow timely decisions regarding required disclosure. There
has been no change in SLB’s internal control over financial reporting that occurred during the fourth
quarter of 2024 that has materially affected, or is reasonably likely to materially affect, SLB’s internal
control over financial reporting.
Item 9B. Other Information.
In 2013, SLB completed the wind-down of its service operations in Iran. Prior to this, certain non-US
subsidiaries provided oilfield services to the National Iranian Oil Company and certain of its affiliates
(“NIOC”).
SLB’s residual transactions or dealings with the government of Iran in 2024 consisted of payments of
taxes and other typical governmental charges. Certain non-US subsidiaries of SLB maintained
depository accounts at the Dubai branch of Bank Saderat Iran (“Saderat”), and at Bank Tejarat
(“Tejarat”) in Tehran and in Kish for the deposit by NIOC of amounts owed to non-US subsidiaries of
SLB for services rendered in Iran prior to the wind-down and for the maintenance of such amounts
previously received. One non-US subsidiary also maintained an account at Tejarat for payment of local
expenses such as taxes. SLB anticipates that it will discontinue dealings with Saderat and Tejarat
following the receipt of all amounts owed to SLB for prior services rendered in Iran.
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.
None.
81

PART III
Item 10. Directors, Executive Officers and Corporate Governance.
See “Item 1. Business—Information About Our Executive Officers” of this Report for information
regarding SLB’s executive officers. The information set forth under the captions “Election of Directors,”
“Corporate Governance—Process for Selecting New Directors,” and “Corporate Governance—Board
Committees” in SLB’s 2025 Proxy Statement is incorporated herein by reference. The information set
forth under the caption “Stock Ownership Information—Delinquent Section 16(a) Reports” in SLB’s
2025 Proxy Statement is incorporated herein by reference to the extent any disclosure is required.
SLB has a Code of Conduct that applies to all of its directors, officers and employees, including its
principal executive, financial and accounting officers, or persons performing similar functions. SLB’s
Code
of
Conduct
is
posted
on
its
website
at
https://www.slb.com/about/who-we-are/
our-code-of-conduct. SLB will provide, without charge, upon request, copies of our Code of Conduct.
Requests for copies of our Code of Conduct should be sent in writing to SLB, Chief Legal Officer and
Secretary, 5599 San Felipe, Houston, Texas 77056. SLB intends to disclose future amendments to the
Code of Conduct and any grant of a waiver from a provision of the Code of Conduct requiring
disclosure under applicable SEC rules at https://www.slb.com/about/who-we-are/our-code-of-conduct.
SLB has a securities transactions policy governing the purchase, sale and other dispositions of its
securities by directors, officers, and employees. SLB believes that its securities transactions policy is
reasonably designed to promote compliance with insider trading laws, rules and regulations, and any
applicable listing standards. A copy of SLB’s securities transactions policy is filed as Exhibit 19 to this
Form 10-K.
The table below sets forth information regarding SLB’s directors:
Name
Peter Coleman
Former Chief Executive Officer and Managing Director, Woodside
Petroleum Ltd.
Patrick de La Chevardière
Former Chief Financial Officer, TotalEnergies S.A.
Miguel M. Galuccio
Chairman and Chief Executive Officer, Vista
James Hackett
President, Tessellation Services
Olivier Le Peuch
Chief Executive Officer, SLB
Samuel Leupold
Former Chief Executive Officer, Ørsted Wind Power A/S
Tatiana A. Mitrova
Director, New Energy Advancement Hub
Maria Moræus Hanssen
Former Deputy Chief Executive Officer & Chief Operating Officer,
Wintershall Dea GmbH
Vanitha Narayanan
Former Chairman and Managing Director, IBM India
Jeff W. Sheets
Former Chief Financial Officer, ConocoPhillips Company
Ulrich Spiesshofer
Senior Advisor, The Blackstone Group
82

Item 11. Executive Compensation.
The information set forth under the captions “Compensation Committee Report,” “Compensation
Discussion and Analysis,” “Executive Compensation Tables,” “Pay vs. Performance Comparison,” and
“Director Compensation” in SLB’s 2025 Proxy Statement is incorporated herein by reference.
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related
Stockholder Matters.
The
information
under
the
captions
“Stock
Ownership
Information—Security
Ownership
by
Management and Our Board,” “Stock Ownership Information—Security Ownership by Certain
Beneficial Owners,” and “Executive Compensation Tables—Equity Compensation Plan Information” in
SLB’s 2025 Proxy Statement is incorporated herein by reference.
Item 13. Certain Relationships and Related Transactions, and Director Independence.
The information under the captions “Corporate Governance—Director Independence” and “Corporate
Governance—Certain Relationships and Related Person Transactions” in SLB’s 2025 Proxy Statement
is incorporated herein by reference.
Item 14. Principal Accounting Fees and Services.
The information under the caption “Ratification of Appointment of Independent Auditors for 2025” in
SLB’s 2025 Proxy Statement is incorporated herein by reference.
83

PART IV
Item 15. Exhibits and Financial Statement Schedules.
(a) The following documents are filed as part of this Report:
Page(s)
(1)
Financial Statements
Consolidated Statement of Income for the three years ended
December 31, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
39
Consolidated Statement of Comprehensive Income for the
three years ended December 31, 2024 . . . . . . . . . . . . . . . . . . .
40
Consolidated Balance Sheet at December 31, 2024 and
2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
41
Consolidated Statement of Cash Flows for the three years
ended December 31, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
42
Consolidated Statement of Stockholders’ Equity for the three
years ended December 31, 2024 . . . . . . . . . . . . . . . . . . . . . . . .
43 and 44
Notes to Consolidated Financial Statements . . . . . . . . . . . . . . . .
45 to 78
Report of Independent Registered Public Accounting Firm
(PCAOB ID 238) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
79
Financial statements of companies accounted for under the equity method and unconsolidated
subsidiaries have been omitted because they do not meet the materiality tests for assets or income.
(2) Financial Statement Schedules not required.
(3) Exhibits: See exhibits listed under Part (b) below.
(b) Exhibits
84

INDEX TO EXHIBITS
Exhibit
Agreement and Plan of Merger among Schlumberger Limited, Sodium Holdco, Inc., Sodium
Merger Sub, Inc., and ChampionX Corporation, dated April 2, 2024 (incorporated by
reference to Exhibit 2 to SLB’s Current Report on Form 8-K/A filed on April 2, 2024) (***)
2
Articles of Incorporation of Schlumberger Limited (Schlumberger N.V.) (incorporated by
reference to Exhibit 3.1 to SLB’s Current Report on Form 8-K filed on April 6, 2016)
3.1
Amended
and
Restated
By-Laws
of
Schlumberger
Limited
(Schlumberger
N.V.)
(incorporated by reference to Exhibit 3 to SLB’s Current Report on Form 8-K filed on April 21,
2023)
3.2
Description of Common Stock of Schlumberger Limited (incorporated by reference to
Exhibit 4.1 to SLB’s Annual Report on Form 10-K filed on January 27, 2021)
4.1
Indenture dated as of December 3, 2013, by and among Schlumberger Investment S.A., as
issuer, Schlumberger Limited, as guarantor, and The Bank of New York Mellon, as trustee
(incorporated by reference to Exhibit 4.1 to SLB’s Current Report on Form 8-K filed on
December 3, 2013)
4.2
Second Supplemental Indenture dated as of June 26, 2020, by and among Schlumberger
Investment S.A., as issuer, Schlumberger Limited, as guarantor, and The Bank of New York
Mellon, as trustee (including form of global notes representing 2.650% Senior Notes due
2030) (incorporated by reference to Exhibit 4.1 to SLB’s Current Report on Form 8-K filed on
June 26, 2020)
4.3
Third Supplemental Indenture dated as of May 15, 2023, by and among Schlumberger
Investment S.A.as issuer, Schlumberger Limited, as guarantor, and The Bank of New York
Mellon, as trustee (including form of global notes representing 4.500% Senior Notes due
2028 and form of global notes representing 4.850% Senior Notes due 2033) (incorporated by
reference to Exhibit 4.1 to SLB’s Current Report on Form 8-K filed on May 15, 2023)
4.4
Fourth Supplemental Indenture dated as of May 29, 2024, by and among Schlumberger
Investment S.A., as issuer, Schlumberger Limited, as guarantor, and The Bank of New York
Mellon, as trustee (including form of global notes representing 5.000% Senior Notes due
2034) (incorporated by reference to Exhibit 4.1 to SLB’s Current Report on Form 8-K filed on
May 29, 2024)
4.5
Officers’ Certificate dated as of August 11, 2020, executed by Schlumberger Investment
S.A., as issuer, and Schlumberger Limited, as guarantor (including form of global notes
representing 2.650% Senior Notes due 2030) (incorporated by reference to Exhibit 4.1 to
SLB’s Current Report on Form 8-K filed on August 11, 2020)
4.6
Indenture dated as of September 18, 2020, by and among Schlumberger Finance Canada
Ltd., as issuer, Schlumberger Limited, as guarantor, and The Bank of New York Mellon, as
trustee (incorporated by reference to Exhibit 4.1 to SLB’s Current Report on Form 8-K filed
on September 18, 2020)
4.7
85

Exhibit
First Supplemental Indenture dated as of September 18, 2020, by and among Schlumberger
Finance Canada Ltd., as issuer, Schlumberger Limited, as guarantor, and The Bank of New
York Mellon, as trustee (including form of global notes representing 1.400% Senior Notes
due 2025) (incorporated by reference to Exhibit 4.2 to SLB’s Current Report on Form 8-K
filed on September 18, 2020)
4.8
Schlumberger Limited Supplementary Benefit Plan, as amended and restated effective
November 1, 2020 and conformed to include amendments effective through January 1, 2023
(incorporated by reference to Exhibit 10.1 to SLB’s Quarterly Report on Form 10-Q for the
quarter ended September 30, 2023) (+)
10.1
Schlumberger Limited Restoration Savings Plan, as amended and restated effective
January 1, 2023 (incorporated by reference to Exhibit 10.2 to SLB’s Quarterly Report on
Form 10-Q for the quarter ended September 30, 2023) (+)
10.2
Schlumberger Technology Corporation Supplementary Benefit Plan, as established effective
January 1, 1995 and conformed to include amendments through January 1, 2023
(incorporated by reference to Exhibit 10.3 to SLB’s Annual Report on Form 10-K for the year
ended December 31, 2023) (+)
10.3
2010 Omnibus Stock Incentive Plan, as amended and restated as of July 19, 2017
(incorporated by reference to Exhibit 10.8 to SLB’s Annual Report on Form 10-K for the year
ended December 31, 2018) (+)
10.4
Form of Option Agreement (Employees in France), Incentive Stock Option, under SLB’s
2010 Omnibus Stock Incentive Plan (incorporated by reference to Exhibit 10.10 to SLB’s
Quarterly Report on Form 10-Q for the quarter ended June 30, 2013) (+)
10.5
Form of Option Agreement (Employees in France), Non-Qualified Stock Option, under SLB’s
2010 Omnibus Stock Incentive Plan (incorporated by reference to Exhibit 10.11 to SLB’s
Quarterly Report on Form 10-Q for the quarter ended June 30, 2013) (+)
10.6
2018 Rules of SLB’s 2010, 2013 and 2017 Omnibus Incentive Plans for Employees in
France (incorporated by reference to Appendix B to SLB’s Definitive Proxy Statement on
Schedule 14A filed with the SEC on March 2, 2018) (+)
10.7
2013 Omnibus Stock Incentive Plan, as amended and restated as of July 19, 2017
(incorporated by reference to Exhibit 10.15 to SLB’s Annual Report on Form 10-K for the
year ended December 31, 2018) (+)
10.8
Form of Option Agreement, Incentive Stock Option, under SLB’s 2013 Omnibus Stock
Incentive Plan (incorporated by reference to Exhibit 10.1 to the SLB’s Quarterly Report on
Form 10-Q for the quarter ended June 30, 2015) (+)
10.9
Form of Restricted Stock Unit Award Agreement under SLB’s 2013 Omnibus Stock Incentive
Plan (ratable vesting) (incorporated by reference to Exhibit 10.15 to SLB’s Annual Report on
Form 10-K filed on January 27, 2021) (+)
10.10
Form of Restricted Stock Unit Award Agreement under SLB’s 2017 Omnibus Stock Incentive
Plan (incorporated by reference to Exhibit 10.4 to SLB’s Quarterly Report on Form 10-Q for
the quarter ended March 31, 2017) (+)
10.11
86

Exhibit
Addendum
to
Restricted
Stock
Unit
Award
Agreements,
Performance
Share
Unit
Agreements,
Incentive
Stock
Option
Agreements,
and
Non-Qualified
Stock
Option
Agreements Issued Prior to July 19, 2017 (incorporated by reference to Exhibit 10.27 to
SLB’s Annual Report on Form 10-K for the year ended December 31, 2018) (+)
10.12
Form of Performance Share Unit Award Agreement (Based on Free Cash Flow Margin
Performance) under SLB’s 2017 Omnibus Stock Incentive Plan (incorporated by reference to
Exhibit 10.3 to SLB’s Quarterly Report on Form 10-Q for the quarter ended March 31,
2022) (+)
10.13
Form of Performance Share Unit Award Agreement (Based on Return on Capital Employed
Performance) under SLB’s 2017 Omnibus Stock Incentive Plan (incorporated by reference to
Exhibit 10.4 to SLB’s Quarterly Report on Form 10-Q for the quarter ended March 31,
2022) (+)
10.14
Form of Performance Share Unit Award Agreement (Based on Relative TSR Performance)
under SLB’s 2017 Omnibus Stock Incentive Plan (incorporated by reference to Exhibit 10.5
to SLB’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022) (+)
10.15
2017 Omnibus Stock Incentive Plan, as amended and restated effective January 21, 2021
(incorporated by reference to Exhibit 10.1 to SLB’s Current Report on Form 8-K filed on
April 7, 2021) (+)
10.16
Discounted Stock Purchase Plan, as amended and restated effective July 1, 2022
(incorporated by reference to Exhibit 10.1 to SLB’s Current Report on Form 10-Q filed on
July 27, 2022) (+)
10.17
2004 Stock and Deferral Plan for Non-Employee Directors, as amended and restated
effective January 21, 2021 (incorporated by reference to Exhibit 10.3 to SLB’s Current
Report on Form 8-K filed on April 7, 2021) (+)
10.18
Form of Indemnification Agreement (incorporated by reference to Exhibit 10.19 to SLB’s
Annual Report on Form 10-K for the year ended December 31, 2023) (+)
10.19
Securities Transactions Policy (*)
19
Significant Subsidiaries (*)
21
Issuers of Registered Guaranteed Debt Securities (*)
22
Consent of Independent Registered Public Accounting Firm (*)
23
Powers of Attorney (*)
24
Certification of Chief Executive Officer pursuant to Rule 13a-14(a) as adopted pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002 (*)
31.1
Certification of Chief Financial Officer pursuant to Rule 13a-14(a) as adopted pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002 (*)
31.2
87

Exhibit
Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (**)
32.1
Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (**)
32.2
Mine Safety Disclosure (*)
95
Policy for Recovery of Performance-Based Incentive Compensation from Executive Officers
(incorporated by reference to Exhibit 97 to SLB’s Annual Report on Form 10-K for the year
ended December 31, 2023)
97
Inline XBRL Instance Document (*)
101.INS
Inline XBRL Taxonomy Extension Schema Document (*)
101.SCH
Inline XBRL Taxonomy Extension Calculation Linkbase Document (*)
101.CAL
Inline XBRL Taxonomy Extension Definition Linkbase Document (*)
101.DEF
Inline XBRL Taxonomy Extension Label Linkbase Document (*)
101.LAB
Inline XBRL Taxonomy Extension Presentation Linkbase Document (*)
101.PRE
Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)
104
(*) Filed with this Form 10-K
(**) Furnished with this Form 10-K
(***) Certain of the exhibits and schedules to this exhibit have been omitted in accordance
with Regulation S-K Item 601(b)(2). SLB agrees to furnish supplementally a copy of all
omitted exhibits and schedules to the SEC upon its request.
(+) Management contracts or compensatory plans or arrangements
The Exhibits filed herewith do not include certain instruments with respect to long-term debt of
Schlumberger Limited and its subsidiaries, inasmuch as the total amount of debt authorized under any
such instrument does not exceed 10 percent of the total assets of Schlumberger Limited and its
subsidiaries on a consolidated basis. SLB agrees, pursuant to Item 601(b)(4)(iii) of Regulation S-K,
that it will furnish a copy of any such instrument to the SEC upon request.
Item 16. Form 10-K Summary.
None.
88

SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly
authorized.
Date: January 22, 2025
SCHLUMBERGER LIMITED
By:
/S/ HOWARD GUILD
Howard Guild
Chief Accounting Officer
Pursuant to the requirements of the Securities Exchange Act of 1934, this Report has been signed
below by the following persons on behalf of the Registrant and in the capacities and on the dates
indicated.
Name
Title
*
Olivier Le Peuch
Chief Executive Officer and Director
(Principal Executive Officer)
/S/ STEPHANE BIGUET
Stephane Biguet
Executive Vice President and Chief Financial
Officer
(Principal Financial Officer)
/S/ HOWARD GUILD
Howard Guild
Chief Accounting Officer
(Principal Accounting Officer)
*
Peter Coleman
Director
*
Patrick de La Chevardière
Director
*
Miguel M. Galuccio
Director
*
James Hackett
Chairman of the Board
*
Samuel Leupold
Director
*
Tatiana A. Mitrova
Director
*
Maria Moræus Hanssen
Director
*
Vanitha Narayanan
Director
*
Jeff W. Sheets
Director
*
Ulrich Spiesshofer
Director
/S/ DIANNE B. RALSTON
*By Dianne B. Ralston, Attorney-in-Fact
January 22, 2025
89


Exhibit 21
Significant Subsidiaries
Listed below are the significant subsidiaries of Schlumberger Limited (Schlumberger N.V.) as of
December 31, 2024, and the states or jurisdictions in which they are incorporated or organized. The
indentation reflects the principal parenting of each subsidiary. The names of other subsidiaries have
been omitted from the list below, since they would not constitute, in the aggregate, a significant
subsidiary as of December 31, 2024.
Schlumberger B.V., Netherlands
Schlumberger Canada Limited, Canada
Schlumberger Holdings Corporation, Delaware
Cameron International Corporation, Delaware
Schlumberger Technology Corporation, Texas
Schlumberger Norge AS, Norway
Schlumberger SA, France
Services Petroliers Schlumberger, France
Schlumberger UK Limited, UK
SLB UK II Limited, UK
Schlumberger Oilfield UK Limited, UK
Schlumberger Oilfield Holdings Limited, BVI
Schlumberger Holdings II Limited, BVI
Dowell Schlumberger Corporation, BVI
Schlumberger Logelco, Inc., Panama
Schlumberger Middle East SA., Panama
Schlumberger Offshore Services Limited, BVI
Schlumberger Oilfield Eastern Ltd., BVI
Schlumberger Overseas, SA, Panama
Schlumberger Seaco, Inc., Panama


Exhibit 22
Issuers of Registered Guaranteed Debt Securities
Schlumberger Investment S.A., a société anonyme incorporated under the laws of the Grand Duchy of
Luxembourg (“SISA”), and Schlumberger Finance Canada Ltd., a corporation incorporated under the
laws of the Province of Alberta, Canada (“SFCL”), are both indirect wholly-owned subsidiaries of
Schlumberger Limited (the “Guarantor”).
As of December 31, 2024, (i) SISA was the issuer of its 4.500% Senior Notes due 2028, 2.650%
Senior Notes due 2030, 4.850% Senior Notes due 2033, and 5.000% Senior Notes due 2034
(together, the “SISA Notes”), and (ii) SFCL was the issuer of its 1.400% Senior Notes due 2025 (the
“SFCL Notes”). The Guarantor fully and unconditionally guarantees the SISA Notes and the SFCL
Notes on a senior unsecured basis.


Exhibit 23
Consent of Independent Registered Public Accounting Firm
We hereby consent to the incorporation by reference in the Registration Statements on Form S-8
(Nos.
333-124534;
333-151920;
333-173055,
333-188590;
333-207260;
and
333-261482);
on
Form S-3 (Nos. 333-271711; and 333-273974); and on Form S-4 (Nos. 333-97899 and 333-278976);
of Schlumberger Limited of our report dated January 22, 2025 relating to the consolidated financial
statements and the effectiveness of internal control over financial reporting, which appears in this
Form 10-K.
/s/ PricewaterhouseCoopers LLP
Houston, Texas
January 22, 2025


Exhibit 24
Powers of Attorney
Each of the undersigned, in the capacity or capacities set forth below his or her signature as a member
of the Board of Directors and/or an officer of Schlumberger Limited, a Curaçao company, hereby
appoints Howard Guild and Dianne B. Ralston, or either of them, the attorney or attorneys of the
undersigned, with full power of substitution and revocation, for and in the name, place and stead of the
undersigned, to execute and file with the Securities and Exchange Commission the Annual Report on
Form 10-K under the Securities Exchange Act of 1934 (the “Exchange Act”) for the fiscal year ended
December 31, 2024, and any amendment or amendments to any such Annual Report on Form 10-K,
and any agreements, consents or waivers related thereto, and to take any and all such other action for
and in the name and place and stead of the undersigned as may be necessary or desirable in order to
comply with the Exchange Act or the rules and regulations thereunder.
/s/ Peter Coleman
Peter Coleman
Director
/s/ Tatiana A. Mitrova
Tatiana A. Mitrova
Director
/s/ Patrick de La Chevardière
Patrick de La Chevardière
Director
/s/ Maria Moræus Hanssen
Maria Moræus Hanssen
Director
/s/ Miguel M. Galuccio
Miguel M. Galuccio
Director
/s/ Vanitha Narayanan
Vanitha Narayanan
Director
/s/ James Hackett
James Hackett
Chairman of the Board
/s/ Jeff W. Sheets
Jeff W. Sheets
Director
/s/ Olivier Le Peuch
Olivier Le Peuch
Chief Executive Officer and Director
/s/ Ulrich Spiesshofer
Ulrich Spiesshofer
Director
/s/ Samuel Leupold
Samuel Leupold
Director
Date: January 16, 2025


Exhibit 31.1
CERTIFICATION OF CHIEF EXECUTIVE OFFICER
I, Olivier Le Peuch, certify that:
1. I have reviewed this Annual Report on Form 10-K of Schlumberger N.V. (Schlumberger
Limited);
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in
this report, fairly present in all material respects the financial condition, results of operations and cash
flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and
internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for
the registrant and have:
a)
Designed such disclosure controls and procedures, or caused such disclosure controls
and procedures to be designed under our supervision, to ensure that material information
relating to the registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this report is being
prepared;
b)
Designed such internal control over financial reporting, or caused such internal control
over financial reporting to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting
principles;
c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and
presented in this report our conclusions about the effectiveness of the disclosure controls
and procedures, as of the end of the period covered by this report based on such
evaluation; and
d)
Disclosed in this report any change in the registrant’s internal control over financial
reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s
fourth fiscal quarter in the case of an annual report) that has materially affected, or is
reasonably likely to materially affect, the registrant’s internal control over financial
reporting; and
5. The registrant’s other certifying officer and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the registrant’s auditors and the audit
committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)
All significant deficiencies and material weaknesses in the design or operation of internal
control over financial reporting which are reasonably likely to adversely affect the
registrant’s ability to record, process, summarize and report financial information; and
b)
Any fraud, whether or not material, that involves management or other employees who
have a significant role in the registrant’s internal control over financial reporting.
Date: January 22, 2025
/s/ Olivier Le Peuch
Olivier Le Peuch
Chief Executive Officer


Exhibit 31.2
CERTIFICATION OF CHIEF FINANCIAL OFFICER
I, Stephane Biguet, certify that:
1. I have reviewed this Annual Report on Form 10-K of Schlumberger N.V. (Schlumberger
Limited);
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in
this report, fairly present in all material respects the financial condition, results of operations and cash
flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and
internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for
the registrant and have:
a)
Designed such disclosure controls and procedures, or caused such disclosure controls and
procedures to be designed under our supervision, to ensure that material information relating
to the registrant, including its consolidated subsidiaries, is made known to us by others within
those entities, particularly during the period in which this report is being prepared;
b)
Designed such internal control over financial reporting, or caused such internal control over
financial reporting to be designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting principles;
c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and
presented in this report our conclusions about the effectiveness of the disclosure controls
and procedures, as of the end of the period covered by this report based on such evaluation;
and
d)
Disclosed in this report any change in the registrant’s internal control over financial reporting
that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal
quarter in the case of an annual report) that has materially affected, or is reasonably likely to
materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the registrant’s auditors and the audit
committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)
All significant deficiencies and material weaknesses in the design or operation of internal
control over financial reporting which are reasonably likely to adversely affect the registrant’s
ability to record, process, summarize and report financial information; and
b)
Any fraud, whether or not material, that involves management or other employees who have
a significant role in the registrant’s internal control over financial reporting.
Date: January 22, 2025
/s/ Stephane Biguet
Stephane Biguet
Executive Vice President and Chief Financial
Officer


Exhibit 32.1
CERTIFICATION OF CHIEF EXECUTIVE OFFICER
PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Annual Report on Form 10-K of Schlumberger N.V. (Schlumberger Limited) (the
“Company”) for the year ended December 31, 2024 as filed with the Securities and Exchange
Commission on the date hereof (the “Report”), I, Olivier Le Peuch, Chief Executive Officer of the
Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley
Act of 2002, that:
(1)
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), and
(2)
The information contained in the Report fairly presents, in all material respects, the financial
condition and results of operations of the Company.
Date: January 22, 2025
/s/ Olivier Le Peuch
Olivier Le Peuch
Chief Executive Officer
A signed original of this written statement required by Section 906 has been provided to Schlumberger
Limited and will be retained by Schlumberger Limited and furnished to the Securities and Exchange
Commission or its staff upon request.
This certification accompanies the Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
and shall not be deemed filed by the Company for purposes of Section 18 of the Exchange Act.


Exhibit 32.2
CERTIFICATION OF CHIEF FINANCIAL OFFICER
PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Annual Report on Form 10-K of Schlumberger N.V. (Schlumberger Limited) (the
“Company”) for the year ended December 31, 2024 as filed with the Securities and Exchange
Commission on the date hereof (the “Report”), I, Stephane Biguet, Executive Vice President and Chief
Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906
of the Sarbanes-Oxley Act of 2002, that:
(1)
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), and
(2)
The information contained in the Report fairly presents, in all material respects, the financial
condition and results of operations of the Company.
Date: January 22, 2025
/s/ Stephane Biguet
Stephane Biguet
Executive Vice President and Chief Financial
Officer
A signed original of this written statement required by Section 906 has been provided to Schlumberger
Limited and will be retained by Schlumberger Limited and furnished to the Securities and Exchange
Commission or its staff upon request.
This certification accompanies the Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
and shall not be deemed filed by the Company for purposes of Section 18 of the Exchange Act.


Exhibit 95
Mine Safety Disclosure
The following disclosure is provided pursuant to Section 1503(a) of the Dodd-Frank Wall Street
Reform and Consumer Protection Act, which requires certain disclosures by companies required to file
periodic reports under the Securities Exchange Act of 1934, as amended, that operate mines regulated
under the Federal Mine Safety and Health Act of 1977.
The table that follows reflects citations, orders, violations and proposed assessments issued by
the Mine Safety and Health Administration (the “MSHA”) to indirect subsidiaries of Schlumberger. The
disclosure is with respect to the full year ended December 31, 2024. Due to timing and other factors,
the data may not agree with the mine data retrieval system maintained by the MSHA at
www.MSHA.gov.
Full Year 2024
(whole dollars)
Mine or Operating
Name/MSHA
Identification Number
Section
104 S&S
Citations
Section
104(b)
Orders
Section
104(d)
Citations
and
Orders
Section
110(b)(2)
Violations
Section
107(a)
Orders
Total Dollar
Value of
MSHA
Assessments
Proposed(1)
Total
Number of
Mining
Related
Fatalities
Received
Notice of
Pattern of
Violations
Under
Section
104(e)
(yes/no)
Received
Notice
of
Potential
to
Have
Pattern
Under
Section
104(e)
(yes/no)
Legal
Actions
Pending as
of Last
Day of
Period
Legal
Actions
Initiated
During
Period
Legal
Actions
Resolved
During
Period
Amelia Barite Plant/
1600825
1
-
-
-
-
$870
-
N
N
-
-
-
Battle Mountain Grinding
Plant/2600828
-
-
-
-
-
$932
-
N
N
-
-
-
Greystone Mine/
2600411
-
-
-
-
-
$735
-
N
N
-
-
-
Mountain Springs
Beneficiation Plant/
2601390
-
-
-
-
-
$147
-
N
N
-
-
-
(1) Amounts included are the total dollar value of proposed assessments received from MSHA on or
before December 31, 2024, regardless of whether the assessment has been challenged or
appealed, for citations and orders occurring during the full year 2024. Citations and orders can be
contested and appealed, and as part of that process, are sometimes reduced in severity and
amount, and sometimes dismissed. The number of citations, orders, and proposed assessments
vary by inspector and vary depending on the size and type of the operation.