Schlumberger NV (SLB)

Business Description

SLB, formerly known as Schlumberger Limited, is a global technology company dedicated to advancing energy innovation and supporting the energy transition. Operating in over 100 countries, SLB is organized into four main divisions: Digital & Integration, Reservoir Performance, Well Construction, and Production Systems . The company offers a range of products and services designed to enhance energy efficiency, optimize reservoir productivity, and improve well and production systems . In 2023, SLB's international operations represented a significant portion of its revenue, underscoring its global reach .

Reservoir Performance - Focuses on reservoir-centric technologies and services to optimize reservoir productivity and performance, developing technologies for evaluating, intervening, and stimulating reservoirs to maximize return on investment .
Well Construction - Offers a comprehensive portfolio of products and services aimed at optimizing well placement and performance, maximizing drilling efficiency, and improving wellbore assurance .
Production Systems - Develops technologies and provides expertise to enhance production and recovery from subsurface reservoirs to the surface, into pipelines, and to refineries, including artificial lift, completions equipment, surface systems, valves, processing solutions, and OneSubsea integrated solutions for the subsea market .
Digital & Integration - Combines SLB's digital solutions and data products with its Asset Performance Solutions (APS) to enhance performance by reducing cycle times, accelerating returns, and lowering costs and carbon emissions, including digital solutions, exploration data, and data processing services .

Key Metrics

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Executive Team

Name	Position	Start Date	Short Bio
Olivier Le Peuch	Chief Executive Officer and Director	Aug 2019	Olivier Le Peuch has been the CEO and a member of the Board of Directors at SLB since August 2019. He joined SLB in 1987 and has held various global management positions .
Khaled Al Mogharbel	Executive Vice President, Geographies	Jul 2020	Khaled Al Mogharbel is the EVP, Geographies at SLB since July 2020. He previously served as EVP, Operations and EVP, Eastern Hemisphere .
Stephane Biguet	Executive Vice President and Chief Financial Officer	Jan 2020	Stephane Biguet has been the EVP and CFO of SLB since January 2020. He was previously the Vice President of Finance .
Abdellah Merad	Executive Vice President, Core Services and Equipment	Apr 2022	Abdellah Merad is the EVP, Core Services and Equipment at SLB since April 2022. He previously served as EVP, Performance Management .
Katharina Beumelburg	Chief Strategy and Sustainability Officer	May 2021	Katharina Beumelburg has been the Chief Strategy and Sustainability Officer at SLB since May 2021. She was previously with Siemens Energy .
Demosthenis Pafitis	Chief Technology Officer	Feb 2020	Demosthenis Pafitis has been the CTO at SLB since February 2020. He was previously the Senior Vice President of SLB 4.0 Platforms .
Dianne Ralston	Chief Legal Officer and Secretary	Dec 2020	Dianne Ralston has been the Chief Legal Officer at SLB since December 2020 and Secretary since April 2021. She was previously with TechnipFMC plc .
Carmen Rando Bejar	Chief People Officer	Apr 2022	Carmen Rando Bejar is the Chief People Officer at SLB since April 2022. She previously served as Vice President, Global Business Services .
Rakesh Jaggi	President, Digital and Integration	Apr 2023	Rakesh Jaggi is the President of Digital and Integration at SLB since April 2023. He previously served as Senior Vice President, Sales & Commercial .
Gavin Rennick	President, New Energy	Apr 2022	Gavin Rennick is the President of New Energy at SLB since April 2022. He previously served as Vice President of Human Resources .
Kevin Fyfe	Vice President and Treasurer	Jul 2022	Kevin Fyfe has been the Vice President and Treasurer at SLB since July 2022. He was previously the Vice President and Controller .
Howard Guild	Chief Accounting Officer	Jul 2005	Howard Guild has been the Chief Accounting Officer at SLB since July 2005 .
Ugo Prechner	Vice President and Controller	Aug 2022	Ugo Prechner is the Vice President and Controller at SLB since August 2022. He previously served as the Well Construction Controller .
Vijay Kasibhatla	Director, Mergers and Acquisitions	Jan 2013	Vijay Kasibhatla has been the Director, Mergers and Acquisitions at SLB since January 2013. He oversees merger and acquisition activities within the company .

Questions to Ask Management

Given the cautious approach to discretionary short-cycle spending and the expectation of low to mid-single-digit growth in international upstream spending in 2025, how confident are you in delivering further margin expansion, and what specific strategies will you employ to achieve this in a potentially flat revenue environment?
With the integration of ChampionX now anticipated to close in the first quarter of 2025, have any new challenges emerged that could impact the expected synergies, and can you provide more detail on how this acquisition will enhance your financial performance amidst evolving market conditions?
Considering the ongoing pressures from commodity price fluctuations and concerns over an oversupplied market, how are you adjusting your strategy in North America where activity remains constrained, and what specific measures are you taking to mitigate the impact on your revenues and margins in this region?
Your digital business has shown strong growth, but as upstream spending potentially slows, how sensitive is your digital revenue growth to reductions in upstream investment, and can you quantify the potential impact on your digital growth trajectory?
With the planned sale of the Palliser asset, which contributes approximately $500 million in annual revenue, how do you plan to offset the loss of this revenue in the long term, and what impact will this divestment have on your production capacity and earnings volatility?

Program Details	Program 1
Approval Date	January 21, 2016
End Date/Duration	N/A
Total additional amount	$10 billion
Remaining authorization amount	$7.0 billion
Details	As of September 30, 2024, SLB had repurchased approximately $3.0 billion of SLB common stock under this program.

Debt Maturity Schedule

Year	Amount Due (in millions)	Debt Type	Interest Rate (%)	% of Total Debt
2025	523	Senior Notes	4.00	4.3% = (523 / 12,074) * 100
2025	500	Senior Notes	1.40	4.1% = (500 / 12,074) * 100
2026	1,040	Guaranteed Notes	1.375	8.6% = (1,040 / 12,074) * 100
2026	624	Guaranteed Notes	1.00	5.2% = (624 / 12,074) * 100
2027	936	Notes	0.25	7.8% = (936 / 12,074) * 100
2027	495	Senior Notes	5.00	4.1% = (495 / 12,074) * 100
2028	1,478	Senior Notes	3.90	12.2% = (1,478 / 12,074) * 100
2028	497	Senior Notes	4.50	4.1% = (497 / 12,074) * 100
2029	848	Senior Notes	4.30	7.0% = (848 / 12,074) * 100
2029	493	Senior Notes	5.00	4.1% = (493 / 12,074) * 100
2030	1,250	Senior Notes	2.65	10.4% = (1,250 / 12,074) * 100
2031	935	Notes	0.50	7.7% = (935 / 12,074) * 100
2032	1,034	Guaranteed Notes	2.00	8.6% = (1,034 / 12,074) * 100
2033	498	Senior Notes	4.85	4.1% = (498 / 12,074) * 100
2034	489	Senior Notes	5.00	4.1% = (489 / 12,074) * 100
2038	197	Notes	7.00	1.6% = (197 / 12,074) * 100
2041	111	Notes	5.95	0.9% = (111 / 12,074) * 100
2043	98	Notes	5.13	0.8% = (98 / 12,074) * 100

Auditor

Name	Start Date	End Date	Reason for Change
PricewaterhouseCoopers LLP	1952	Present	Current auditor