What it does
SLB states that it is a global technology company serving the energy industry. Its four divisions are Reservoir Performance, Well Construction, Production Systems, and Digital. Reservoir Performance covers reservoir evaluation, stimulation, and intervention; Well Construction supplies services and equipment used to design and construct wells; and Production Systems provides equipment and services across production systems. Digital sells platforms, applications, digital operations, exploration data, and professional services. The filing also lists Asset Performance Solutions, Data Center Solutions, and SLB Capturi in All Other. SLB states that it acquired ChampionX during 2025 in an all-stock transaction.
Source: SLB Limited Form 10-K for fiscal 2025, Item 1 — sec.gov
How it makes money
The filing presents SLB’s revenue by division in the segment table below. The company states that its Core divisions—Reservoir Performance, Well Construction, and Production Systems—provide products, equipment, and services related to oil and gas reservoirs, wells, and production systems. Digital generates revenue from Platforms & Applications, Digital Operations, Digital Exploration, and Professional Services. Digital Operations serves the same customer base as the Core divisions; the company states that resulting revenue is recognized in both the applicable Core division and Digital, then eliminated in consolidation. Exploration data is licensed, while certain digital platforms and applications are offered through SaaS subscriptions or perpetual licenses.
Source: SLB Limited Form 10-K for fiscal 2025, Item 1 — sec.gov
Customers and geography
SLB states that its primary customers are national oil companies, large integrated oil companies, and independent operators. The company reports that no single customer exceeded 10% of consolidated revenue in 2025, 2024, or 2023. Operationally, SLB uses five Basins: North America Land; Americas; Europe and Africa; Middle East and North Africa; and Asia. The filing states that these Basins are aligned with concentrations of activity and are further organized into GeoUnits that can cover a region, one country, or several countries. SLB also states that it operates in more than 100 countries.
Source: SLB Limited Form 10-K for fiscal 2025, Item 1 — sec.gov
Competition
The company states that the principal methods of competition in energy services are technological innovation, quality of service, and price differentiation. It says these factors differ by geography and by the services and products it offers. The filing further states that SLB has numerous competitors, both large and small, but it does not name competitors. Separately, the filing says SLB owns or controls an intellectual-property portfolio that includes patents, proprietary information, trade secrets, and software tools and applications; it states that no particular patent or group of patents is material to its business.
Source: SLB Limited Form 10-K for fiscal 2025, Item 1 — sec.gov
Key risks
- Demand for SLB’s products and services is substantially dependent on customers’ expenditure levels, which can change with oil and gas price fluctuations.
- The filing identifies uncertain or volatile political, social, and economic conditions, as well as inflation.
- The filing lists risks including expropriation, nationalization, confiscation, armed conflict, sanctions, supply-chain disruptions, tariffs, and currency effects.
- SLB states that compliance with numerous laws and regulations is required and that violations could materially adversely affect it.
- The company states that its sustainability and emissions-reduction aspirations, goals, initiatives, and related public statements and disclosures expose it to numerous risks.
Source: SLB Limited Form 10-K for fiscal 2025, Item 1A — sec.gov
People and operations
SLB reports 109,000 employees for FY2025 and states that it operates in more than 100 countries. The company describes a global network of research and development centers supporting its technology programs and investments in lower-carbon energy sources and carbon-capture technologies. The filing notes that weather and significant weather events can temporarily affect product and service delivery, including spring thaw road restrictions, severe winter conditions, hurricanes, and typhoons. It also states that customer spending patterns for exploration data, software, and other products can produce higher fourth-quarter activity, while North American budget constraints can lower fourth-quarter demand.
Source: SLB Limited Form 10-K for fiscal 2025, Item 1 — sec.gov