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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended
June 30,
2025
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file No.:
1-4601
Schlumberger N.V.
(Schlumberger Limited)
(Exact name of registrant as specified in its charter)
C
uraçao
52-0684746
(State or other jurisdiction of
incorporation or organization)
(IRS Employer
Identification No.)
42 rue Saint-Dominique
Paris, France
75007
5599 San Felipe
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 in the United States, including area code, is: (
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
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes
☒
No
☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes
☒
No
☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☒
Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes
☐
No
☒
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Net income attributable to noncontrolling interests
34
33
66
63
Net income attributable to SLB
$
1,014
$
1,112
$
1,811
$
2,180
Basic income per share of SLB
$
0.75
$
0.78
$
1.33
$
1.53
Diluted income per share of SLB
$
0.74
$
0.77
$
1.32
$
1.51
Average shares outstanding:
Basic
1,352
1,428
1,359
1,429
Assuming dilution
1,366
1,443
1,373
1,445
See Notes to Consolidated Financial Statements
3
SCHLUMBERGER LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(Unaudited)
(Stated in millions)
Second Quarter
Six Months
2025
2024
2025
2024
Net income
$
1,048
$
1,145
$
1,877
$
2,243
Currency translation adjustments
Unrealized net change arising during the period
54
30
226
53
Cash flow hedges
Net gain (loss) on cash flow hedges
26
(
26
)
(
39
)
(
43
)
Reclassification to net income of net realized loss (gain)
(
5
)
6
-
5
Pension and other postretirement benefit plans
Amortization to net income of net actuarial gain (loss)
8
(
1
)
16
(
1
)
Amortization to net income of net prior service credit
(
3
)
(
5
)
(
6
)
(
11
)
Income taxes on pension and other postretirement benefit plans
(
1
)
2
(
1
)
3
Other
2
(
4
)
11
1
Comprehensive income
1,129
1,147
2,084
2,250
Comprehensive income attributable to noncontrolling interests
34
33
66
63
Comprehensive income attributable to SLB
$
1,095
$
1,114
$
2,018
$
2,187
See Notes to Consolidated Financial Statements
4
SCHLUMBERGER LIMITED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(Stated in millions)
Jun. 30,
2025
Dec. 31,
(Unaudited)
2024
ASSETS
Current Assets
Cash
$
3,236
$
3,544
Short-term investments
511
1,125
Receivables less allowance for doubtful accounts (2025 - $
334
; 2024 - $
325
)
8,586
8,011
Inventories
4,740
4,375
Other current assets
1,380
1,515
18,453
18,570
Investments in Affiliated Companies
1,676
1,635
Fixed Assets less accumulated depreciation
7,399
7,359
Goodwill
14,658
14,593
Intangible Assets
2,893
3,012
Other Assets
3,690
3,766
$
48,769
$
48,935
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable and accrued liabilities
$
9,993
$
10,375
Estimated liability for taxes on income
833
982
Short-term borrowings and current portion of long-term debt
2,807
1,051
Dividends payable
402
403
14,035
12,811
Long-term Debt
10,891
11,023
Postretirement Benefits
502
512
Deferred Taxes
12
67
Other Liabilities
1,778
2,172
27,218
26,585
Equity
Common stock
11,354
11,458
Treasury stock
(
3,742
)
(
1,773
)
Retained earnings
17,433
16,395
Accumulated other comprehensive loss
(
4,743
)
(
4,950
)
SLB stockholders’ equity
20,302
21,130
Noncontrolling interests
1,249
1,220
21,551
22,350
$
48,769
$
48,935
See Notes to Consolidated Financial Statements
5
SCHLUMBERGER LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
(Stated in millions)
Six Months Ended June 30,
2025
2024
Cash flows from operating activities:
Net income
$
1,877
$
2,243
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on sale of APS project
(
149
)
-
Impairment of equity method investment
69
-
Depreciation and amortization
(1)
1,273
1,231
Deferred taxes
(
60
)
(
29
)
Stock-based compensation expense
168
173
Earnings of equity method investments, less dividends received
(
47
)
12
Change in assets and liabilities:
(2)
Increase in receivables
(
480
)
(
755
)
Increase in inventories
(
288
)
(
149
)
Decrease in other current assets
86
107
Increase in other assets
(
44
)
(
5
)
Decrease in accounts payable and accrued liabilities
(
557
)
(
942
)
Decrease in estimated liability for taxes on income
(
162
)
(
167
)
Increase in other liabilities
73
19
Other
43
25
NET CASH PROVIDED BY OPERATING ACTIVITIES
1,802
1,763
Cash flows from investing activities:
Capital expenditures
(
769
)
(
862
)
APS investments
(
225
)
(
256
)
Exploration data costs capitalized
(
83
)
(
91
)
Business acquisitions and investments, net of cash acquired
(
47
)
(
505
)
Sales of short-term investments, net
632
47
Purchase of Blue Chip Swap securities
(
123
)
(
76
)
Proceeds from sale of Blue Chip securities
102
51
Proceed from sale of APS investment
316
-
Other
11
48
NET CASH USED IN INVESTING ACTIVITIES
(
186
)
(
1,644
)
Cash flows from financing activities:
Dividends paid
(
773
)
(
751
)
Proceeds from employee stock purchase plan
105
100
Proceeds from exercise of stock options
8
20
Taxes paid on net settled stock-based compensation awards
(
55
)
(
78
)
Stock repurchase program
(
2,300
)
(
735
)
Proceeds from issuance of long-term debt
1,081
1,849
Repayment of long-term debt
-
(
426
)
Net decrease in short-term borrowings
(
28
)
(
19
)
Other
(
27
)
(
6
)
NET CASH USED IN FINANCING ACTIVITIES
(
1,989
)
(
46
)
Net (decrease) increase in cash before translation effect
(
373
)
73
Translation effect on cash
65
(
20
)
Cash, beginning of period
3,544
2,900
Cash, end of period
$
3,236
$
2,953
(1)
Includes depreciation of fixed assets and amortization of intangible assets, exploration data costs, and Asset Performance Solutions ("APS") investments.
(2)
Net of the effect of business acquisitions and divestitures.
See Notes to Consolidated Financial Statements
6
SCHLUMBERGER LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENT O
F STOCKHOLDERS’ EQUITY
(Unaudited)
(Stated in millions, except per share amounts)
Accumulated
Other
Common Stock
Retained
Comprehensive
Noncontrolling
January 1, 2025 – June 30, 2025
Issued
In Treasury
Earnings
Loss
Interests
Total
Balance, January 1, 2025
$
11,458
$
(
1,773
)
$
16,395
$
(
4,950
)
$
1,220
$
22,350
Net income
1,811
66
1,877
Currency translation adjustments
226
226
Changes in fair value of cash flow hedges
(
39
)
(
39
)
Pension and other postretirement benefit plans
9
9
Shares sold to optionees, less shares exchanged
(
2
)
10
8
Vesting of restricted stock, net of taxes withheld
(
226
)
171
(
55
)
Employee stock purchase plan
(
44
)
149
105
Stock repurchase program
(
2,300
)
(
2,300
)
Stock-based compensation expense
168
168
Dividends declared ($
0.57
per share)
(
773
)
(
773
)
Dividends paid to noncontrolling interests
(
43
)
(
43
)
Other
1
11
6
18
Balance, June 30, 2025
$
11,354
$
(
3,742
)
$
17,433
$
(
4,743
)
$
1,249
$
21,551
Accumulated
Other
Common Stock
Retained
Comprehensive
Noncontrolling
January 1, 2024 – June 30, 2024
Issued
In Treasury
Earnings
Loss
Interests
Total
Balance, January 1, 2024
$
11,624
$
(
678
)
$
13,497
$
(
4,254
)
$
1,170
$
21,359
Net income
2,180
63
2,243
Currency translation adjustments
53
53
Changes in fair value of cash flow hedges
(
38
)
(
38
)
Pension and other postretirement benefit plans
(
9
)
(
9
)
Shares sold to optionees, less shares exchanged
(
9
)
29
20
Vesting of restricted stock, net of taxes withheld
(
351
)
273
(
78
)
Employee stock purchase plan
(
36
)
136
100
Stock repurchase program
(
735
)
(
735
)
Stock-based compensation expense
173
173
Dividends declared ($
0.55
per share)
(
787
)
(
787
)
Dividends paid to noncontrolling interests
(
11
)
(
11
)
Other
2
1
(
13
)
(
10
)
Balance, June 30, 2024
$
11,401
$
(
973
)
$
14,890
$
(
4,247
)
$
1,209
$
22,280
Accumulated
Other
Common Stock
Retained
Comprehensive
Noncontrolling
April 1, 2025 – June 30, 2025
Issued
In Treasury
Earnings
Loss
Interests
Total
Balance, April 1, 2025
$
10,827
$
(
3,292
)
$
16,804
$
(
4,824
)
$
1,233
$
20,748
Net income
1,014
34
1,048
Currency translation adjustments
54
54
Changes in fair value of cash flow hedges
21
21
Pension and other postretirement benefit plans
4
4
Shares sold to optionees, less shares exchanged
(
1
)
1
-
Vesting of restricted stock, net of taxes withheld
(
9
)
7
(
2
)
Stock repurchase program
460
(
460
)
-
Stock-based compensation expense
77
77
Dividends declared ($
0.285
per share)
(
385
)
(
385
)
Dividends paid to noncontrolling interests
(
22
)
(
22
)
Other
2
2
4
8
Balance, June 30, 2025
$
11,354
$
(
3,742
)
$
17,433
$
(
4,743
)
$
1,249
$
21,551
7
(Stated in millions, except per share amounts)
Accumulated
Other
Common Stock
Retained
Comprehensive
Noncontrolling
April 1, 2024 – June 30, 2024
Issued
In Treasury
Earnings
Loss
Interests
Total
Balance, April 1, 2024
$
11,344
$
(
531
)
$
14,172
$
(
4,249
)
$
1,187
$
21,923
Net income
1,112
33
1,145
Currency translation adjustments
30
30
Changes in fair value of cash flow hedges
(
20
)
(
20
)
Pension and other postretirement benefit plans
(
4
)
(
4
)
Shares sold to optionees, less shares exchanged
(
3
)
8
5
Vesting of restricted stock, net of taxes withheld
(
13
)
13
-
Stock repurchase program
(
465
)
(
465
)
Stock-based compensation expense
73
73
Dividends declared ($
0.275
per share)
(
394
)
(
394
)
Dividends paid to noncontrolling interests
(
11
)
(
11
)
Other
2
(
4
)
(
2
)
Balance, June 30, 2024
$
11,401
$
(
973
)
$
14,890
$
(
4,247
)
$
1,209
$
22,280
SHARES OF COMMON STOCK
(Unaudited)
(Stated in millions)
Shares
Issued
In Treasury
Outstanding
Balance, January 1, 2025
1,439
(
38
)
1,401
Vesting of restricted stock
-
4
4
Shares issued under employee stock purchase plan
-
3
3
Stock repurchase program
-
(
57
)
(
57
)
Balance, June 30, 2025
1,439
(
88
)
1,351
See Notes to Consolidated Financial Statements
8
SCHLUMBERGER LIMITED AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1.
Basis of Presentation
The accompanying unaudited consolidated financial statements of Schlumberger Limited and its subsidiaries (“SLB”) have been prepared in accordance with generally accepted accounting principles in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of SLB management, all adjustments considered necessary for a fair statement have been included in the accompanying unaudited financial statements. All intercompany transactions and balances have been eliminated in consolidation. Operating results for the three-month period ended June 30, 2025 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2025. The December 31, 2024 balance sheet information has been derived from the SLB 2024 audited financial statements. For further information, refer to the
Consolidated Financial Statements
and notes thereto included in the SLB Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission on January 22, 2025.
ChampionX Transaction
On July 16, 2025, SLB completed the acquisition of 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 received
0.735
shares of SLB common stock in exchange for each ChampionX share. At the closing of the transaction ChampionX shareholders received approximately
141
million shares of SLB common stock valued at $
4.9
billion.
Excluding its Drilling Technology business, which was disposed of concurrently with the closing of the transaction, ChampionX recorded revenue of approximately $
3.4
billion in 2024 and $
1.7
billion during the six months ended June 30, 2025.
2.
Charges and Credits
2025
Second quarter
During the second quarter of 2025, SLB recorded a $
69
million impairment charge relating to an equity method investment that was determined to be other-than-temporarily impaired. This charge is classified in
Restructuring & other
in the
Consolidated Statement of Income
.
During the second quarter of 2025, SLB recorded a charge of $
66
million relating to workforce reductions to align its resources with activity levels. This charge is classified in
Restructuring & other
in the
Consolidated Statement of Income
. SLB may record additional charges related to workforce reductions in 2025 as it continues to align its resources with activity levels.
During the second quarter of 2025, in connection with the ChampionX transaction and the October 2023 acquisition of the Aker Solutions subsea business, SLB recorded $
35
million of charges related to merger and integration-related costs. These costs are classified in
Merger & integration
in the
Consolidated Statement of Income.
During the second quarter of 2025, SLB completed the sale of its interest in the Palliser APS project in Canada in exchange for net cash proceeds of $
338
million, of which $
22
million were received in the third quarter of 2025. SLB recorded a gain of $
149
million as a result of this transaction. This gain is classified in
Interest & other income
in the
Consolidated Statement of Income
.
First quarter
During the first quarter of 2025, SLB recorded a $
158
million charge relating to workforce reductions to realign and optimize its support and service delivery structure. This charge is classified in
Restructuring & other
in the
Consolidated Statement of Income
.
During the first quarter of 2025, in connection with the ChampionX transaction and the October 2023 acquisition of the Aker Solutions subsea business, SLB recorded $
49
million of charges related to merger and integration-related costs. These costs are classified in
Merger & integration
in the
Consolidated Statement of Income.
9
(Stated in millions)
Pretax Charge
Tax Benefit
Noncontrolling
(Credit)
(Expense)
Interests
Net
First quarter:
Workforce reductions
$
158
$
10
$
-
$
148
Merger and integration
49
1
4
44
Second quarter:
-
Impairment of equity method investment
69
12
-
57
Workforce reductions
66
3
-
63
Merger and integration
35
4
4
27
Gain on sale of Palliser APS project
(
149
)
(
4
)
-
(
145
)
$
228
$
26
$
8
$
194
2024
Second quarter
During the second quarter of 2024, SLB recorded a charge of $
111
million related to workforce reductions to realign and optimize its support and service delivery structure. This charge is classified in
Restructuring & other
in the
Consolidated Statement of Income
.
In connection with SLB's October 2023 acquisition of the Aker Solutions subsea business, SLB recorded $
31
million of charges during the second quarter of 2024 consisting of: $
15
million relating to the amortization of purchase accounting adjustments associated with the write-up of acquired inventories to its estimated fair value and $
16
million of other merger and integration-related costs. $
15
million of these costs are classified in
Cost of Sales
in the
Consolidated Statement of Income,
with the remaining $
16
million classified in
Merger & integration
.
First quarter
In connection with SLB's acquisition of the Aker Solutions subsea business, SLB recorded $
25
million of charges during the first quarter of 2024 consisting of: $
14
million relating to the amortization of purchase accounting adjustments associated with the write-up of acquired inventories to its estimated fair value and $
11
million of other merger and integration-related costs. $
14
million of these costs are classified in
Cost of Sales
in the
Consolidated Statement of Income
with the remaining $
11
million classified in
Merger & integration
.
(Stated in millions)
Noncontrolling
Pretax Charge
Tax Benefit
Interests
Net
First quarter:
Merger and integration
$
25
$
6
$
5
$
14
Second quarter:
Workforce reductions
111
17
-
94
Merger and integration
31
5
8
18
$
167
$
28
$
13
$
126
10
3.
Earnings per Share
The following is a reconciliation from basic earnings per share of SLB to diluted earnings per share of SLB:
(Stated in millions, except per share amounts)
2025
2024
Net Income
Attributable
to SLB
Average
Shares
Outstanding
Earnings per
Share
Net Income
Attributable
to SLB
Average
Shares
Outstanding
Earnings per
Share
Second Quarter
Basic
$
1,014
1,352
$
0.75
$
1,112
1,428
$
0.78
Assumed exercise of stock options
-
-
-
1
Unvested restricted stock
-
14
-
14
Diluted
$
1,014
1,366
$
0.74
$
1,112
1,443
$
0.77
2025
2024
Net Income
Attributable
to SLB
Average
Shares
Outstanding
Earnings per
Share
Net Income
Attributable
to SLB
Average
Shares
Outstanding
Earnings per
Share
Six Months
Basic
$
1,811
1,359
$
1.33
$
2,180
$
1,429
$
1.53
Assumed exercise of stock options
-
-
-
1
Unvested restricted stock
-
14
-
15
Diluted
$
1,811
1,373
$
1.32
$
2,180
$
1,445
$
1.51
The number of outstanding options to purchase shares of SLB common stock that were not included in the computation of diluted income per share, because to do so would have had an antidilutive effect, was as follows:
(Stated in millions)
Second Quarter
Six Months
2025
2024
2025
2024
Employee stock options
18
17
18
17
4.
Inventories
A summary of inventories, which are stated at the lower of average cost or net realizable value, is as follows:
(Stated in millions)
Jun. 30,
Dec. 31,
2025
2024
Raw materials & field materials
$
2,553
$
2,387
Work in progress
914
786
Finished goods
1,273
1,202
$
4,740
$
4,375
5.
Fixed Assets
Fixed assets consist of the following:
(Stated in millions)
Jun. 30,
Dec. 31,
2025
2024
Property, plant & equipment
$
30,332
$
29,573
Less: Accumulated depreciation
22,933
22,214
$
7,399
$
7,359
11
Depreciation expense relating to fixed assets was as follows:
(Stated in millions)
2025
2024
Second Quarter
$
408
$
384
Six Months
$
805
$
761
6.
Intangible Assets
Intangible assets consist of the following:
(Stated in millions)
Jun. 30, 2025
Dec. 31, 2024
Gross
Accumulated
Net Book
Gross
Accumulated
Net Book
Book Value
Amortization
Value
Book Value
Amortization
Value
Customer relationships
$
1,889
$
845
$
1,044
$
1,887
$
799
$
1,088
Technology/technical know-how
1,619
923
696
1,588
872
716
Tradenames
795
317
478
795
299
496
Other
1,621
946
675
1,604
892
712
$
5,924
$
3,031
$
2,893
$
5,874
$
2,862
$
3,012
Amortization expense charged to income was as follows:
(Stated in millions)
2025
2024
Second Quarter
$
82
$
82
Six Months
$
164
$
163
Based on the carrying value of intangible assets at June 30, 2025, amortization expense for the subsequent five years is estimated to be: remaining two quarters of 2025—$
162
million; 2026—$
316
million; 2027—
$
312
million; 2028—$
302
million; 2029—
$
289
million; and 2030—$
284
million.
7.
Long-term Debt
Long-term Debt
consists of the following:
(Stated in millions)
Jun. 30,
Dec. 31,
2025
2024
3.90
% Senior Notes due
2028
$
1,481
$
1,478
2.65
% Senior Notes due
2030
1,246
1,250
1.375
% Guaranteed Notes due
2026
1,171
1,040
2.00
% Guaranteed Notes due
2032
1,166
1,034
0.25
% Notes due
2027
1,054
936
0.50
% Notes due
2031
1,053
935
4.30
% Senior Notes due
2029
848
848
4.50
% Senior Notes due
2028
497
497
5.00
% Senior Notes due
2027
496
495
4.85
% Senior Notes due
2033
494
498
5.00
% Senior Notes due
2029
493
493
5.00
% Senior Notes due
2034
486
489
7.00
% Notes due
2038
197
197
5.95
% Notes due
2041
111
111
5.13
% Notes due
2043
98
98
1.00
% Guaranteed Notes due
2026
-
624
$
10,891
$
11,023
12
The estimated fair value of SLB’s
Long-term Debt,
based on quoted market prices at June 30, 2025 and December 31, 2024, was $
10.5
billion and $
10.4
billion, respectively.
At June 30, 2025, 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 June 30, 2025 and December 31, 2024.
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. Borrowings under the commercial paper programs at June 30, 2025, were $
1.1
billion, all of which were classified in
Short-term borrowings and current portion of long-term debt
in the
Consolidated Balance Sheet
. There were
no
borrowings under the commercial paper programs at December 31, 2024.
Schlumberger Limited fully and unconditionally guarantees the securities issued by certain of its subsidiaries, including securities issued by Schlumberger Investment S.A. and Schlumberger Finance Canada Ltd., both indirect wholly-owned subsidiaries of Schlumberger Limited.
8.
Derivative Instruments and Hedging Activities
SLB’s functional currency is primarily the US dollar. 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 June 30, 2025, 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 US dollar 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 US dollar 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.
A summary of the amounts included in the
Consolidated Balance Sheet
relating to cross currency interest rate swaps was as follows:
(Stated in millions)
Jun. 30, 2025
Dec. 31, 2024
Other current assets
$
-
$
37
Other Assets
$
212
$
2
Other Liabilities
$
4
$
183
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
13
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.
Foreign currency forward contracts were outstanding for the US dollar equivalent of
$
5.1
bill
ion and $
5.5
billion in various foreign currencies as of June 30, 2025 and December 31, 2024, respectively.
Other than the previously mentioned cross-currency interest rate swaps, the fair value of the other outstanding derivatives
was
no
t material as of June 30, 2025 and December 31, 2024.
The effect of derivative instruments designated as cash flow hedges, and those not designated as hedges, on the
Consolidated Statement of Income
was as follows:
(Stated in millions)
Gain (Loss) Recognized in Income
Second Quarter
Six Months
2025
2024
2025
2024
Consolidated Statement of Income Classification
Derivatives designated as cash flow hedges:
Cross-currency interest rate swaps
$
330
$
(
52
)
$
467
$
(
146
)
Cost of services/sales
Cross-currency interest rate swaps
(
18
)
(
22
)
(
37
)
(
44
)
Interest expense
Commodity contracts
-
(
7
)
-
(
10
)
Revenue
Foreign currency forward contracts
-
2
(
1
)
2
Cost of services/sales
Foreign currency forward contracts
4
(
1
)
-
2
Revenue
$
316
$
(
80
)
$
429
$
(
196
)
Derivatives not designated as hedges:
Foreign currency forward contracts
$
(
17
)
$
18
$
42
$
23
Cost of services/sales
SLB has issued credit default swaps (“CDSs”) to certain third-party financial institutions that have an aggregate notional amount outstanding of approximately $
1.0
billion as of June 30, 2025. 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 $
0.2
billion of the outstanding CDSs reduces on a monthly basis over its remaining
8
-month term while the remaining $
0.8
billion reduces on a monthly basis over its remaining
12
-month term. The fair value of these derivative liabilities was not material at June 30, 2025.
9.
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.
10.
Segment Information
Financial information by segment is as follows:
(Stated in millions)
Second Quarter 2025
Depreciation
Income
and
Capital
Revenue
Before Taxes
Amortization
Investments
(5)
Digital & Integration
$
995
$
327
$
148
$
150
Reservoir Performance
1,691
314
107
124
Well Construction
2,963
551
169
118
Production Systems
3,036
499
91
113
Eliminations & other
(
139
)
(
107
)
73
15
Corporate & other
(1)
(
169
)
45
Interest income
(2)
30
Interest expense
(3)
(
139
)
Charges and credits
(4)
(
21
)
$
8,546
$
1,285
$
633
$
520
14
(Stated in millions)
Second Quarter 2024
Depreciation
Income
and
Capital
Revenue
Before Taxes
Amortization
Investments
(5)
Digital & Integration
$
1,050
$
325
$
170
$
197
Reservoir Performance
1,819
376
101
138
Well Construction
3,411
742
162
198
Production Systems
3,025
473
83
99
Eliminations & other
(
166
)
(
62
)
71
28
Corporate & other
(1)
(
191
)
44
Interest income
(2)
29
Interest expense
(3)
(
129
)
Charges and credits
(4)
(
142
)
$
9,139
$
1,421
$
631
$
660
(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 that are included in the segments’ income (
$-
million in 2025; $
9
million in 2024).
(3)
Interest expense excludes amounts that are included in the segments’ income (
$
3
million in 2025; $
3
million in 2024).
(4)
See Note 2 –
Charges and Credits
.
(5)
Capital investments included capital expenditures, APS investments, and exploration data costs capitalized.
(Stated in millions)
Six Months 2025
Depreciation
Income
and
Capital
Revenue
Before Taxes
Amortization
Investments
(5)
Digital & Integration
$
2,001
$
633
$
315
$
311
Reservoir Performance
3,391
596
211
261
Well Construction
5,940
1,140
333
247
Production Systems
5,974
973
182
204
Eliminations & other
(
271
)
(
202
)
144
54
Corporate & other
(1)
(
347
)
88
Interest income
(2)
66
Interest expense
(3)
(
283
)
Charges and credits
(4)
(
228
)
$
17,035
$
2,348
$
1,273
$
1,077
15
(Stated in millions)
Six Months 2024
Depreciation
Income
and
Capital
Revenue
Before Taxes
Amortization
Investments
(5)
Digital & Integration
$
2,003
$
579
$
318
$
348
Reservoir Performance
3,544
715
199
253
Well Construction
6,779
1,432
318
390
Production Systems
5,843
873
165
177
Eliminations & other
(
323
)
(
97
)
143
41
Corporate & other
(1)
(
382
)
88
Interest income
(2)
63
Interest expense
(3)
(
238
)
Charges and credits
(4)
(
167
)
$
17,846
$
2,778
$
1,231
$
1,209
(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 that are included in the segments’ income
($-
million in 2025; $
13
million in 2024).
(3)
Interest expense excludes amounts that are included in the segments’ income (
$
6
million in 2025; $
7
million in 2024).
(4)
See Note 2 –
Charges and Credits
.
(5)
Capital investments included capital expenditures, APS investments, and exploration data costs capitalized.
Total assets by segment are as follows:
(Stated in millions)
Jun. 30,
Dec. 31,
2025
2024
Digital & Integration
$
2,708
$
3,117
Reservoir Performance
4,088
3,802
Well Construction
6,754
6,741
Production Systems
7,741
7,116
Goodwill and intangibles
17,551
17,605
All other assets
9,927
10,554
$
48,769
$
48,935
Segment assets consist of receivables, inventories, fixed assets, exploration data costs capitalized, and APS investments.
Revenue by geographic area was as follows:
(Stated in millions)
Second Quarter
Six Months
2025
2024
2025
2024
North America
$
1,655
$
1,644
$
3,373
$
3,242
Latin America
1,492
1,742
2,986
3,395
Europe & Africa
(1)
2,369
2,442
4,604
4,764
Middle East & Asia
2,986
3,268
5,983
6,348
Other
44
43
89
97
$
8,546
$
9,139
$
17,035
$
17,846
(1)
Includes Russia and the Caspian region.
16
North America and International revenue disaggregated by segment was as follows:
(Stated in millions)
Second Quarter 2025
North
America
International
Other
Total
Digital & Integration
$
223
$
769
$
3
$
995
Reservoir Performance
148
1,541
2
1,691
Well Construction
512
2,394
57
2,963
Production Systems
789
2,243
4
3,036
Eliminations & other
(
17
)
(
100
)
(
22
)
(
139
)
$
1,655
$
6,847
$
44
$
8,546
Second Quarter 2024
North
America
International
Other
Total
Digital & Integration
$
291
$
757
$
2
$
1,050
Reservoir Performance
134
1,684
1
1,819
Well Construction
592
2,768
51
3,411
Production Systems
640
2,378
7
3,025
Eliminations & other
(
13
)
(
135
)
(
18
)
(
166
)
$
1,644
$
7,452
$
43
$
9,139
Six Months 2025
North
America
International
Other
Total
Digital & Integration
$
512
$
1,486
$
3
$
2,001
Reservoir Performance
290
3,097
4
3,391
Well Construction
1,054
4,775
111
5,940
Production Systems
1,557
4,410
7
5,974
Eliminations & other
(
40
)
(
195
)
(
36
)
(
271
)
$
3,373
$
13,573
$
89
$
17,035
Six Months 2024
North
America
International
Other
Total
Digital & Integration
$
527
$
1,474
$
2
$
2,003
Reservoir Performance
264
3,276
4
3,544
Well Construction
1,196
5,475
108
6,779
Production Systems
1,286
4,543
14
5,843
Eliminations & other
(
31
)
(
261
)
(
31
)
(
323
)
$
3,242
$
14,507
$
97
$
17,846
Significant segment expenses, which represent the difference between segment revenue and pretax segment income, consist of the following:
17
(Stated in millions)
Second Quarter 2025
Digital &
Reservoir
Well
Production
Integration
Performance
Construction
Systems
Compensation
$
198
$
407
$
592
$
235
Cost of products, materials, and supplies
-
279
818
1,882
Depreciation and amortization
148
107
169
91
Allocations
105
163
240
139
Other
217
421
593
190
$
668
$
1,377
$
2,412
$
2,537
Second Quarter 2024
Digital &
Reservoir
Well
Production
Integration
Performance
Construction
Systems
Compensation
$
210
$
422
$
664
$
267
Cost of products, materials, and supplies
-
310
899
1,907
Depreciation and amortization
170
101
162
83
Allocations
108
166
252
133
Other
237
444
692
162
$
725
$
1,443
$
2,669
$
2,552
Six Months 2025
Digital &
Reservoir
Well
Production
Integration
Performance
Construction
Systems
Compensation
$
404
$
814
$
1,195
$
476
Cost of products, materials, and supplies
-
587
1,620
3,702
Depreciation and amortization
315
211
333
182
Allocations
206
327
490
276
Other
443
856
1,162
365
$
1,368
$
2,795
$
4,800
$
5,001
Six Months 2024
Digital &
Reservoir
Well
Production
Integration
Performance
Construction
Systems
Compensation
$
431
$
814
$
1,318
$
561
Cost of products, materials, and supplies
-
608
1,826
3,668
Depreciation and amortization
318
199
318
165
Allocations
215
328
503
262
Other
460
880
1,382
314
$
1,424
$
2,829
$
5,347
$
4,970
Other segment expenses include transportation, mobilization, lease, professional fees, and other costs.
Revenue in excess of billings related to contracts where revenue is recognized over time was
$
0.5
billion at June 30
, 2025 and $
0.5
billion at December 31, 2024. Such amounts are included within
Receivables less allowance for doubtful accounts
in the
Consolidated Balance Sheet
.
Total backlog was
$
5.7
billion at June 30, 2025, of which approximately
55
%
is expected to be recognized as revenue over the next 12 months.
Billings and cash collections in excess of revenue was $
2.2
billion at June 30, 2025 and $
2.0
b
illion at December 31, 2024. Such amounts are included within
Accounts payable and accrued liabilities
in the
Consolidated Balance Sheet
.
18
Item 2.
Management’s Discussion and Analysis of
Financial Condition and Results of Operations.
Second Quarter 2025 Compared to First Quarter 2025
(Stated in millions)
Second Quarter 2025
First Quarter 2025
Income
Income
Revenue
Before Taxes
Revenue
Before Taxes
Digital & Integration
$
995
$
327
$
1,006
$
306
Reservoir Performance
1,691
314
1,700
282
Well Construction
2,963
551
2,977
589
Production Systems
3,036
499
2,938
475
Eliminations & other
(139
)
(107
)
(131
)
(96
)
1,584
1,556
Corporate & other
(1)
(169
)
(178
)
Interest income
(2)
30
36
Interest expense
(3)
(139
)
(144
)
Charges and credits
(4)
(21
)
(207
)
$
8,546
$
1,285
$
8,490
$
1,063
(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 that are included in the segments’ income ($- million in both the second quarter of 2025 and the first quarter of 2025).
(3)
Interest expense excludes amounts that are included in the segments’ income ($3 million in the second quarter of 2025; $3 million in the first quarter of 2025).
(4)
Charges and credits are described in detail in Note 2 to the
Consolidated Financial Statements.
Second-quarter 2025 revenue of $8.5 billion increased 1% compared to the first quarter of 2025. SLB’s broad exposure across geographies and business lines enabled it to effectively overcome the impact of certain regional activity slowdowns. As a result, international revenue increased 2% sequentially, driven by robust growth in some parts of the Middle East, Asia, Europe and North Africa, which more than offset declines in certain key markets. Revenue in North America decreased 4% sequentially as a result of lower Asset Performance Solutions (“APS”) revenue and reduced activity due to the Canadian seasonal spring break.
Despite pockets of activity adjustments in key markets, the industry has shown that it can operate through uncertainty without a significant drop in upstream spending. This has been driven by the combination of capital discipline and the need for energy security.
Assuming commodity prices stay range bound, SLB remain constructive for the second half of the year. This is supported by its position in key markets, the depth of its diversified portfolio, and its increased exposure to the growing production and recovery market through the acquisition of ChampionX, which closed on July 16, 2025 (see Note 1 to the
Consolidated Financial Statements
). SLB will also continue to manage costs in line with market conditions as it remains focused on delivering peer-leading margins.
Digital & Integration
Digital & Integration revenue of $995 million decreased 1% sequentially primarily due to lower APS revenue in Canada. Digital revenue remained steady, with double-digit sequential growth from the combined effects of platforms, applications and digital operations, offset by reduced sales of exploration data following a strong first quarter.
Digital & Integration pretax operating margin of 33% expanded 240 basis points (“bps”) sequentially, driven by greater digital adoption and efficiency gains.
Reservoir Performance
Reservoir Performance revenue of $1.7 billion declined 1% sequentially due to a slowdown in evaluation and stimulation activity across international markets, partially offset by strong intervention activity.
Reservoir Performance pretax operating margin of 19% increased 203 bps sequentially as a result of the higher intervention activity and the absence of startup costs that impacted the first quarter.
19
Well Construction
Well Construction revenue of $3.0 billion was essentially flat sequentially. Higher revenue in Iraq, the United Arab Emirates, offshore Mexico, North Africa and Nigeria were offset by declines in drilling activity in Namibia, North America land markets, Argentina and Saudi Arabia.
Well Construction pretax operating margin of 19% declined 119 bps sequentially primarily due to an unfavorable geography mix in the international markets.
Production Systems
Production Systems revenue of $3.0 billion increased 3% sequentially primarily due to higher sales of artificial lift systems and midstream production solutions.
Production Systems sequential pretax operating margin remained steady at 16% primarily due to continued growth and a favorable activity mix.
Six Months 2025 Compared to Six Months 2024
(Stated in millions)
Six Months 2025
Six Months 2024
Income
Income
Revenue
Before Taxes
Revenue
Before Taxes
Digital & Integration
$
2,001
$
633
$
2,003
$
579
Reservoir Performance
3,391
596
3,544
715
Well Construction
5,940
1,140
6,779
1,432
Production Systems
5,974
973
5,843
873
Eliminations & other
(271
)
(202
)
(323
)
(97
)
3,140
3,502
Corporate & other
(1)
(347
)
(382
)
Interest income
(2)
66
63
Interest expense
(3)
(283
)
(238
)
Charges and credits
(4)
(228
)
(167
)
$
17,035
$
2,348
$
17,846
$
2,778
(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 that are included in the segments’ income ($- million in 2025; $13 million in 2024).
(3)
Interest expense excludes amounts that are included in the segments’ income ($6 million in 2025; $7 million in 2024).
(4)
Charges and credits are described in detail in Note 2 to the
Consolidated Financial Statements
.
Six-month 2025 revenue of $17.0 billion decreased 5% year on year primarily due to activity reductions in Saudi Arabia, Mexico, and certain key offshore markets. As a result, international revenue declined by 6% year on year. North America revenue increased by 4% primarily due to growth in data center infrastructure solutions.
Digital & Integration
Digital & Integration revenue of $2.0 billion was flat year on year. Revenue growth from platform, applications and digital operations of 10% was offset by lower sales exploration data and lower APS revenue.
Digital & Integration pretax operating margin of 32% increased 272 bps year on year driven by greater digital adoption and efficiency gains.
Reservoir Performance
Reservoir Performance revenue of $3.4 billion decreased 4% year on year primarily due to a slowdown in evaluation and stimulation activity in the international markets.
20
Reservoir Performance pretax operating margin of 18% contracted 259 bps year on year due to the lower evaluation and stimulation activity.
Well Construction
Well Construction revenue of $5.9 billion declined 12% year on year driven by a broad reduction in drilling activity both internationally, mainly in Saudi Arabia, Mexico and offshore Africa, and in North America.
Well Construction pretax operating margin of 19% declined 193 bps year on year driven by the widespread activity reductions.
Production Systems
Production Systems revenue of $6.0 billion increased 2% year on year driven by strong demand for data center infrastructure solutions, artificial lift, completions, and surface production systems.
Production Systems pretax operating margin of 16% expanded 136 bps year on year driven primarily by a favorable activity mix and execution efficiency.
Interest & Other Income
Interest & other income
consisted of the following:
(Stated in millions)
Second Quarter
First Quarter
Six Months
2025
2025
2025
2024
Gain on sale of Palliser APS project
$
149
$
-
$
149
$
-
Earnings of equity method investments
72
42
114
93
Interest income
31
36
67
76
$
252
$
78
$
330
$
169
Other
Research & engineering
and
General & administrative
expenses, as a percentage of
Revenue
were as follows:
Second
First
Quarter
Quarter
Six Months
2025
2025
2025
2024
Research & engineering
2.1
%
2.0
%
2.1
%
2.1
%
General & administrative
1.0
%
1.1
%
1.1
%
1.2
%
The effective tax rate was 18% for the second quarter of 2025 as compared to 19% for the same period of 2024. The effective tax rate for the first six months of 2025 was 20% as compared to 19% for the same period of 2024.
Charges and Credits
SLB recorded charges and credits during the first six months of 2025 and 2024. These charges and credits, which are summarized below, are more fully described in Note 2 to the
Consolidated Financial Statements
.
2025:
21
(Stated in millions)
Pretax Charge
Tax Benefit
Noncontrolling
(Credit)
(Expense)
Interests
Net
First quarter:
Workforce reductions
$
158
$
10
$
-
$
148
Merger and integration
49
1
4
44
Second quarter:
-
Impairment of equity method investment
69
12
-
57
Workforce reductions
66
3
-
63
Merger and integration
35
4
4
27
Gain on sale of Palliser APS project
(149
)
(4
)
-
(145
)
$
228
$
26
$
8
$
194
2024:
(Stated in millions)
Noncontrolling
Pretax Charge
Tax Benefit
Interests
Net
First quarter:
Merger and integration
$
25
$
6
$
5
$
14
Second quarter:
Workforce reductions
111
17
-
94
Merger and integration
31
5
8
18
$
167
$
28
$
13
$
126
Liquidity and Capital Resources
Details of the components of liquidity as well as changes in liquidity are as follows:
(Stated in millions)
Jun. 30,
Jun. 30,
Dec. 31,
Components of Liquidity:
2025
2024
2024
Cash
$
3,236
$
2,953
$
3,544
Short-term investments
511
1,050
1,125
Short-term borrowings and current portion of long-term debt
(2,807
)
(1,033
)
(1,051
)
Long-term debt
(10,891
)
(12,156
)
(11,023
)
Net debt
(1)
$
(9,951
)
$
(9,186
)
$
(7,405
)
22
Six Months Ended Jun. 30,
Changes in Liquidity:
2025
2024
Net income
$
1,877
$
2,243
Impairment of equity method investment
69
-
Gain on sale of Palliser APS project
(149
)
-
Depreciation and amortization
(2)
1,273
1,231
Earnings of equity method investments, less dividends received
(47
)
12
Deferred taxes
(60
)
(29
)
Stock-based compensation expense
168
173
Increase in working capital
(1,401
)
(1,906
)
Other
72
39
Cash flow from operations
1,802
1,763
Capital expenditures
(769
)
(862
)
APS investments
(225
)
(256
)
Exploration data costs capitalized
(83
)
(91
)
Free cash flow
(3)
725
554
Dividends paid
(773
)
(751
)
Stock repurchase program
(2,300
)
(735
)
Proceeds from employee stock plans
105
100
Proceeds from stock options
8
20
Taxes paid on net settled stock-based compensation awards
(55
)
(78
)
Business acquisitions and investments, net of cash acquired
(47
)
(505
)
Proceeds from sale of Palliser APS project
316
-
Purchase of Blue Chip Swap securities
(123
)
(76
)
Proceeds from sale of Blue Chip securities
102
51
Other
(9
)
39
Increase in net debt before impact of changes in foreign exchange rates
(2,051
)
(1,381
)
Impact of changes in foreign exchange rates on net debt
(495
)
171
Increase in net debt
(2,546
)
(1,210
)
Net debt, beginning of period
(1)
(7,405
)
(7,976
)
Net debt, end of period
(1)
$
(9,951
)
$
(9,186
)
(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 the first six months of 2025 and 2024 included:
•
Capital investments (consisting of capital expenditures, APS investments and exploration data capitalized) were $1.1 billion during the first six months of 2025 compared to $1.2 billion during the first six months of 2024. Capital investments for the full year 2025 are expected to be approximately $2.4 billion, including the impact of the ChampionX acquisition.
•
In January 2025, SLB announced a 3.6% increase to its quarterly cash dividend from $0.275 per share of outstanding common stock to $0.285 per share, beginning with the dividend payable in April 2025. Dividends paid during the first six months of 2025 and 2024 were $773 million and $751 million, respectively.
•
SLB entered into accelerated share repurchase ("ASR") agreements to repurchase $2.3 billion of its common stock commencing on January 13, 2025, and ending no later than May 31, 2025. The ASR was completed on April 7, 2025, and SLB received 56.8 million shares of its common stock, of which 47.6 million were received in January 2025 and the remaining 9.2 million shares were received in April 2025. These shares were repurchased by SLB at an average price of $40.51, representing the volume-weighted average price of SLB's common stock during this period less a discount.
•
During the first six months of 2024, SLB repurchased 15.3 million shares of its common stock at an average price of $48.01 per share for a total purchase price of $735 million.
•
During the second quarter of 2025, SLB completed the sale of its interest in the Palliser APS project in Canada in exchange for net cash proceeds of $338 million, of which $22 million were received in the third quarter of 2025. SLB recorded revenue of
23
approximately $0.2 billion relating to this project during the six months ended June 30, 2025 and approximately $0.5 billion during 2024.
•
During the 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.
As of June 30, 2025, SLB had $3.7 billion of cash and short-term investments on hand and committed debt facility agreements with commercial banks aggregating $5.0 billion, all of which was available. SLB believes these amounts are sufficient to meet future business requirements for at least the next 12 months and beyond.
SLB has a global footprint in more than 100 countries. As of June 30, 2025, only two of those countries individually accounted for greater than 5% of SLB’s net receivable balance. Only one of these countries, the United States, represented greater than 10% of such receivables. As of June 30, 2025, Mexico represented 9% of SLB's net accounts receivable balance see Note 8 to the
Consolidated Financial Statements
. While SLB has recently experienced delays in payment from its primary customer in Mexico, these receivables are not in dispute and SLB has not historically had any material write-offs due to uncollectible accounts receivable relating to this customer.
FORWARD-LOOKING STATEMENTS
This second-quarter 2025 Form 10-Q, as well as other statements we make, contain “forward-looking statements” within the meaning of the federal securities laws, which include any statements that are not historical facts. Such statements often contain words such as “expect,” “may,” “can,” “believe,” “predict,” “plan,” “potential,” “projected,” “projections,” “precursor,” “forecast,” “outlook,” “expectations,” “estimate,” “intend,” “anticipate,” “ambition,” “goal,” “target,” “scheduled,” “think,” “should,” “could,” “would,” “will,” “see,” “likely,” and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain, such as statements about SLB’s financial and performance targets and other forecasts or expectations regarding, or dependent on, its business outlook; growth for SLB as a whole and for each of its Divisions (and for specified business lines, geographic areas, or technologies within each Division); the benefits of the ChampionX acquisition, including the ability of SLB to integrate the ChampionX business successfully and to achieve anticipated synergies and value creation from the acquisition; oil and natural gas demand and production growth; oil and natural gas prices; forecasts or expectations regarding energy transition and global climate change; improvements in operating procedures and technology; capital expenditures by SLB and the oil and gas industry; the business strategies of SLB, including digital and “fit for basin,” as well as the strategies of SLB’s customers; SLB’s capital allocation plans, including dividend plans and share repurchase programs; SLB’s APS projects, joint ventures, and other alliances; the impact of ongoing or escalating conflicts on global energy supply; access to raw materials; future global economic and geopolitical conditions; future liquidity, including free cash flow; and future results of operations, such as margin levels. These statements are subject to risks and uncertainties, including, but not limited to, changing global economic and geopolitical conditions; changes in exploration and production spending by SLB’s customers, and changes in the level of oil and natural gas exploration and development; the results of operations and financial condition of SLB’s customers and suppliers; SLB’s inability to achieve its financial and performance targets and other forecasts and expectations; SLB’s inability to achieve net-zero carbon emissions goals or interim emissions reduction goals; general economic, geopolitical and business conditions in key regions of the world; foreign currency risk; inflation; changes in monetary policy by governments; tariffs; pricing pressure; weather and seasonal factors; unfavorable effects of health pandemics; availability and cost of raw materials; operational modifications, delays or cancellations; challenges in SLB’s supply chain; production declines; the extent of future charges; SLB’s inability to recognize efficiencies and other intended benefits from its business strategies and initiatives, such as digital or new energy, as well as its cost reduction strategies; changes in government regulations and regulatory requirements, including those related to offshore oil and gas exploration, radioactive sources, explosives, chemicals, and climate-related initiatives; the inability of technology to meet new challenges in exploration; the competitiveness of alternative energy sources or product substitutes; and other risks and uncertainties detailed in this Form 10-Q and our most recent Form 10-K and Forms 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-Q 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-Q are made as of July 24, 2025, and SLB disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events, or otherwise.
Item 3. Quantitative and Qualitati
ve Disclosures About Market Risk.
For quantitative and qualitative disclosures about market risk affecting SLB, see Item 7A, “Quantitative and Qualitative Disclosures about Market Risk,” of the SLB Annual Report on Form 10-K for the fiscal year ended December 31, 2024. SLB’s exposure to market risk has not changed materially since December 31, 2024.
Item 4. Cont
rols 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 Securities Exchange Act of 1934 (the “Exchange Act”)) as of the end of the
24
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 to ensure 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 was no change in SLB’s internal control over financial reporting during the quarter to which this report relates that has materially affected, or is reasonably likely to materially affect, SLB’s internal control over financial reporting.
25
PART II. OTHER INFORMATION
I
tem 1. Legal Proceedings.
The information with respect to this Item 1 is set forth under Note 9—Contingencies, in the accompanying Consolidated Financial Statements.
Item 1A. R
isk Factors.
On July 16, 2025, SLB completed the acquisition of ChampionX and therefore no longer faces risks associated with the ability to complete the ChampionX transaction. Except as described in the foregoing sentence, as of the date of this filing, there have been no material changes from the risk factors disclosed in Part 1, Item 1A, of SLB’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024.
Item 2. Unregistered Sales of Equit
y Securities and Use of Proceeds.
Unregistered Sales of Equity Securities
None.
Issuer Repurchases of Equity Securities
On January 21, 2016, the SLB Board of Directors approved a $10 billion share repurchase program for SLB common stock. As of June 30, 2025, SLB had repurchased approximately $5.8 billion of SLB common stock under this program.
SLB's common stock repurchase activity for the three months ended June 30, 2025 was as follows:
(Stated in thousands, except per share amounts)
Total number
of shares
purchased
Average price
paid per share
Total number
of shares
purchased as
part of publicly
announced plans or
programs
Maximum
value of shares
that may yet be
purchased
under the plans
or programs
April 2025
9,127.3
$
50.40
9,127.3
$
4,241,326
May 2025
-
$
-
-
$
4,241,326
June 2025
-
$
-
-
$
4,241,326
9,127.3
$
50.40
9,127.3
SLB entered into ASR agreements to repurchase $2.3 billion of its common stock commencing on January 13, 2025, and ending no later than May 31, 2025. The ASR was completed on April 7, 2025, and SLB received 56.8 million shares of its common stock, of which 47.6 million were received in January 2025 and the remaining shares were received in April 2025. These shares were repurchased by SLB at an average price of $40.51, representing the volume-weighted average price of SLB's common stock during this period less a discount.
I
tem 3. Defaults Upon Senior Securities.
None
.
Item 4. Mine Safety Disclosures.
Our mining operations are subject to regulation by the federal Mine Safety and Health Administration under the Federal Mine Safety and Health Act of 1977. 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 report.
I
tem 5. 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 during the second quarter of 2025 consisted of payments of taxes and other typical governmental charges. Certain non-US subsidiaries of SLB maintain 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 prior services rendered in Iran and for the maintenance of such amounts previously received. One non-US
26
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.
* Exhibit 101.INS—Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document
* Exhibit 104—Cover Page Interactive Data File (embedded within the Inline XBRL document)
* Filed with this Form 10-Q.
** Furnished with this Form 10-Q.
(+) Management contracts or compensatory plans or arrangements.
28
SIGNATURE
Pursuant to the requirements 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.
SCHLUMBERGER LIMITED
Date:
July 24, 2025
/s/ Howard Guild
Howard Guild
Chief Accounting Officer and Duly Authorized Signatory
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