SLB Limited
SLB Limited/NV is a global energy technology and oilfield services company organized around digital, reservoir performance, well construction, and production systems. The company serves upstream oil and gas customers in more than 100 countries through a network of operating subsidiaries and technology platforms, with executive offices in Paris, Houston, and The Hague.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueSoftware, data platforms, digital operations, digital exploration, and professional services.
Services and technologies for reservoir evaluation, stimulation, and production optimization.
Drilling, wellbore construction, and related technologies and services.
Production equipment, artificial lift, production chemicals, and field production solutions.
Products
Reported · share of revenue- Services59.4 %
- Products40.6 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
SLB sells primarily to national oil companies, large integrated oil companies, and independent operators. Its offerings are used by customers that need technology and field services across exploration, drilling, completion, production, and digital operations. Digital products also reach customers seeking workflow automation, data platforms, and AI-enabled operational support.
Buy integrated upstream services, drilling support, and production technologies for large domestic resource bases.
Purchase multi-division solutions across exploration, well construction, reservoir work, and production systems.
Use SLB for targeted field services, well construction, and production optimization on specific assets.
Buy platforms, data products, and AI-enabled workflows to automate planning and operations.
Adopt carbon-management and other new-energy solutions that leverage SLB's subsurface and systems expertise.
Strategy
SLB's strategy centers on integrating digital, subsurface, drilling, and production technologies across the upstream value chain. The company is also expanding its exposure to production and recovery, AI-enabled workflows, data center solutions, and adjacent energy systems to broaden its long-term growth base.
Production systems and recovery services are a large, recurring part of upstream spending and improve portfolio balance.
Software and data products can improve customer workflows and differentiate SLB beyond hardware and field services.
Adjacencies reduce dependence on pure upstream spending and leverage subsurface and systems expertise.
International basins often drive activity recovery and support a more diversified revenue base than North America alone.
Geography
2025SLB operates in more than 100 countries, with activity spread across North America, Latin America, Europe & Africa, and the Middle East & Asia. The business is especially exposed to offshore, deepwater, and international upstream markets, while North America remains important for digital sales, US offshore activity, and production systems. Country-level receivable exposure is concentrated, with the United States and Mexico highlighted in filings.
Risks
SLB is exposed to cyclical upstream spending, so lower oil and gas prices or reduced customer capex can quickly weaken demand for its services and products. Its global footprint also creates exposure to geopolitics, sanctions, cyber incidents, receivables collection, and regulatory compliance across many jurisdictions. Large acquisitions, goodwill, and long-lived assets add valuation and integration risk.
- Cyclical upstream spendingImpact: HighLikelihood: Medium
Demand depends on customer exploration and production budgets, which move with oil and gas prices.
Exposure - Geopolitical and sanctions exposureImpact: HighLikelihood: Medium
Operations in Russia, Ukraine-related markets, and other international regions can be affected by sanctions and trade controls.
Exposure: International revenue and cash repatriation
- Cybersecurity incidentsImpact: HighLikelihood: Medium
Digital technologies, remote operations, and customer data handling increase attack surface and operational disruption risk.
Exposure: Digital division and connected field operations
- Asset impairment and acquisition integrationImpact: MediumLikelihood: Low
Goodwill and long-lived assets depend on future cash flow assumptions and can be impaired if market conditions weaken.
Exposure - Customer concentration in receivablesImpact: Medium
A few countries and customers account for a meaningful share of net receivables, increasing collection risk.
Exposure: Mexico and the United States receivables balances
Accounting
Judgemental itemsSLB recorded a goodwill impairment charge for SLB Capturi, showing sensitivity to valuation assumptions.
Impact: Can materially affect operating income and reported earnings
APS projects, fixed assets, and intangibles are tested when conditions change and may be written down.
Impact: Can reduce asset values and create noncash charges
Receivables are exposed to country and customer payment delays, especially in international markets.
Impact: Affects bad debt expense and net receivables
Operations in more than 100 tax jurisdictions require judgment on uncertain tax positions and audits.
Impact: Can change tax expense and liabilities
Weather, road restrictions, hurricanes, and customer budget cycles cause quarter-to-quarter swings.
Impact: Affects revenue timing and comparability across quarters
Similar listed companies
Publicly listed companies with a comparable business focus.
Liberty Energy Inc.
LBRT · Oil & Gas Field Services, NEC
Halliburton Company
HAL · Oil & Gas Field Services, NEC
Halliburton is a U.S.-based oilfield services company that provides products and technical services used across the full well lifecycle, from locating…
Weatherford International plc
WFRD · Oil & Gas Field Machinery & Equipment
Weatherford International plc is a U.S.-based oilfield services company that designs and supplies equipment, software, and field services used across the well lifecycle.
NGL Energy Partners LP
NGL · Natural Gas Transmission
NGL Energy Partners LP is a Delaware master limited partnership that operates midstream energy assets in the United States and Canada.
Usa Compression Partners, LP
USAC · Natural Gas Transmission
USA Compression Partners, LP is a Delaware limited partnership that provides natural gas compression services across the United States.
MPLX LP Common Units Representing Limited Partner Interests
MPLX · Pipe Lines (No Natural Gas)
MPLX LP is a U.S.
Last updated: 24/09/2026