Schlumberger Limited (SLB): Analyse du Pestle [Jan-2025 MISE À JOUR]

Dans le monde dynamique des services énergétiques mondiaux, Schlumberger Limited (SLB) est une puissance technologique complexe naviguant dans un paysage complexe de défis géopolitiques, d'incertitudes économiques et de changements technologiques transformateurs. Cette analyse complète du pilotage dévoile les facteurs externes à multiples facettes qui façonnent la trajectoire stratégique de l'entreprise, révélant comment un géant des services de champ pétrolifère de l'entreprise doit constamment s'adapter à des pressions énergétiques politiques, économiques, sociologiques, technologiques, juridiques et environnementales qui définissent l'écosystème énergétique moderne.

Schlumberger Limited (SLB) - Analyse du pilon: facteurs politiques

Régions opérationnelles géopolitiquement complexes

Schlumberger opère dans 120 pays avec une présence significative dans des régions politiquement sensibles. Depuis 2024, la société maintient les opérations dans:

Région	Niveau de risque politique	Projets actifs
Moyen-Orient	Haut	37 projets actifs
Russie	Extrême	12 projets actifs
Venezuela	Critique	5 projets actifs
Nigeria	Haut	16 projets actifs

Impact des sanctions internationales

Schlumberger fait face à des défis importants des sanctions internationales, en particulier dans:

• Russie: Impacué par les sanctions américaines et européennes depuis 2022
• Iran: sanctions économiques complètes en cours
• Venezuela: restrictions économiques continues américaines

Gestion des relations gouvernementales

La stratégie d'engagement du gouvernement de Schlumberger implique des négociations complexes sur les marchés clés:

Pays	Valeur du contrat du gouvernement	Durée du contrat
Arabie Saoudite	1,2 milliard de dollars	5 ans
Mexique	780 millions de dollars	3 ans
Brésil	650 millions de dollars	4 ans

Exposition à l'instabilité politique

Évaluation des risques politiques pour les principaux pays producteurs de pétrole:

• Venezuela: Évaluation du risque d'instabilité politique 8.7 / 10
• Libye: indice de volatilité politique 9.2/10
• Irak: score de risque géopolitique 7,5 / 10

Défis de conformité réglementaire

Coûts de conformité réglementaire en 2024: 214 millions de dollars

Les exigences de conformité couvrent plusieurs juridictions, y compris les réglementations environnementales, les restrictions commerciales et les lois locales de contenu.

Schlumberger Limited (SLB) - Analyse du pilon: facteurs économiques

Fluctuations mondiales du prix du pétrole et du gaz

Les revenus de Schlumberger pour 2023: 61,56 milliards de dollars, avec une corrélation directe avec les prix mondiaux du pétrole. Prix ​​moyen du pétrole brut Brent en 2023: 81,50 $ le baril.

Année	Fourchette de prix du pétrole	Impact des revenus SLB
2023	70 $ - 90 $ / baril	61,56 milliards de dollars
2022	80 $ - 120 $ / baril	59,99 milliards de dollars

Cycles d'investissement du secteur de l'énergie

Investissements mondiaux en amont en pétrole et en gaz en 2023: 528 milliards de dollars. Part de marché international de Schlumberger: environ 19%.

Catégorie d'investissement	2023 dépenses	Croissance projetée en 2024
Investissements en amont	528 milliards de dollars	3.5%
Budget d'exploration	156 milliards de dollars	2.8%

Impact de la croissance économique mondiale

Les prévisions mondiales de la demande d'énergie de l'International Energy Agency pour 2024: 101,7 millions de barils par jour. Revenus des opérations internationales de SLB: 37,2 milliards de dollars en 2023.

Défis de transition d'énergie renouvelable

Investissements en énergie renouvelable en 2023: 495 milliards de dollars dans le monde. Investissements en technologie de l'énergie propre de Schlumberger: 1,2 milliard de dollars.

Métrique de transition énergétique	Valeur 2023	2024 projection
Investissements mondiaux renouvelables	495 milliards de dollars	540 milliards de dollars
SLB Clean Tech Investment	1,2 milliard de dollars	1,5 milliard de dollars

Schlumberger Limited (SLB) - Analyse du pilon: facteurs sociaux

Défis de diversité de la main-d'œuvre dans le secteur de l'énergie traditionnel à prédominance masculine

En 2023, la main-d'œuvre mondiale de Schlumberger comprenait 107 000 employés dans 160 pays. La représentation féminine dans l'entreprise représentait 16,4% de la main-d'œuvre totale, avec 6,2% en postes de direction.

Catégorie de main-d'œuvre	Pourcentage	Nombre total
Total des employés	100%	107,000
Employés	16.4%	17,548
Leadership féminin	6.2%	663

L'accent mis sur la sécurité au travail et le bien-être des employés

En 2022, Schlumberger a signalé un taux d'incident enregistrable total (TRIR) de 0,32 pour 200 000 heures de travail, nettement inférieure à la moyenne de l'industrie de 0,75.

Métrique de sécurité	2022 Performance
Taux d'incident total enregistrable	0,32 pour 200 000 heures de travail
TRIR moyen de l'industrie	0,75 pour 200 000 heures de travail

Demande croissante de pratiques d'entreprise durables et socialement responsables

Schlumberger a investi 570 millions de dollars dans les technologies à faible teneur en carbone et les initiatives de durabilité en 2022, ce qui représente 4,3% du total des dépenses de R&D.

Investissement en durabilité	Montant	Pourcentage de R&D
Technologies à faible teneur en carbone	570 millions de dollars	4.3%

Attraction des talents et rétention dans les domaines technologiques compétitifs

L'investissement annuel de formation des employés de Schlumberger a atteint 186 millions de dollars en 2022, avec une moyenne de 48 heures de formation par employé.

Métrique de formation	2022 données
Investissement total de formation	186 millions de dollars
Heures de formation moyennes par employé	48 heures

Schlumberger Limited (SLB) - Analyse du pilon: facteurs technologiques

Leader dans les technologies avancées du champ pétrolier numérique et de l'analyse des données

Schlumberger a investi 1,33 milliard de dollars en R&D en 2023, ce qui représente 4,5% des revenus totaux. Digital Technology Solutions a généré 6,2 milliards de dollars de revenus pour l'entreprise en 2023.

Catégorie de technologie	Montant d'investissement	Impact sur les revenus
Technologies pétrolières numériques	482 millions de dollars	2,7 milliards de dollars
Solutions d'analyse de données	356 millions de dollars	1,9 milliard de dollars
Infrastructure de cloud computing	214 millions de dollars	1,6 milliard de dollars

Investissement important dans l'intelligence artificielle et les solutions d'apprentissage automatique

Schlumberger a alloué 412 millions de dollars spécifiquement pour la recherche sur l'IA et l'apprentissage automatique en 2023. La société détient actuellement 287 brevets actifs liés à l'IA.

Application d'IA	Nombre de projets actifs	Économies annuelles estimées
Maintenance prédictive	46	124 millions de dollars
Modélisation du réservoir	38	93 millions de dollars
Optimisation du forage	52	167 millions de dollars

Développer des technologies d'exploration et de production de pointe

Schlumberger possède 672 projets de développement de technologies actifs dans des secteurs d'exploration et de production. Le portefeuille technologique comprend 1 243 brevets technologiques actifs.

Segment technologique	Projets actifs	Dénombrement des brevets
Imagerie souterraine	124	276
Technologies de forage	203	412
Amélioration de la production	345	555

Se concentrer sur la transformation numérique et les solutions d'ingénierie innovantes

Schlumberger a engagé 672 millions de dollars dans des initiatives de transformation numérique en 2023. La société a déployé 3 214 solutions d'ingénierie numérique dans 47 pays.

Zone de transformation numérique	Investissement	Déploiement mondial
Migration du nuage	214 millions de dollars	1 087 solutions
Systèmes d'automatisation	268 millions de dollars	1 456 solutions
Surveillance à distance	190 millions de dollars	671 solutions

Schlumberger Limited (SLB) - Analyse du pilon: facteurs juridiques

Compliance réglementaire complexe dans plusieurs juridictions internationales

Schlumberger opère dans 120 pays, exigeant le respect de divers cadres juridiques. En 2024, la société gère les exigences légales dans plusieurs juridictions avec une complexité réglementaire importante.

Région	Nombre de cadres de conformité juridique actifs	Dépenses de conformité annuelles estimées
Amérique du Nord	37 cadres réglementaires	128,5 millions de dollars
Moyen-Orient	22 cadres réglementaires	93,7 millions de dollars
Europe	28 cadres réglementaires	112,3 millions de dollars
Asie-Pacifique	25 cadres réglementaires	86,9 millions de dollars

Gestion des défis de la réglementation environnementale et de sécurité

Métriques de la conformité de la réglementation environnementale:

• 2024 Investissement en sécurité environnementale: 342 millions de dollars
• Taux de réduction des violations réglementaires: 14,6%
• Taux de réussite d'audit de la conformité à la sécurité: 92,3%

Risques juridiques potentiels des opérations internationales et des incidents environnementaux

Catégorie de risque	Exposition financière potentielle	Budget d'atténuation
Litige environnemental	215 millions de dollars	87,6 millions de dollars
Pénalités de conformité opérationnelle	76,4 millions de dollars	42,3 millions de dollars
Différends contractuels internationaux	129,7 millions de dollars	55,2 millions de dollars

Navigation de protection de la propriété intellectuelle dans les innovations technologiques

Portfolio de propriété intellectuelle:

• Brevets actifs totaux: 4 237
• Dépenses de dépôt de brevets en 2024: 63,5 millions de dollars
• Budget de défense du contentieux de la propriété intellectuelle: 22,8 millions de dollars

Catégorie de brevet	Nombre de brevets	Secteur technologique
Technologies de forage	1 342 brevets	Équipement d'exploration
Imagerie souterraine	987 brevets	Analyse géophysique
Solutions numériques de champ pétrolier	763 brevets	Analyse des données
Amélioration de la production	1 145 brevets	Gestion des réservoirs

Schlumberger Limited (SLB) - Analyse du pilon: facteurs environnementaux

Engagé à réduire l'empreinte carbone et les émissions de gaz à effet de serre

Schlumberger vise à réduire les émissions de gaz à effet de serre des lunettes 1 et 2 par 30% d'ici 2025 à partir d'une référence de 2016. En 2022, la société a déclaré des émissions totales de gaz à effet de serre de 4,3 millions de tonnes métriques d'équivalent de CO2.

Type d'émission	2022 émissions (tonnes métriques CO2E)	Cible de réduction
Émissions de la portée 1	3,1 millions	25% de réduction d'ici 2025
Émissions de la portée 2	1,2 million	35% de réduction d'ici 2025

Investir dans des technologies de faible énergie en carbone et renouvelable

Schlumberger a investi 137 millions de dollars dans les technologies à faible teneur en carbone en 2022. La société a développé de nouvelles solutions énergétiques avec un ciblage de portefeuille 1 milliard de dollars de revenus d'ici 2025.

Zone technologique	Montant d'investissement (2022)	Cible de revenus
Énergie géothermique	42 millions de dollars	350 millions de dollars d'ici 2025
Capture de carbone	65 millions de dollars	400 millions de dollars d'ici 2025
Technologies d'hydrogène	30 millions de dollars	250 millions de dollars d'ici 2025

Aborder la durabilité environnementale dans les secteurs de l'énergie traditionnelle

Schlumberger a mis en œuvre stratégies d'électrification À travers les opérations de forage, réduisant la consommation de diesel de 18% en 2022.

Initiative de durabilité	2022 Impact	Économies projetées
Électrification de la plate-forme	18% de réduction du diesel	25% de réduction d'ici 2025
Utilisation de l'énergie renouvelable	12% de l'énergie totale	20% d'ici 2025

Développement de technologies pour la capture du carbone et les stratégies de réduction des émissions

Schlumberger a développé des technologies de capture de carbone avec les capacités actuelles du projet de 50 millions de tonnes métriques par an. La société possède des projets de capture et de stockage de carbone actifs dans 7 pays.

Projet de capture de carbone	Capacité de capture (tonnes métriques / an)	Lieux géographiques
Capture de carbone industriel	30 millions	États-Unis, Norvège
Récupération d'huile améliorée	20 millions	Moyen-Orient, Amérique du Nord

Schlumberger Limited (SLB) - PESTLE Analysis: Social factors

The social landscape for Schlumberger Limited (SLB) in 2025 is defined by a critical balancing act: attracting next-generation digital talent while navigating the public's accelerating shift away from fossil fuels. This dynamic creates both an acute talent constraint and a strategic imperative to amplify the company's energy transition narrative to protect brand equity.

Intense competition for highly-skilled digital and engineering talent is a major constraint.

SLB is fundamentally a technology company, and its strategic pivot relies heavily on its Digital & Integration division, which generates roughly an estimated US$3 billion of annual revenue with targeted EBITDA margins of about 35%. But the competition for the necessary software engineers, data scientists, and AI specialists is fierce, coming not just from traditional energy rivals but from high-growth tech firms.

The company is actively recruiting for roles in Digital Technology and Engineering and Manufacturing, but the overall challenge of talent attraction and retention remains a priority in a high-risk operational environment. To be fair, this is a global issue, but for an energy services firm, the competition for top-tier digital talent is defintely a headwind.

• Digital Revenue Target: Approximately US$3 billion annual revenue from SLB Digital.
• Digital Margin Target: Targeted EBITDA margins of about 35% for the digital business.
• Talent Focus: Recruiting for Digital Technology, Engineering, and Manufacturing internships.

Public perception shifts against fossil fuels pressure SLB's recruitment and brand equity.

The global energy transition narrative directly impacts SLB's ability to recruit young talent, as evidenced by the company's rebranding and mission focused on 'driving energy innovation for a balanced planet.' This perception shift is a real retention risk: one survey indicated that more than half (56%) of oil and gas workers expressed a desire to move to renewables jobs, with 43% planning to leave their current positions within five years.

SLB is countering this by positioning itself as a key enabler of decarbonization, with a commitment to achieving net zero emissions by 2050 and interim targets in 2025 and 2030. This clear commitment is a necessary defensive move to maintain brand relevance and appeal to a socially conscious workforce.

Focus on local content requirements in emerging markets to secure operating licenses.

Operating in over 100 countries means SLB must manage complex local content requirements (LCRs) to maintain its operating licenses and secure new contracts. These requirements mandate the use of domestically supplied goods and services, and the recruitment of local personnel.

In key markets like Saudi Arabia, this is a major strategic focus. The Saudi government's Local Content and Government Procurement Authority aims to raise local content in government procurement and projects from about 30% to nearly 50%. Furthermore, a major customer, Saudi Aramco, has an internal goal of achieving 70% local content across its procurement by 2025 through its iktva program. SLB's strategy is to not only comply with these regulatory and contractual requirements but to implement local content plans that support in-country supplier development and enhance regional technical capabilities.

Workforce safety and diversity initiatives are key to reducing operational risk.

In the high-risk environment of energy services, a strong safety culture and a diverse, inclusive workforce are direct mitigants to operational and reputational risk. SLB has a globally diverse workforce, with employees from 172 different nationalities.

The company is on track to meet its gender balance milestone of 25% women in salaried positions by 2025, having reached 24.6% at year-end 2023. Furthermore, women represent 30% of the executive leadership team. On the safety front, the focus has expanded to include psychological safety, recognizing that a culture where employees feel safe to speak up reduces overall operational risk.

Social Metric Category	2025 Target / Latest Data	Strategic Implication
Women in Salaried Workforce	On track for 25% by 2025 (was 24.6% at year-end 2023)	Mitigates talent shortage; improves innovation through diverse perspectives.
Executive Leadership Team (Women)	30% (as of year-end 2023)	Demonstrates commitment to gender parity at the highest level, boosting recruitment and brand equity.
Workforce Nationalities	Over 172 nationalities	Essential for local content compliance and global operational agility.
Key Customer Local Content Goal (Aramco)	70% procurement local content by 2025	Requires significant, ongoing investment in local supply chain development and in-country value programs.

Schlumberger Limited (SLB) - PESTLE Analysis: Technological factors

Significant R&D Investment Focuses on Digital Solutions

You need to see where Schlumberger Limited (SLB) is putting its money to understand its future competitive edge. The company is defintely prioritizing its shift toward software and low-carbon solutions, which is a smart move to decouple growth from volatile upstream spending. SLB's research and development (R&D) expenses for the twelve months ending September 30, 2025, stood at $714 million. This sustained investment is heavily channeled into digital and AI innovation, which is crucial for enhancing operational efficiency across the entire energy value chain.

This R&D focus isn't just about new tools; it's about fundamentally changing how exploration and production (E&P) gets done. It's a strategic pivot from a purely service-based model to a technology-licensing and software-as-a-service (SaaS) model, which carries a much more favorable margin profile.

Adoption of DELFI Cognitive E&P Environment is Accelerating Field-Level Efficiency Gains

The DELFI cognitive E&P environment is SLB's cloud-based platform that uses artificial intelligence (AI) and machine learning to integrate data and workflows across exploration, drilling, and production. This is how they deliver real, measurable efficiency gains to clients. The platform enables a single source of truth for all data, allowing for faster and more informed decisions.

The financial impact of this digital push is already significant. SLB's digital business is projected to reach around $3 billion in sales by the end of 2025. For perspective, the Digital & Integration division reported revenue of $1.01 billion in the first quarter of 2025 alone.

Here's the quick math on efficiency:

• One customer's subsurface team used AI-enhanced workflows to automatically create and simulate 200 model realizations in just one-sixth of the time it would have taken manually.
• The DrillPlan solution, part of DELFI, helped another client plan eight wells in the time it would normally take to plan one.

That kind of speed directly translates to reduced capital expenditure and faster time-to-production for operators.

Advancements in Carbon Capture, Utilization, and Storage (CCUS) Technology Offer New Revenue Streams

SLB is smartly positioning itself as a key player in the energy transition, which opens up new, high-growth revenue streams outside of traditional oilfield services. The company is a recognized leader in carbon management, deploying its CENOS™ line of capture technologies, which includes solvent, membrane, and storage integration.

The CCUS segment is no longer just a pilot program; it's a commercial business. The global CCUS market is projected to grow from $5.82 billion in 2025. SLB is actively participating, with over a dozen active CCUS projects across industrial sectors like oil, steel, and cement in 2025. Revenue from SLB's low-carbon portfolio, which includes CCUS, geothermal, critical minerals, and data center solutions, is expected to exceed $1 billion in 2025.

SLB's New Energy Revenue Target (2025)	Core CCUS Technology	Global Market Context (2025)
Expected to exceed $1 billion (CCUS, Geothermal, etc.)	CENOS™ line (Solvent, Membrane, Storage Integration)	Global CCUS Market projected at $5.82 billion

Automation of Drilling and Well Intervention Services Reduces Operational Costs

Automation is the clearest path to reducing non-productive time (NPT) and lowering the cost per barrel. SLB is a leader in this space, integrating AI and machine learning into drilling operations for real-time data analysis and optimized parameters.

The shift to autonomous systems directly addresses human error and operational consistency. For example, a successful autonomous drilling project with Equinor in May 2024 achieved a 60% increase in the rate of penetration (ROP), which means wells are drilled much faster and cheaper. In well intervention, the company introduced EWC™ electric well control technologies in Q1 2025, which replace traditional hydraulic systems. This new electric system is designed to reduce both capital and operating costs while simultaneously enhancing the safety of drilling operations.

The technology is already delivering unparalleled consistency in repetitive tasks, which is the key to unlocking the technical limit on every well.

Schlumberger Limited (SLB) - PESTLE Analysis: Legal factors

Strict adherence to international anti-bribery and corruption laws (e.g., FCPA) due to global footprint

Operating in over 120 countries means Schlumberger Limited faces constant, elevated risk from the U.S. Foreign Corrupt Practices Act (FCPA) and similar global anti-bribery laws. This isn't theoretical; it's a proven financial reality. For example, a Schlumberger subsidiary, Schlumberger Oilfield Holdings Ltd., previously agreed to a guilty plea and paid a criminal penalty of over $232,708,356 to the U.S. for conspiring to violate the International Emergency Economic Powers Act (IEEPA) by facilitating illegal trade with Iran and Sudan. More recently, a Houston-based subsidiary was fined approximately $1.4 million by the U.S. Treasury's Office of Foreign Assets Control (OFAC) in 2021 for selling goods to a sanctioned Russian-based energy firm.

The current enforcement environment, even with recent shifts in U.S. Department of Justice (DOJ) priorities, still demands proactive compliance. The key takeaway: you must invest in compliance to avoid catastrophic fines. The company's internal Ethics & Compliance Risk Map (ECRM) is a necessary tool here, measuring country-specific risk profiles to guide their Annual Compliance Plan (ACP).

• Risk: FCPA and sanctions violations carry fines exceeding $232 million.
• Action: Continual, real-time auditing of third-party agents and joint ventures.
• Reality: Whistleblower programs now offer rewards, increasing the likelihood of internal reports.

New EU and US methane emission regulations require specialized monitoring and abatement services

The convergence of U.S. Environmental Protection Agency (EPA) rules and the new European Union Methane Regulation (MER) creates a legal mandate for new services, which is a significant opportunity for Schlumberger. The EU's MER, which went into effect in August 2024, is particularly critical because it applies extraterritorially, forcing global oil and gas producers to monitor and report emissions for any product sold into the EU.

The initial reporting requirements for importers to quantify source-level methane emissions begin on August 5, 2025, establishing a baseline for future compliance. Full compliance, including equivalent monitoring, reporting, and verification (MRV) requirements, is mandated by January 1, 2027. Non-compliance is a serious threat to customers, with potential penalties of up to 20% of the importer's annual turnover. This is why Schlumberger's 'Methane and Flaring Elimination' and 'Emissions Reduction' solutions are defintely a growth engine.

The regulatory timeline is clear, creating a near-term market for specialized services:

Regulation Milestone	Date (Near-Term)	Impact on SLB's Customers
EU MER Importer Reporting Begins	August 5, 2025	Must submit reports on source-level methane emissions.
EU MER Full MRV Compliance	January 1, 2027	Oil and gas imports must demonstrate equivalent monitoring.
EU MER Methane Intensity Classes	By 2030	Imports will be judged and potentially restricted based on emission intensity.

Complex intellectual property (IP) disputes are common in the highly competitive services sector

The oilfield services business is built on proprietary technology, so constant, costly intellectual property (IP) litigation is just part of the cost of doing business. Schlumberger is both a plaintiff and a defendant, defending its patents and trade secrets against competitors and non-practicing entities (patent trolls). The financial stakes are huge.

For example, a Schlumberger subsidiary, WesternGeco LLC, was awarded a jury verdict that included a lost profits component of $93.4 million for overseas patent infringement by a competitor, ION Geophysical Corp. The fact that this case went all the way to the U.S. Supreme Court to determine the scope of damages for overseas infringement shows the high-value nature of these disputes. You must budget for continuous IP defense.

• IP litigation is a multi-million-dollar annual expense, not a one-off event.
• Trade secret lawsuits against former employees are common, as seen in the 2014 suit against a former Chief IP Counsel.
• The core legal risk is not just losing a case, but the injunctions that could halt the use of key technology, impacting revenue immediately.

Compliance with evolving data privacy laws for digital platform services (DELFI)

Schlumberger's digital platform, DELFI, is a cloud-based environment that processes vast amounts of sensitive, proprietary customer data, making it a target for global data privacy laws like the European Union's General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA). This is a compliance sprawl problem, as over 79% of the global population is now covered by modern privacy laws as of 2024.

The company has taken clear steps to mitigate this risk, notably achieving SOC 2 Type 2 Accreditation for the DELFI platform. This third-party audit of security and availability is crucial for winning enterprise contracts, as it provides assurance that customer data is protected by audited security standards. Without this, enterprise deals would stall in procurement.

Here's the quick math on the risk: GDPR violations can cost up to €20 million or 4% of a company's global annual revenue, whichever is higher. For a company of Schlumberger's size, that 4% figure is a massive, unacceptable risk. The SOC 2 compliance is a preventative measure that helps secure both the data and the sales pipeline.

Schlumberger Limited (SLB) - PESTLE Analysis: Environmental factors

Commitment to reducing Scope 1 and 2 greenhouse gas emissions by 50% by 2030.

SLB is defintely serious about climate action, making its emissions targets a core part of its value proposition to customers and investors. The official commitment is a 50% absolute reduction in Scope 1 and 2 greenhouse gas (GHG) emissions by 2030, using a 2019 baseline of 1,818,000 Metric Tonnes of CO2 equivalent (mtCO2e). What's critical for 2025 is that SLB achieved its interim target of a 30% reduction ahead of schedule in 2024.

This progress is driven by a clear 'Record, Reduce, Replace' strategy, focusing on high-impact areas like facility operations and field fleet electrification. This isn't just a compliance exercise; it's a competitive edge, especially as major oil companies face their own stringent net-zero deadlines and prefer to work with service providers who can lower their Scope 3 emissions (the emissions from their value chain, which is SLB's customer base). SLB's Scope 3 emissions intensity, for example, was reduced by 18% from 2023 to 2024.

Increasing client demand for low-carbon intensity drilling and completion services.

We are seeing a tangible shift in client spending toward low-carbon solutions, and this is creating a lucrative, higher-margin revenue stream for SLB. The company's Transition Technologies™ portfolio-solutions designed to reduce customer emissions-is expanding rapidly. This is a direct market opportunity.

The clearest signal of this demand is the Q2 2025 earnings call data, which noted a 15% rise in greenfield project inquiries from utility and industrial clients specifically seeking low-carbon solutions. This includes technologies for eliminating routine flaring and for electrification of drilling operations. Simply put, customers are willing to pay a premium for a lower carbon barrel of oil.

SLB Decarbonization Metrics (2019 Baseline)	Target	2024 Status (Ahead of Schedule)	Impact
Scope 1 & 2 Emissions Reduction	50% by 2030	Achieved 30% reduction	Enhances operational efficiency; reduces regulatory risk.
Scope 3 Emissions Reduction	30% by 2030	Reduced intensity by 18% (2023-2024)	Directly addresses customer's Scope 1/2 emissions; a key differentiator.
Low-Carbon Project Inquiries (Q2 2025)	N/A (Growth Indicator)	15% year-on-year increase	Validates the business case for the Transition Technologies portfolio.

Water usage regulations in arid operating regions impose significant operational constraints.

Water is the new oil in arid operating regions like the Permian Basin, and regulatory constraints are tightening fast. This presents a major operational challenge for all oilfield service companies. Texas's Railroad Commission, for example, is imposing new limits on injection pressure and volume for saltwater disposal (SWD) wells to mitigate induced seismicity (earthquakes).

These new regulations, including Texas House Bill 49 which took effect in June 2025, are forcing a costly shift from cheap disposal to expensive treatment and reuse. Analysts project these new wastewater regulations in the Permian Basin alone will increase costs for oil producers by 20-30%. SLB's response is to offer advanced water management services, which is a new business opportunity, but the underlying regulatory risk remains. On the internal side, SLB's facilities reduced freshwater consumption by 9% in 2024 through targeted initiatives.

• New regulations cap injection pressure and volume in the Permian.
• Produced water volumes in the Permian exceeded 20 million barrels per day in 2024.
• Recycling costs are lower, at $0.15 to $0.20 per barrel, versus disposal at up to $2.50 per barrel.

Opportunities in geothermal and hydrogen projects through the New Energy division.

The New Energy division is SLB's long-term hedge against hydrocarbon volatility, leveraging the company's core subsurface expertise for non-oil and gas applications. The unit is targeting billion-dollar opportunities and aims to generate approximately $3 billion in revenue by the end of the decade.

Geothermal energy is a key focus, with SLB using its drilling and reservoir knowledge to tap into the Earth's heat. A recent partnership with Google Cloud and Project InnerSpace, announced in Q2 2025, is focused on accelerating the global adoption of geothermal energy solutions. In the hydrogen space, SLB is focused on developing low-carbon production and storage technologies. Plus, their sustainable lithium production technology, which uses direct lithium extraction, is a powerful example of tech transfer: it is 500 times faster than conventional methods and uses significantly less water.

Here's the quick math: If SLB maintains its current digital momentum, the higher-margin software and technology segments could grow to account for 15% of total operating income by the end of 2026. Still, geopolitical instability remains the single biggest wild card.

Next Step: Finance: Model the impact of a 10% oil price drop on the 2026 capital expenditure guidance by Friday.