SLB (SLB) 10-K risk factor changes: FY2020 vs FY2019

We urge you to consider carefully the risks described below, [added: which discuss the material factors that make an investment in our securities speculative or risky,] as well as in other reports and materials that we file with the SEC and the other information included or incorporated by reference in this Form 10-K.

The [removed: recent] [added: current significant] oil and gas industry downturn has [removed: (and current market conditions have)] resulted in reduced demand for oilfield services and lower expenditures by our customers, which [removed: have] [added: has] had, and may [removed: in the future] [added: continue to] have, a material adverse [removed: impact] [added: effect] on our financial condition, results of operations and cash flows.

These expenditures are [removed: generally dependent on our customers’ views of future oil and natural gas prices and are] [added: also] sensitive to our customers’ views of future economic growth and the resulting impact on demand for oil and natural gas.

[removed: Declines, as well as anticipated declines, in oil and gas prices have in the past] [added: This has] resulted in, and may [removed: in the future] [added: continue to] result in, lower capital expenditures, project modifications, delays or cancellations, general business disruptions, and delays in payment of, or nonpayment of, amounts that are owed to us.

These effects have had, and may [removed: in the future] [added: continue to] have, a material adverse effect on our financial condition, results of operations and cash flows.

| | • | [added: changes in the supply of and] demand for hydrocarbons, which [removed: is] [added: are] affected by general economic and business conditions, as well as increased demand for (and availability of) alternative [removed: fuels] [added: energy sources] and electric vehicles; |

| | • | the ability or willingness of the Organization of Petroleum Exporting Countries and 10 other oil producing countries, including Russia, Mexico and Kazakhstan [removed: (“OPEC+”)] [added: (“OPEC+”),] to set and maintain production levels for oil; |

| | • | oil and gas production levels [added: in the United States and] by [added: other] non-OPEC+ countries; |

| | • | the level of [removed: worldwide] [added: global] oil and gas exploration and production activity; |

[removed: There] [added: However, there] can be no assurance that the demand or pricing for oil and natural gas or for our products and services will follow historic patterns or recover meaningfully in the near [added: or medium] term.

A significant portion of our revenue is derived from our [removed: non-United States] [added: non-US] operations, which exposes us to risks inherent in doing business in [removed: each of] the [removed: over] [added: more than] 120 countries in which we [removed: operate.][added: generate revenue.]

Our [removed: non-United States] [added: non-US] operations accounted for approximately [removed: 72%] [added: 81%] of our consolidated revenue in [removed: 2019, 68%] [added: 2020, 72%] in [removed: 2018] [added: 2019] and [removed: 74%] [added: 68%] in [removed: 2017.][added: 2018.]

| | • | [removed: volatility in] [added: uncertain or volatile] political, social and economic conditions; |

| | • | exposure to [removed: expropriation] [added: expropriation, nationalization, deprivation or confiscation] of our assets or [added: the assets of our customers, or] other governmental actions; |

| | • | trade and economic sanctions or other restrictions imposed by the European Union, the United States or other [added: regions or] countries; |

| | • | exposure under the [removed: United States] [added: U.S.] Foreign Corrupt Practices Act (“FCPA”), the U.K. Bribery Act or similar anti-bribery and anti-corruption legislation; |

| | • | theft [added: of, or lack] of [added: sufficient legal protection for,] proprietary technology and other intellectual property; |

Our [removed: failure] [added: operations require us] to comply with [removed: complex US and foreign] [added: numerous] laws and [removed: regulations] [added: regulations, violations of which] could have a material adverse effect on our [removed: operations or] [added: operations,] financial [removed: condition.][added: condition or cash flows.]

[removed: We] [added: Our international operations] are subject to [removed: complex US] [added: anti-corruption] and [removed: foreign] [added: anti-bribery] laws and regulations, such as the FCPA, the U.K. Bribery Act and [removed: various] other [removed: anti-bribery and anti-corruption] [added: similar] laws.

Violations of international and US laws and regulations or the loss of any required licenses may result in fines and penalties, criminal sanctions, administrative remedies or restrictions on business conduct, and could have a material adverse effect on our [removed: reputation and our] business, [removed: operating results] [added: operations] and financial condition.

[removed: Demand] [added: Demand] for our products and services could be reduced by existing and future [removed: legislation, regulations and] [added: legislation, regulations and] public [removed: sentiment.][added: sentiment.]

[removed: Environmental] [added: Regulatory agencies and environmental] advocacy groups [removed: and regulatory agencies] in the European Union, the United States and other regions or countries have been focusing considerable attention on the emissions of carbon dioxide, methane and other greenhouse gases and their [removed: potential] role in climate change.

Existing or future legislation and regulations related to greenhouse gas emissions and climate change, as well as [removed: government] initiatives [added: by governments, non-governmental organizations, and companies] to conserve energy or promote the use of alternative energy sources, [added: and negative attitudes toward or perceptions of fossil fuel products and their relationship to the environment,] may significantly curtail demand for and production of [removed: fossil fuels such as] oil and gas in areas of the world where our customers operate, and thus reduce future demand for our products and services.

There is also increased focus, including by [removed: governmental] [added: governments] and [removed: non-governmental organizations,] [added: our customers,] investors and other stakeholders, on these and other sustainability [added: and energy transition] matters.

We are subject to [removed: increasingly stringent] [added: numerous] laws and regulations relating to [removed: importation and use of hazardous materials, radioactive materials, chemicals and explosives and to] environmental protection, including [removed: laws and regulations] [added: those] governing air emissions, [removed: hydraulic fracturing,] water discharges and waste [removed: management.][added: management, as well as the importation and use of hazardous materials, radioactive materials, chemicals and explosives.]

These laws [removed: may] [added: sometimes] provide for “strict liability” for remediation costs, damages to natural resources or threats to public health and safety.

[removed: Accordingly, we could become subject to material liabilities relating to the investigation] and cleanup of potentially contaminated properties, and to claims alleging personal injury or property damage as the result of exposures to, or releases of, hazardous substances.

In addition, stricter enforcement [added: or changing interpretations] of existing laws and regulations, [added: the enactment of] new laws and regulations, the discovery of previously unknown contamination or the imposition of new or increased requirements could require us to incur costs or become the basis for new or increased liabilities that could [removed: reduce] [added: have a material adverse effect on] our [removed: earnings] [added: business, operations] and [removed: our cash available for operations.][added: financial condition.]

We could be subject to substantial liability claims, including [removed: catastrophic] well incidents, which could adversely affect our reputation, financial condition, results of operations and cash flows.

Accidents [added: or acts of malfeasance] involving these services or equipment, or a failure of a [removed: product,] [added: product (including as a result of a cyberattack),] could cause personal injury, loss of life, damage to or destruction of property, equipment or the environment, or suspension of operations, which could materially adversely affect us.

Any [removed: catastrophic] well incidents, including blowouts at a well site, may expose us to additional liabilities, which could be material.

Any damages caused by our services or products that are not covered by [removed: insurance,] [added: insurance] or are in excess of policy limits or subject to substantial deductibles, could adversely affect our financial condition, results of operations and cash flows.

The oilfield [removed: service] [added: services] industry is highly competitive.

[removed: Our ability] [added: If we are unable] to [removed: continually provide competitive] [added: maintain] technology [removed: and services can impact] [added: leadership in] our [added: industry, our] ability to [added: maintain market share,] defend, maintain or increase prices for our products and services, [removed: maintain market share,] and negotiate acceptable contract terms with our [removed: customers.][added: customers could be adversely affected.]

Limitations on our ability to [added: obtain, maintain,] protect [added: or enforce] our intellectual property rights, including our trade secrets, could cause a loss in revenue and any competitive advantage we hold.

Our business may be adversely affected when our patents are unenforceable, the claims allowed under our patents are not sufficient to protect our technology, our patent applications are [removed: denied] [added: denied,] or our trade secrets are not adequately protected.

Our competitors may [added: also] be able to develop technology independently that is similar to ours without infringing on our patents or gaining access to our trade secrets, which could adversely affect our financial condition, results of operations and cash flows.

Third parties may claim that we have infringed [removed: upon] [added: upon, misappropriated or otherwise violated] their intellectual property rights.

The tools, techniques, methodologies, programs and components we use to provide our services and products may infringe [removed: upon] [added: upon, misappropriate or otherwise violate] the intellectual property rights of [removed: others.][added: others or be challenged on that basis.]

[removed: Infringement] [added: Regardless of the merits, any such] claims generally result in significant legal and other costs, [added: including reputational harm,] and may distract management from running our business.

Business and Operational Risks

These expenditures are generally dependent on our customers’ views of future oil and natural gas prices, as well as their ability to access capital.

The continued low oil and gas prices have also caused a reduction in cash flows for our customers, which has had a significant adverse effect on the financial condition of some of our customers.

| | • | changes in the level of demand resulting from actual or threatened public health emergencies, such as the COVID-19 pandemic, or from other events affecting the level of economic activity; |

| | • | the level of global oil and natural gas inventories; |

| | • | speculation as to the future price of oil and the speculative trading of oil and natural gas futures contracts; |

The oil and gas industry has historically been extremely cyclical.

Continued or worsening conditions in the oil and gas industry generally may have a further material adverse effect on our business, financial condition, results of operations, cash flows and prospects.

The COVID-19 pandemic has significantly reduced demand for our services, and has had, and is likely to continue to have, a material adverse effect on our financial condition, results of operations and cash flows.

The effects of the COVID-19 pandemic, including actions taken by businesses and governments to contain the spread of the virus, have resulted in a significant and swift reduction in international and US economic activity.

In our industry, geopolitical events that increased the supply of low-priced oil to the global market occurred at the same time that demand weakened due to the worldwide effects of the pandemic, leading to a collapse in oil prices in March 2020.

These events together adversely affected the demand for oil and natural gas, as well as for our services and products, and caused significant volatility and disruption of the global financial markets.

Other effects of the pandemic have included, and may continue to include, adverse revenue and net income effects; disruptions to our operations, including suspension or deferral of drilling activities; customer shutdowns of oil and gas exploration and production; downward revisions to customer budgets; limitations on access to sources of liquidity; employee impacts from illness, school closures and other community response measures; workforce reductions in response to activity declines; and temporary closures of our facilities or the facilities of our customers and suppliers.

This period of extreme economic disruption, low oil prices and reduced demand for our products and services has had, and is likely to continue to have, a material adverse effect on our financial condition, results of operations and cash flows.

The extent to which our operating and financial results will continue to be affected by the COVID-19 pandemic will depend on various factors and consequences beyond our control, such as the duration and scope of the pandemic; additional actions by businesses and governments in response to the pandemic; and the speed and effectiveness of responses to combat the virus, including vaccine development and distribution.

COVID-19, and the volatile regional and global economic conditions stemming from the pandemic, could also aggravate our other risk factors described in this Form 10-K.

| | • | public health crises and other catastrophic events, such as the COVID-19 pandemic; |

| | • | unexpected changes in legal and regulatory requirements, including changes in interpretation or enforcement of existing laws; |

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Severe weather, including extreme weather conditions associated with climate change, has in the past and may in the future adversely affect our operations and financial results.

Extreme weather conditions such as hurricanes, flooding and landslides have in the past resulted in, and may in the future result in, the evacuation of personnel, stoppage of services and activity disruptions at our facilities, in our supply chain, or at well-sites.

In addition, impacts of climate change, such as sea level rise, coastal storm surge, inland flooding from intense rainfall and hurricane-strength winds may damage our facilities.

Legal and Regulatory Risks

Our operations are subject to international, regional, national, and local laws and regulations in every place where we operate, relating to matters such as environmental protection, health and safety, labor and employment, import/export controls, currency exchange, bribery and corruption, data privacy and cybersecurity, intellectual property, immigration, and taxation.

These laws and regulations are complex, frequently change, and have tended to become more stringent over time.

In the event the scope of these laws and regulations expands in the future, the incremental cost of compliance could adversely affect our financial condition, results of operations, or cash flows.

In addition, any major violations could have a significant effect on our reputation and consequently on our ability to win future business and maintain existing customer and supplier relationships.

Our business, reputation and demand for our stock could be negatively affected if we do not (or are perceived to not) act responsibly with respect to sustainability matters.

Environmental compliance costs and liabilities arising as a result of environmental laws and regulations could have a material adverse effect on our business, financial condition and results of operations.

Accordingly, we could become subject to material liabilities relating to the investigation

Intellectual Property and Technology Risks

Our business may be adversely affected if we fail to continue to develop and produce competitive technologies in response to changes in the market, customer requirements and technology trends (including trends in favor of emissions-reducing technologies), or if we fail to deliver such technologies to our customers in a timely and cost-competitive manner in the various markets we serve.

Furthermore, if our equipment or proprietary technologies become obsolete, the value of our intellectual property may be reduced, which could adversely affect our financial condition, results of operations and cash flows.

There can be no assurance that the steps we take to obtain, maintain, protect and enforce our intellectual property rights will be adequate.

Patent protection on some types of technology, such as software or machine learning processes, may not be available in certain countries in which we operate.

Resolving such claims could increase our costs, including through royalty payments to acquire licenses, if available, from third parties and through the development of replacement technologies.

The oil and gas industry has historically experienced downturns, which have been characterized by diminished demand for our products and services and downward pressure on the prices that we are able to charge.

Sustained market uncertainty can also result in lower demand and pricing for our products and services.

A future downturn or sustained market uncertainty could again result in a reduction in demand for oilfield services and could have a material adverse effect on our business, financial condition, results of operations, cash flows and prospects.

New or additional legal or regulatory requirements regarding climate change could adversely affect our business, reputation or demand for our stock.

Additionally, some international, national, state and local governments and agencies have adopted laws and regulations or are evaluating proposed legislation and regulations that are focused on the extraction of shale gas or oil using hydraulic fracturing.

Future hydraulic fracturing-related legislation or regulations could limit or ban hydraulic fracturing, or lead to operational delays and increased costs, and therefore reduce demand for our pressure pumping services.

Enactment of additional international, national, state or local legislation or regulations can adversely affect our financial condition, results of operations and cash flows and could be material.

Environmental compliance costs and liabilities could reduce our earnings and cash available for operations.

Failure to continue to develop and produce competitive technology or deliver it to our clients in a timely and cost-competitive manner in the various markets we serve, could adversely affect our financial condition, results of operations and cash flows.

Royalty payments under licenses from third parties, if available, would increase our costs.

Additionally, developing non-infringing technologies would increase our costs.

Severe weather may adversely affect our operations.

We rely heavily on information systems to conduct our business, including systems operated by or under the control of third parties.

Breaches or circumvention of our systems, or the systems of third parties, including by ransomware or other attacks, result in disruptions to our business operations; unauthorized access to (or the loss of Company access to) competitively sensitive, confidential or other critical data or systems; loss of customers; financial losses; regulatory fines; and misuse or corruption of critical data and proprietary information, any of which could be material.

[removed: 2019] [added: 2020] Executive Overview

[removed: Schlumberger full-year] [added: Full-year] 2019 revenue of $32.9 billion was essentially flat [added: year-on-year] with [removed: 2018.][added: North America revenue decreasing 11% and international revenue increasing 7%.]

[removed: The] [added: These] businesses [removed: included in these transactions] accounted for approximately [removed: 2%] [added: 25%] of Schlumberger’s [removed: global] [added: North America] revenue in [removed: 2019.][added: 2020.]

Fourth Quarter [removed: 2019] [added: 2020] Results

| | Fourth Quarter [removed: 2019] [added: 2020] | | | | | | | | Third Quarter [removed: 2019] [added: 2020] | | | | | | |

| Eliminations & other | | [removed: (111] [added: (63] | ) | | | [removed: (44] [added: (49] | ) | | | [removed: (96] [added: (64] | ) | | | [removed: (30] [added: (34] | ) |

| Interest income (2) | | | | | | [removed: 8] [added: 5] | | | | | | | | [removed: 7] [added: 3] | |

| Charges & credits (4) | | | | | | [removed: (209] [added: 81] | [removed: )] | | | | | | | [removed: (12,692] [added: (350] | ) |

| (2) | Excludes interest income included in the segments’ income (fourth quarter [removed: 2019: $2] [added: 2020: $-] million; third quarter [removed: 2019: $1] [added: 2020: $-] million). |

| (3) | Excludes interest expense included in the segments’ income (fourth quarter [removed: 2019: $8] [added: 2020: $7] million; third quarter [removed: 2019: $9] [added: 2020: $7] million). |

Production [added: Systems]

In contrast, the North America [removed: results reflect] [added: result reflected] a slowing production growth rate on land as operators maintained capital discipline and reduced drilling and hydraulic fracturing activity.

Full-year 2019 revenue of [removed: $6.3] [added: $4.1] billion increased [removed: 2%] [added: 9%] year-on-year primarily driven by increased [removed: international] [added: APS] activity.

[removed: Year-on-year,] [added: Year-on-year] pretax operating margin decreased [removed: 79] [added: 101] bps to [removed: 21%.][added: 9% due to the revenue decline.]

Full-year 2019 revenue of [removed: $9.7] [added: $11.9] billion increased 5% year-on-year primarily due to higher demand for drilling services, largely in the international [removed: markets that benefited Drilling & Measurements, M-I SWACO, and Integrated Drilling Services.][added: markets.]

[removed: Year-on-year,] [added: Year-on-year] pretax operating margin decreased [removed: 89] [added: 93] bps to [removed: 13%] [added: 12%] despite higher revenue as margins were affected by competitive pricing and higher costs associated with a number of integrated [added: drilling] contracts internationally.

Full-year 2019 revenue of [removed: $12.0] [added: $9.3] billion decreased [removed: 3%] [added: 7%] year-on-year [removed: with most of the revenue decline attributable to] [added: primarily driven by] lower OneStim activity in North America as customers reduced spending due to higher cost of capital, lower borrowing capacity and [removed: expectation] [added: expectations] of better [removed: returns] [added: return] from their shareholders.

[removed: Year-on-year,] [added: Year-on-year] pretax operating margin decreased [removed: 20] [added: 97] bps to [removed: 8%] [added: 11%] primarily due to reduced profitability in OneStim in North America.

Full-year 2019 revenue of [removed: $5.3] [added: $8.2] billion [removed: decreased 3%] [added: was essentially flat] year-on-year [removed: due to] [added: as] lower revenue for OneSubsea and [removed: Valves & Process Systems.][added: valves and process systems was offset by higher surface system and completion sales.]

[removed: Year-on-year,] [added: Year-on-year] pretax operating margin decreased [removed: 35] [added: 435] bps to [removed: 11%.][added: 6% due to the steep revenue decline.]

| [added: | | | | |] (Stated in millions) | | | | | | | | [added: | | |]

| | [added: 2020 | | | |] 2019 | | | | 2018 | | |

| Interest income [added: (2)] | [removed: $] | [removed: 41] | | | [removed: $] | [removed: 60] [added: 31] | | [added: | | | | | | 33 | |]

| Earnings of equity method investments | [added: $] | [added: 91 | | | $ |] 45 | | | [added: $] | 89 | |

| | $ | [added: 163 | | | $ |] 86 | | | $ | 149 | |

The [removed: decrease] [added: increase] in earnings [removed: from] [added: of] equity [removed: income] [added: method investments in 2020 as compared to 2019] is [added: primarily related to higher income] associated with Schlumberger’s equity investments in [removed: rig-and] [added: rig- and] seismic-related [added: businesses, while the decrease in 2019 as compared to 2018 was primarily related to lower income from those same] businesses.

| Research & engineering | | [added: 2.5 | % | | |] 2.2 | % | | | 2.1 | % |

| General & administrative | | [added: 1.5 | % | | |] 1.4 | % | | | 1.4 | % |

The lower effective tax rate was almost entirely due to the [added: 2019] charges and credits described in Note 3 to the *Consolidated Financial Statements*, which primarily related to non-deductible goodwill.

Schlumberger recorded significant charges and credits during [added: 2020,] 2019 and 2018.

| North America restructuring | [removed: $] | 225 | | | [removed: $] | 51 | | | [removed: $] | 174 | |

| Goodwill impairment | [added: $] | 8,828 | | | [added: $] | 43 | | | [added: $] | 8,785 | |

| Asset Performance Solutions [added: investments] | | 294 | | | | \- | | | | 294 | |

The [removed: following is a summary of the 2018 charges and credits, of which the] $215 million gain on the sale of the marine seismic acquisition business is classified in [removed: *Gain] [added: *Gains] on sale of [removed: business*] [added: businesses*] in the *Consolidated Statement of Income (Loss)*, while the $356 million of charges are classified in *Impairments & other*.

[removed: Schlumberger had total *Cash* and *Short-term investments*] [added: As] of [removed: $2.2 billion and $2.8 billion at] December 31, [removed: 2019] [added: 2020, Schlumberger had $3.0 billion of cash] and [removed: 2018, respectively.][added: short-term investments on hand.]

| | [removed: (Stated in millions)] | | | | | | | [added: | (Stated in millions) | | |]

| | Dec. 31, | | | | Dec. 31, | | | [added: | Dec. 31, | | |]

| Components of Liquidity: | [added: 2020 | | | |] 2019 | | | | 2018 | | |

| Cash | $ | [added: 844 | | | $ |] 1,137 | | | $ | 1,433 | |

| Short-term investments | | [added: 2,162 | | | |] 1,030 | | | | 1,344 | |

Global demand for oil dropped precipitously from January through April of 2020, in parallel with the expansion of the COVID-19 coronavirus outbreak, as governments around the world responded with lockdowns and travel decreased significantly.

Global stocks of crude and refined products increased as oil supply could not respond quickly enough to balance the market.

As a result, Brent crude oil experienced its highest price of the year—$70 per barrel—in January, with a low of $9 per barrel in mid-April.

Collaboration between OPEC and non-OPEC suppliers, including Russia, led to extraordinary supply intervention, resulting in the removal of more than eight million barrels per day (“bbl/d”) of oil supply from the markets between April and June.

This eased pressure on oil storage capacity and allowed the Brent price to stabilize in the $40 range until gaining strength in December, where it closed at $52 per barrel.

The OPEC-led supply alliance maintained production within an agreed quota and helped to maintain a relatively stable oil price, despite oil demand in the second half of 2020 being more than five million bbl/d lower than same period of 2019.

Demand for refined products, other than jet fuel, returned to within two million bbl/d of pre-crisis levels by end of 2020.

Oil price volatility in the first half of the year, compounded by uncertainty over the pace of COVID-19 recovery, caused producers to lay down more than 40% of the world’s drilling rigs in just six months.

This suggests that $40 oil is insufficient to stimulate meaningful drilling activity growth.

However, even with massive demand reduction, the drilling activity necessary to maintain supply is still significant.

In the US, operators laid down nearly 70% of active rigs between the first and third quarters of 2020, before adding a modest number of rigs in the fourth quarter.

As a result, US crude production fell by nearly two million bbl/d by the end of 2020.

However, the remaining rigs continued to drill in the highest quality reservoirs, which resulted in supply remaining flat over the second half of the year.

Though global gas demand also suffered in response to the pandemic’s effect on economic activity, its use for power generation, heating, and as a chemical feedstock made it more resilient than oil demand as the pandemic spread.

Gas demand for 2020 was down only approximately 5% as compared to 2019.

US Henry Hub natural gas price averaged $2.03 per million British thermal units (“mmbtu”) for the year, having also fallen in the first half of 2020.

Prices recovered in the second half on decreased tight-oil associated production in line with the reduction of active rigs.

International gas hub prices were more volatile.

Against this backdrop, Schlumberger’s full-year 2020 revenue of $23.6 billion declined 28% year-on-year.

North American revenue fell sharply by 48% to $5.5 billion.

This decrease was largely driven by weakness in the land market as operators reacted to oversupplied markets by making deep cuts to activity.

North America operators dropped drilling and pressure pumping activity quickly in the first quarter due to the effects of the pandemic on demand, adding a modest volume of completion activity toward the end of the year.

International revenue was more resilient, declining only 19% year-on-year.

This decline was most prominent in Latin America, Europe, and Africa due to downward revisions to customer budgets and COVID-19 disruptions.

Additionally, during the fourth quarter of 2020, Schlumberger completed two transactions: the contribution of its OneStim business in North America to Liberty Oilfield Services (“Liberty”) in exchange for a 37% stake in Liberty, and the divestiture of the North America low-flow rod-lift business in a cash transaction.

Consequently, the percentage of Schlumberger’s revenue that it generates in the international markets will increase significantly going forward.

The combination of Schlumberger’s fit-for-basin strategy, digital technology innovation, and scale puts the company in the best position to leverage the anticipated shift of spending growth toward the international markets.

From a macro perspective, oil prices have risen, buoyed by recent supply-led OPEC+ policy, the ongoing COVID-19 vaccine rollout, and multinational economic stimulus actions—driving optimism for a meaningful oil demand recovery throughout 2021.

We believe that this sets the stage for oil demand to recover to 2019 levels no later than 2023, or earlier as per recent industry analysts’ reports, reinforcing a multiyear cycle recovery as the global economy strengthens.

Absent a change to these macro assumptions, this will translate into meaningful activity increases both in North America and internationally.

In North America, spending and activity momentum is expected to continue in the first half of 2021 towards maintenance levels, albeit moderated by capital discipline and industry consolidation.

Internationally, following the seasonal effects of the first quarter of 2021, and as OPEC+ responds to strengthening oil demand, higher spending is expected from the second quarter onwards.

Accelerated

activity is not expected to extend beyond the short-cycle markets and will be broad, including offshore, as witnessed during the fourth quarter.

The quality of Schlumberger’s results in the fourth quarter of 2020 validates the progress of our performance strategy and the reinvention of Schlumberger in this new chapter for the industry.

Building from the swift execution and scale of our cost-out program, we exited the year with quarterly margins reset to 2019 levels as the upcycle begins.

Leveraging our high-graded and restructured business portfolio, we see a clear path to achieve double-digit margins in North America and visible international margin improvement in 2021.

Given the depth, diversity, and executional capability of our international business, we believe we are uniquely positioned to benefit as international spending accelerates in the near- and mid-term.

By leveraging our new structure, Schlumberger is fully prepared to capitalize on the growth drivers of the future of our industry, particularly as we accelerate our digital growth ambition and lead in the production and recovery market.

Finally, to meet our long-term ambition to bring lower carbon and carbon-neutral energy sources and technology to market, we are visibly expanding our New Energy portfolio, to contribute to the transformation of a more resilient, sustainable, and investable energy services industry.

This section of this Form 10-K generally discusses 2019 and 2018 items and year-to-year comparisons between 2019 and 2018.

Discussions of 2017 items and year-to-year comparisons between 2018 and 2017 that are not included in this Form 10-K can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of Schlumberger’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018.

International revenue, however, grew in the high single-digits as anticipated.

In the oil markets, sentiment was stable and positive for the first four months of 2019, with the Brent oil price moving from $55 per barrel at the beginning of the year to a high of $75 per barrel in late April.

OECD crude and product stocks continued to increase through much of 2019, reversing a trend that persisted throughout the first half of 2018.

Internationally, activity and investment continued to strengthen, particularly offshore.

Activity in North America land was strong in the first half of 2019 but slowed in the second half of the year as a combination of budget exhaustion and cash flow constraints impacted our customers.

Although the slowing activity in the second half of the year was consistent with the trend experienced in 2018, activity dropped earlier and steeper in the second half of 2019 as compared to the previous year.

By midyear, concerns of a recession in the United States and indications of well supplied global oil markets pushed the oil price to its low point for the year.

These concerns abated over the latter part of the year as oil demand indicators trended positively.

Though trade conflicts persisted, they did not create a significant drag on oil markets for the balance of the year.

The attacks on Saudi Arabia oil infrastructure in September 2019 caused a price increase of only $7 per barrel, and the price of Brent crude retreated to pre-attack levels over the course of the following week, demonstrating that the markets were well supplied.

In December 2019, OPEC+ agreed to further production cuts in 2020 to alleviate the projected oversupply.

Global natural gas pricing was consistent with well-supplied markets during 2019.

Liquified natural gas (LNG) supply capacity increased by an estimated 10% during 2019, and consequently LNG prices in Asia and Europe were less than half the prices seen in 2018.

Domestically, US Henry Hub natural gas prices showed continued weakness during 2019 as North American gas production increased.

Prices averaged $2.56 per million British thermal units (“mmbtu”) for the year, with the peak of $4.25 per mmbtu occurring in March.

The price fell to its lowest point of $1.75 per mmbtu in December.

Schlumberger financial performance in 2019 was primarily driven by the international markets.

Full-year 2019 international revenue of $21.8 billion increased 7% over 2018, again outpacing North America revenue and continuing a trend which began in the third quarter of 2018.

This strong international performance was the result of increased activity on the part of operators, as they continued to invest in longer-term resource development following a sustained period of underinvestment and declining production.

In contrast, after two years of strong growth, North American revenue fell sharply by 10% to $10.8 billion.

This decrease was largely driven by the land market weakness affecting the OneStim pressure pumping business, as customers reached their budget limits earlier in the year and remained highly disciplined on capital spend.

Additionally, during the fourth quarter of 2019, Schlumberger completed two major milestones: the formation of the Sensia joint venture and the divestiture of the Drilling Tools business.

Together these two transactions resulted in Schlumberger receiving net cash proceeds of $586 million.

From a macro perspective, the year ended with sentiment regarding 2020 oil demand growth turning positive as uncertainty reduced following the progress made toward a US-China trade deal.

The fall in the North America production growth estimate of between 400,000 to 800,000 barrels-per-day should continue to support the thesis for international investment.

The recent escalation of geopolitical risk should set the floor for the oil price going forward.

In the near term, Schlumberger expects the OPEC+ production cuts agreed upon in December 2019 to limit investment and activity, particularly in the Middle East and Russia, during the first half of 2020.

As the year progresses, the effect of slowing North America production growth is likely to cause tightness in the market and further stimulate international operators to increase their investments in the second half of the year and beyond.

Based on these factors, the expectation is for the 2020 exploration and production capex spending growth rate in the international markets to be in the mid-single-digit range.

Schlumberger therefore expects its international portfolio revenue to grow at the same pace or higher, excluding the effects of the businesses transferred to the Sensia joint venture and the businesses divested in the Drilling Tools transaction.

International revenue growth will be more heavily weighted to the second half of the year with increasing offshore activity, improving activity mix from the early deepwater growth cycle, and increasing exploration work toward the end of the year and into 2021.

In North America, Schlumberger is continuing to scale-to-fit its organization and portfolio by repurposing or exiting underperforming business units, focusing on asset-light operations, and expanding its technology access business models.

Schlumberger is cautiously optimistic that the high-grading of its portfolio will promote margin expansion and the improvement of returns in the North America land market.

| Reservoir Characterization | $ | 1,643 | | | $ | 368 | | | $ | 1,651 | | | $ | 360 | |

| Drilling | | 2,442 | | | | 303 | | | | 2,470 | | | | 305 | |

| Production | | 2,867 | | | | 253 | | | | 3,153 | | | | 288 | |

| Cameron | | 1,387 | | | | 126 | | | | 1,363 | | | | 173 | |

| | | | | | | 1,006 | | | | | | | | 1,096 | |

Approximately [removed: 78%] [added: 73%] of Schlumberger’s revenue in [removed: 2019] [added: 2020] was denominated in US dollars.

A 10% appreciation in the US dollar from the December 31, [removed: 2019] [added: 2020] market rates would [removed: decrease] [added: increase] the unrealized value of Schlumberger’s forward contracts by [removed: $8] [added: $2] million.

Conversely, a 10% depreciation in the US dollar from the December 31, [removed: 2019] [added: 2020] market rates would [removed: increase] [added: decrease] the unrealized value of Schlumberger’s forward contracts by [removed: $9] [added: $5] million.

At December 31, [removed: 2019,] [added: 2020,] contracts were outstanding for the US dollar equivalent of [removed: $7.7] [added: $8.6] billion in various foreign currencies, of which [removed: $3.0] [added: $6.4] billion related to hedges of debt balances denominated in currencies other than the functional currency.

At December 31, [removed: 2019,] [added: 2020,] Schlumberger had fixed rate debt aggregating approximately [removed: $12.9] [added: $16.3] billion and variable rate debt aggregating approximately [removed: $2.4 billion, before considering the effects of cross currency swaps.][added: $0.6 billion.]

*Short-term investments,* which totaled approximately [removed: $1.0] [added: $2.2] billion at December 31, [removed: 2019,] [added: 2020,] are comprised primarily of money market funds, time deposits, certificates of deposit, commercial paper, bonds and notes, substantially all of which are denominated in US dollars.

The average return on investments was [removed: 3.0%] [added: 1.5%] in [removed: 2019.][added: 2020.]

The following table reflects the carrying amounts of Schlumberger’s debt at December 31, [removed: 2019] [added: 2020] by year of maturity:

| | [removed: 2020 | | | |] 2021 | | | | 2022 | | | | 2023 | | | | 2024 | | | | 2025 | | | | 2026 | | | | 2027 | | | | [added: 2028 | | | |] Thereafter | | | | Total | | |

| 3.30% Senior Notes | [added: $] | [added: 664] | | | [removed: $] | [removed: 1,597] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | [added: $] | [removed: 1,597] [added: 664] | |

| 2.40% Senior Notes | | | | | | [added: 999] | | | [removed: $] | [removed: 998] | | | | | | | | | | | | | | | | | | | | | | | | | | | | [removed: 998] [added: 999] | |

| 2.65% Senior Notes | | | | | [added: $] | [added: 598] | | | | [removed: 598] | | | | | | | | | | | | | | | | | | | | | | | | | | | | 598 | |

| 3.63% Senior Notes | | | | | | [added: 295] | | | | [removed: 294] | | | | | | | | | | | | | | | | | | | | | | | | | | | | [removed: 294] [added: 295] | |

| 3.65% Senior Notes | | | | | | | | | [added: $] | [added: 1,496] | | | [removed: $] | [removed: 1,495] | | | | | | | | | | | | | | | | | | | | | | | | [removed: 1,495] [added: 1,496] | |

| 4.00% Notes | | | | | | | | | | [added: 80] | | | | [removed: 81] | | | | | | | | | | | | | | | | | | | | | | | | [removed: 81] [added: 80] | |

| 3.75% Senior Notes | | | | | | | | | | | | | | [added: 746] | | | [removed: $] | [removed: 746] | | | | | | | | | | | | | | | | | | | | 746 | |

| 0.00% Notes | | | | | | | | | | | | | | [added: 611] | | | | [removed: 551] | | | | | | | | | | | | | | | | | | | | [removed: 551] [added: 611] | |

| 3.70% Notes | | | | | | | | | | | | | [added: $] | [added: 55] | | | | [removed: 55] | | | | | | | | | | | | | | | | | | | | 55 | |

| 4.00% Senior Notes | | | | | | | | | | | | | | | | | | [added: 930] | | | [removed: $] | [removed: 929] | | | | | | | | | | | | | | | | [removed: 929] [added: 930] | |

| 1.00% Guaranteed Notes | | | | | | | | | | | | | | | | | | | | | | [added: 736] | | | [removed: $] | [removed: 665] | | | | | | | | | | | | [removed: 665] [added: 736] | |

| 0.25% Notes | | | | | | | | | | | | | | | | | | | | | | | | | [added: $] | [added: 1,100] | | | [removed: $] | [removed: 550] | | | | | | | | [removed: 550] [added: 1,100] | |

| 3.90% Senior Notes | | | | | | | | | | | | | | | | | | | | | | | | | | | | | [added: $] | [added: 1,450] | | | [removed: $] | [removed: 1,444] | | | | [removed: 1,444] [added: 1,450] | |

| 4.30% Senior Notes | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | [added: $] | [removed: 845] [added: 846] | | | | [removed: 845] [added: 846] | |

| 0.50% Notes | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | [removed: 544] [added: 1,099] | | | | [removed: 544] [added: 1,099] | |

| 7.00% Notes | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | [removed: 208] [added: 206] | | | | [removed: 208] [added: 206] | |

The fair [removed: market] value of the outstanding fixed rate debt was approximately [removed: $13.4] [added: $17.6] billion as of December 31, [removed: 2019.][added: 2020.]

The weighted average interest rate on the variable rate debt as of December 31, [removed: 2019] [added: 2020] was [removed: 2.3%.][added: 1.0%.]

This Form [removed: 10-K] [added: 10-K,] as well as other statements we make, [removed: contain] [added: contains] “forward-looking statements” within the meaning of the federal securities laws, which include any statements that are not historical facts, such as our forecasts or expectations regarding business outlook; growth for Schlumberger as a whole and for each of its [removed: segments] [added: Divisions] (and for specified [removed: products] [added: business lines] or geographic areas within each [removed: segment);] [added: Division);] oil and natural gas demand and production growth; oil and natural gas prices; [added: pricing; Schlumberger’s response to, and preparedness for, the COVID-19 pandemic and other widespread health emergencies;] improvements in operating procedures and [removed: technology, including our transformation program;] [added: technology;] capital expenditures by Schlumberger and the oil and gas industry; the business strategies of [added: Schlumberger, including digital and “fit for basin,” as well as the strategies of] Schlumberger’s customers; [removed: our] [added: Schlumberger’s restructuring efforts and charges recorded as a result of such efforts; access to raw materials; Schlumberger’s] effective tax rate; [added: Schlumberger’s APS projects, joint ventures, and other alliances;] future global economic [added: and geopolitical] conditions; [added: future liquidity;] and future results of [removed: operations.][added: operations, such as margin levels.]

These statements are subject to risks and uncertainties, including, but not limited to, [added: changing] global economic conditions; changes in exploration and production spending by Schlumberger’s customers and changes in the level of oil and natural gas exploration and development; [added: the results of operations and financial condition of Schlumberger’s customers and suppliers, particularly during extended periods of low prices for crude oil and natural gas; Schlumberger’s inability to achieve its financial and performance targets and other forecasts and expectations; Schlumberger’s inability to sufficiently monetize assets; the extent of future charges;] general economic, [removed: political] [added: geopolitical] and business conditions in key regions of the world; foreign currency risk; pricing pressure; weather and seasonal factors; [added: unfavorable effects of health pandemics; availability and cost of raw materials;] operational modifications, delays or cancellations; [added: challenges in Schlumberger’s supply chain;] production declines; [added: Schlumberger’s inability to recognize intended benefits from its business strategies and initiatives, such as digital or Schlumberger New Energy, as well as its restructuring and structural cost reduction plans;] changes in government regulations and regulatory requirements, including those related to offshore oil and gas exploration, radioactive sources, explosives, chemicals, hydraulic fracturing services and climate-related initiatives; the inability of technology to meet new challenges in exploration; [added: the competitiveness of alternative energy sources or product substitutes;] and other risks and uncertainties detailed in this Form 10-K and other filings that we make with the SEC.

[added: Statements in this Form 10-K are made as of January 27, 2021, and] Schlumberger disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.

| 1.40% Senior Notes | | | | | | | | | | | | | | | | | $ | 498 | | | | | | | | | | | | | | | | | | | | 498 | |

| 1.375% Guaranteed Notes | | | | | | | | | | | | | | | | | | | | | $ | 1,221 | | | | | | | | | | | | | | | | 1,221 | |

| 2.65% Senior Notes | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,250 | | | | 1,250 | |

| 2.00% Guaranteed Notes | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,214 | | | | 1,214 | |

| Total fixed rate debt | $ | 664 | | | $ | 1,892 | | | $ | 1,576 | | | $ | 1,412 | | | $ | 1,428 | | | $ | 1,957 | | | $ | 1,100 | | | $ | 1,450 | | | $ | 4,828 | | | $ | 16,307 | |

| Variable rate debt | | 186 | | | | \- | | | | 293 | | | | \- | | | | 100 | | | | \- | | | | \- | | | | \- | | | | \- | | | | 579 | |

| Total | $ | 850 | | | $ | 1,892 | | | $ | 1,869 | | | $ | 1,412 | | | $ | 1,528 | | | $ | 1,957 | | | $ | 1,100 | | | $ | 1,450 | | | $ | 4,828 | | | $ | 16,886 | |

| 2.20% Senior Notes | $ | 499 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 499 | |

| 4.20% Senior Notes | | | | | | 600 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 600 | |

| Total fixed rate debt | $ | 499 | | | $ | 2,197 | | | $ | 1,890 | | | $ | 1,576 | | | $ | 1,352 | | | $ | 929 | | | $ | 665 | | | $ | 550 | | | $ | 3,254 | | | $ | 12,912 | |

| Variable rate debt | | 25 | | | | 135 | | | | \- | | | | 347 | | | | 1,875 | | | | \- | | | | \- | | | | \- | | | | \- | | | | 2,382 | |

| Total | $ | 524 | | | $ | 2,332 | | | $ | 1,890 | | | $ | 1,923 | | | $ | 3,227 | | | $ | 929 | | | $ | 665 | | | $ | 550 | | | $ | 3,254 | | | $ | 15,294 | |

All references in this report to “Registrant,” “Company,” “Schlumberger,” “we” or “our” are to Schlumberger Limited (Schlumberger [removed: N.V., incorporated in Curaçao)] [added: N.V.)] and its consolidated subsidiaries.

[removed: Schlumberger, which generates revenue in more than 120 countries,] [added: Schlumberger] has executive offices in Paris, Houston, London and The Hague.

The [removed: Technologies] [added: Divisions] are collectively responsible for driving performance throughout their [removed: businesses;] [added: respective business lines;] overseeing operational processes, resource allocation and personnel; and delivering superior financial results.

| | • | [removed: *WesternGeco*] [added: *Multiclient seismic surveys and data processing:* WesternGeco®] is a leading geophysical services supplier, providing comprehensive worldwide reservoir interpretation and data processing services. It provides a highly efficient and scientifically advanced imaging platform to its customers. Through access to the industry’s global marine fleet, it provides [removed: accurate measurements] [added: innovative] and [removed: images of] [added: accurate] subsurface [removed: geology and rock properties] [added: imagery] for multiclient surveys. WesternGeco offers [added: one of] the industry’s most extensive multiclient [removed: library.] [added: libraries.] |

| | • | [removed: *Wireline* provides] [added: *Wireline:* Provides] the information necessary to evaluate subsurface [removed: formation rocks] [added: geology] and fluids to plan and monitor well [removed: construction,] [added: construction] and to monitor and evaluate well production. [removed: Wireline offers] [added: Offers] both openhole and cased-hole [removed: services] [added: services,] including wireline [added: logging and] perforating. [removed: Slickline services provide downhole mechanical well intervention.] |

| | • | [removed: *Testing Services* provides] [added: *Testing:* Provides] exploration and production pressure and flow-rate measurement services both at the surface and downhole. Testing has a network of laboratories that conduct [removed: rock] [added: formation] and fluid characterization. [removed: Testing also provides tubing-conveyed perforating services.] |

| | • | [removed: *Software Integrated Solutions* sells] [added: *Digital solutions:* Includes] proprietary [removed: software and provides consulting,] [added: software, an expanding digital ecosystem, consulting services,] information management and IT infrastructure services to customers in the [removed: oil and gas] [added: energy] industry. [removed: SIS also offers] [added: Offers] expert consulting services for reservoir characterization, field development planning and production enhancement, as well as industry-leading petrotechnical data services and training solutions. |

| | • | [removed: *OneSurface* provides a] [added: *Processing:* Enables efficient monetization of subsurface assets using standard and custom-designed onshore, offshore and downstream processing and treatment systems, as well as] unique, [removed: reservoir driven,] [added: reservoir-driven,] fit for purpose integrated production [removed: system] [added: systems] for accelerating first [removed: oil and gas] production and maximizing project economics. |

| | • | *Drilling & [removed: Measurements* provides] [added: Measurements:* Provides] mud logging services for geological and drilling surveillance, directional drilling, measurement-while-drilling and logging-while-drilling services for all well profiles as well as engineering support. |

| | • | *Integrated [removed: Drilling Services* supplies all of the services necessary] [added: Well Construction:* Provides integrated solutions] to construct or change the architecture (re-entry) of [removed: wells. IDS covers all aspects of] [added: wells, including] well planning, well drilling, engineering, supervision, logistics, procurement and contracting of third parties, and drilling rig management. |

| | • | [removed: *Well Services* provides] [added: *Stimulation and Intervention*: Provides] services used during [removed: oil and gas] well [removed: drilling and completion] [added: completions,] as well as those used to maintain optimal production throughout the life of a well. [removed: Such services include] [added: Includes] pressure pumping, well [removed: cementing and] stimulation, and coiled tubing equipment for downhole mechanical well intervention, reservoir [removed: monitoring] [added: monitoring,] and downhole data acquisition. |

| | • | [removed: *Completions* supplies] [added: *Completions Equipment:* Supplies] well completion services and equipment that include packers, safety valves and sand control [removed: technology] [added: technology,] as well as a range of intelligent well completions technology and equipment. |

| | • | *Artificial [removed: Lift* provides] [added: Lift:* Provides] production equipment and optimization services using electrical submersible pumps, gas lift equipment, [removed: rod lift systems,] progressing cavity pumps and surface horizontal pumping systems. |

| | • | *Asset Performance [removed: Solutions* (formerly Schlumberger Production Management) is a] [added: Solutions:* APS offers an integrated] business model for field production projects. This model combines [removed: the required] [added: Schlumberger’s] services and products [removed: of the Technologies] with drilling rig [removed: management,] [added: management and] specialized engineering and project management [removed: expertise] [added: expertise,] to provide a complete solution to well construction and production improvement. |

APS creates alignment between Schlumberger and the asset holder and/or the operator [removed: whereby] [added: by] Schlumberger [removed: receives] [added: receiving] remuneration in line with its value creation.

Schlumberger invests its own services and [removed: products, and historically, cash] [added: products and,] in certain [added: historical] cases, [added: cash] into the field development activities and operations.

[removed: Although in certain arrangements Schlumberger is paid for a] portion of the services or products it provides, generally Schlumberger will not be paid at the time of providing its services or upon delivery of its products.

Instead, Schlumberger is generally compensated based [removed: upon] [added: on] cash flow generated or on a fee-per-barrel basis.

This includes certain arrangements whereby Schlumberger is only compensated based [removed: upon] [added: on] incremental production that it helps deliver above a mutually agreed baseline.

| | • | [removed: *OneSubsea* provides] [added: *OneSubsea®:* Provides] integrated solutions, products, systems and services for the subsea [removed: oil and gas] market, including integrated subsea production systems involving wellheads, subsea trees, manifolds and flowline connectors, control systems, connectors and services designed to maximize reservoir recovery and extend the life of each field. [removed: OneSubsea offers integration and optimization of the entire production system over the life of the field by leveraging flow control expertise and process technologies with petrotechnical expertise and reservoir and production technologies.] |

| | • | [removed: *Surface Systems* designs] [added: *Surface:* Designs] and manufactures onshore and offshore platform wellhead systems and processing solutions, including valves, chokes, actuators and Christmas trees, and provides services to [removed: oil and gas] operators. |

| | • | [removed: *Drilling Systems* provides] [added: *Rigs and Equipment*: Provides] drilling equipment and services [removed: to] [added: for] shipyards, drilling contractors, [removed: exploration and production] [added: energy] companies and rental tool [removed: companies. The products fall] [added: companies, as well as land drilling rigs and related services. Drilling equipment falls] into two broad categories: pressure control equipment and rotary drilling equipment. These products are designed for either onshore or offshore applications and include drilling equipment packages, blowout preventers (“BOPs”), BOP control systems, connectors, riser systems, valves and choke manifold systems, top drives, mud pumps, pipe handling equipment, rig designs and rig kits. |

| | • | [removed: *Valves & Process Systems* serves] [added: *Valves:* Serves] portions of the upstream, midstream and downstream markets and provides valve products that are primarily used to control and direct the flow of [removed: oil and gas] [added: hydrocarbons] as they are moved from wellheads through flow lines, gathering lines and transmission systems to refineries, petrochemical plants and industrial centers for processing. [removed: Valves & Process Systems also provides efficient monetization of subsurface assets using standard and custom-designed onshore, offshore and downstream processing and treatment systems.] |

[removed: Through this organization, Schlumberger] [added: Supporting the Divisions] is [removed: committed to advanced] [added: a global network of research and engineering centers, through which Schlumberger advances its] technology programs [removed: that] [added: to] enhance [removed: oilfield efficiency,] [added: industry efficiency and sustainability,] lower finding and producing costs, improve productivity, maximize reserve recovery and increase asset [removed: value] [added: value,] while accomplishing these goals [removed: in a safe and environmentally sound manner.][added: safely.]

[removed: Technological innovation, quality of service and price differentiation are the] [added: The] principal methods of [removed: competition, which vary geographically with respect to] [added: competition within] the [removed: different] [added: energy] services [added: industry are technological innovation, quality of service] and [removed: products offered.][added: price differentiation.]

Seasonal changes in weather and significant weather events can temporarily affect the delivery of [removed: oilfield] [added: Schlumberger’s products and] services.

The following table sets forth, as of January [removed: 21, 2020,] [added: 27, 2021,] the names and ages of the executive officers of Schlumberger, including all offices and positions held by each for the past five years.

| Olivier Le Peuch | [removed: 56] [added: 57] | Chief Executive Officer and Director, since August 2019; Chief Operating Officer, February 2019 to July 2019; Executive Vice President, Reservoir and Infrastructure, May 2018 to February 2019; President, Cameron Group, February 2017 to May 2018; and President, Completions, October 2014 to January 2017. |

| Alexander C. Juden | [removed: 59] [added: 60] | [removed: Secretary] [added: Secretary, since April 2009;] and General Counsel, [removed: since] April [removed: 2009.] [added: 2009 to November 2020.] |

| Khaled Al Mogharbel | [removed: 49] [added: 50] | Executive Vice President, [removed: Operations,] [added: Geographies,] since [added: July 2020; Executive Vice President, Operations,] April [removed: 2019;] [added: 2019 to June 2020;] Executive Vice President, Eastern Hemisphere, February 2019 to March 2019; President, Eastern Hemisphere, May 2017 to January 2019; and President, Drilling Group, July 2013 to April 2017. |

| Ashok Belani | [removed: 61] [added: 62] | Executive Vice President, [removed: Technology,] [added: Schlumberger New Energy,] since [added: February 2020; and Executive Vice President, Technology,] January [removed: 2011.] [added: 2011 to January 2020.] |

| Hinda Gharbi | [removed: 49] [added: 50] | Executive Vice President, [added: Services and Equipment, since July 2020; Executive Vice President,] Reservoir and Infrastructure, [removed: since] February [removed: 2019;] [added: 2019 to June 2020;] Vice President, Human Resources, May 2018 to January 2019; President, Reservoir Characterization Group, June 2017 to May 2018; and President, Wireline, [removed: June] [added: July] 2013 to May 2017. |

| Abdellah Merad | [removed: 46] [added: 47] | Executive Vice President, Performance Management, since May 2019; President NAL Production Group, May 2018 to April [removed: 2019,] [added: 2019;] President, Production Group, October 2017 to May 2018; Vice President, Controller, Operations, December 2016 to September 2017; and Vice President, Global Shared Services Organization, November 2013 to December 2016. |

| Stephane Biguet | [removed: 51] [added: 52] | [added: Executive] Vice [added: President and Chief Financial Officer, since January 2020; Vice] President, Finance, [removed: since] December [removed: 2017;] [added: 2017 to January 2020;] Vice [removed: President and] [added: President,] Treasurer, December 2016 to November 2017; Vice President, Controller, [removed: Operations,] November 2013 to December 2016. |

| Pierre Chereque | [removed: 65] [added: 66] | Vice President and Director of Taxes, since June 2017; and Director of Taxes, Operations, July 2004 to May 2017. |

| Kevin Fyfe | [removed: 46] [added: 47] | Vice President and Controller, since October 2017; Controller, Cameron Group, April 2016 to October 2017; and Vice President, Finance, OneSubsea, July 2013 to March 2016. |

| Howard Guild | [removed: 48] [added: 49] | Chief Accounting Officer, since July 2005. |

| Claudia Jaramillo | [removed: 47] [added: 48] | Vice President and Treasurer, since December 2017; ERM and Treasury Projects Manager, July 2017 to November 2017; and Controller, North America Area, July 2014 to July 2017. |

| Vijay Kasibhatla | [removed: 56] [added: 57] | Director, Mergers and Acquisitions, since January 2013. |

| Saul R. Laureles | [removed: 54] [added: 55] | Director, Corporate Legal Affairs, since July 2014; and Assistant Secretary, since April 2007. |

Schlumberger is a technology company that partners with customers to access energy by providing leading digital solutions and deploying innovative technologies to enable performance and sustainability for the global energy industry.

Schlumberger collaborates to create technology that unlocks access to energy for the benefit of all.

Organizational Structure

During 2020, Schlumberger restructured its organization in order to prepare for a changing industry future.

This new structure is aligned with customer workflows and is directly linked to Schlumberger’s corporate strategy, a key element of which is customer collaboration.

The new organization consists of four Divisions that combine and integrate Schlumberger’s technologies, enhancing the portfolio of capabilities that support the emerging long-term growth opportunities in each of these market segments.

The four Divisions are:

| | • | Digital & Integration |

| | • | Reservoir Performance |

| | • | Well Construction |

| | • | Production Systems |

The role of the Divisions is to support Schlumberger in executing its customer-centric performance strategy and maintaining its industry leadership role in technology development and services integration.

Digital & Integration – Combines Schlumberger’s software and seismic businesses with its integrated offering of Asset Performance Solutions (“APS”).

APS helps develop or redevelop fields while increasing production, improving cash flow, and extending recovery for customers by providing fit-for-purpose solutions.

Through digital solutions and technologies, supported by the future of software, digital, infrastructure, connected assets, and data, this Division enhances efficiency to improve asset and enterprise-wide performance for customers.

The primary offerings comprising this Division are:

Although in certain arrangements Schlumberger is paid for a

Reservoir Performance – Consists of reservoir-centric technologies and services that are critical to optimizing reservoir productivity and performance.

Reservoir Performance develops and deploys innovative technologies and services to evaluate, intervene, and stimulate reservoirs that help customers understand subsurface assets and maximize their value.

The primary offerings comprising this Division are:

On December 31, 2020, Schlumberger contributed its onshore hydraulic fracturing business in the United States and Canada (“OneStim®”), including its pressure pumping, pumpdown perforating, and Permian frac sand businesses, to Liberty Oilfield Services Inc. (“Liberty”), in exchange for a 37% equity interest in Liberty.

OneStim’s historical results were reported as part of the Reservoir Performance Division through the closing of the transaction.

Well Construction – Combines the full portfolio of products and services to optimize well placement and performance, maximize drilling efficiency, and improve wellbore assurance.

Well Construction provides operators and drilling rig manufacturers with services and products related to designing and constructing a well.

The primary offerings comprising this Division are:

| | • | *Drilling Fluids:* Supplies individually engineered drilling fluid systems that improve drilling performance and maintain well control and wellbore stability throughout the drilling operation. |

| | • | *Drill Bits:* Designs, manufactures and markets roller cone and fixed cutter drill bits for all environments. |

| | • | *Drilling Tools*: Includes a wide variety of bottom-hole-assembly and borehole-enlargement technologies for drilling operations. |

| | • | *Well Cementing*: Supports and protects well casings while isolating fluid zones and maximizing wellbore activity. |

Production Systems – Develops technologies and provides expertise that enhance production and recovery from subsurface reservoirs to the surface, into pipelines, and to refineries.

Production Systems provides a comprehensive portfolio of equipment and services including subsurface production systems, subsea and surface equipment and services, and midstream production systems.

The primary offerings comprising this Division are:

| --- | --- | --- |

The Divisions are deployed around a geographical structure of five Basins: Americas Land, Offshore Atlantic, Middle East and North Africa, Asia, and Russia and Central Asia.

The Basins are a collection of GeoUnits, which consist of a single country to several countries, that each have common themes in terms of strategy, economic and operational drivers, and technology needs.

With a strong focus on the customer and growth, the Basins are responsible for defining a Basin strategy in line with Schlumberger’s corporate strategy and identifying opportunities for future growth.

Corporate Strategy

Schlumberger’s ambition is to be its customers’ “performance partner” of choice, by putting the customer at the center of everything it does and by being the company that defines performance in the energy services industry.

Schlumberger’s strategy is structured around three major themes: (i) strengthen the core; (ii) expand the go-to-market; and (iii) next horizons of growth.

Strengthen the Core

Founded in 1926, Schlumberger is the world’s leading provider of technology for reservoir characterization, drilling, production and processing to the oil and gas industry.

Having invented wireline logging as a technique for obtaining downhole data in oil and gas wells, today Schlumberger supplies the industry’s most comprehensive range of products and services, from exploration through production, and integrated pore-to-pipeline solutions that optimize hydrocarbon recovery to deliver reservoir performance sustainably.

As of December 31, 2019, the Company employed approximately 105,000 people representing over 170 nationalities.

Schlumberger operates in each of the major oilfield service markets through four segments: Reservoir Characterization, Drilling, Production and Cameron.

Each segment consists of a number of technology-based service and product lines, or Technologies.

These Technologies cover the entire life cycle of the reservoir and correspond to a number of markets in which Schlumberger holds leading positions.

The role of the Technologies is to support Schlumberger in providing the best possible service to customers and to ensure that Schlumberger remains at the forefront of technology development and services integration.

The segments are as follows:

Reservoir Characterization – Consists of the principal Technologies involved in finding and defining hydrocarbon resources.

These include WesternGeco®, Wireline, Testing Services, Software Integrated Solutions (“SIS”), OneSurface® and Integrated Services Management (“ISM”).

| | • | *Integrated Services Management* provides coordination and management of Schlumberger services, products and third parties in projects around the world. ISM offers a certified integrated services project manager as a focal point of contact between the project owner and the various Schlumberger services, ensuring alignment of project objectives. |

Drilling – Consists of the principal Technologies involved in the drilling and positioning of oil and gas wells and comprises Bits & Drilling Tools, M-I SWACO, Drilling & Measurements, Land Rigs and Integrated Drilling Services (“IDS”).

| | • | *Bits & Drilling Tools* designs, manufactures and markets roller cone and fixed cutter drill bits for all environments. The drill bits include designs for premium market segments where faster penetration rates and increased footage provide significant economic benefits in lowering overall well costs. Drilling Tools includes a wide variety of bottom-hole-assembly and borehole-enlargement technologies for oil and gas drilling operations. |

| | • | *M-I SWACO* is a supplier of drilling fluid systems engineered to improve drilling performance by anticipating fluids-related problems; fluid systems and specialty equipment designed to optimize wellbore productivity; and production technology solutions formulated to maximize production rates. M-I SWACO also provides engineered managed pressure drilling and underbalanced drilling solutions, as well as environmental services and products to safely manage waste volumes generated in both drilling and production operations. |

| | • | *Land Rigs* provides land drilling rigs and related support services. The land drilling system of the future represents an integrated drilling platform bringing together digitally enabled surface and downhole hardware combined with a common optimization software to create a step-change in operational efficiency. |

Production – Consists of the principal Technologies involved in the lifetime production of oil and gas reservoirs and includes Well Services, OneStim®, Completions, Artificial Lift, and Asset Performance Solutions (“APS”).

| | • | *OneStim* provides a low cost-to-serve and highly competitive service delivery platform in North America’s unconventional plays. The services include hydraulic fracturing, multistage completions, perforating, and a vertically integrated product and logistics organization. |

APS represented less than 5% of Schlumberger’s consolidated revenue during each of 2019, 2018 and 2017.

Cameron – Consists of the principal Technologies involved in pressure and flow control for drilling and intervention rigs, oil and gas wells and production facilities, and includes OneSubsea®, Surface Systems, Drilling Systems, and Valves & Process Systems.

Supporting the Technologies is a global network of research and engineering centers.

A network of GeoMarket* regions, within each of four major geographic areas of North America, Latin America, Europe/CIS/Africa and Middle East & Asia, provides logistical, technical and commercial coordination.

The GeoMarket structure offers customers a single point of contact at the local level for field operations and brings together geographically focused teams to meet local needs and deliver customized solutions.

The GeoMarkets are responsible for providing the most efficient and cost-effective support possible to the operations.

Schlumberger primarily uses its own personnel to market its offerings.

The customer base, business risks and opportunities for growth are essentially uniform across all services and products.

Manufacturing and engineering facilities as well as research centers are shared, and the labor force, within certain limitations, is interchangeable.

While Schlumberger has numerous competitors, both large and small, Schlumberger believes it is an industry leader in providing wireline logging, well production testing, exploration and production software, rig equipment, surface equipment, artificial lift, hydraulic fracturing, cementing, coiled-tubing services, drilling and completion fluids, solids control and waste management, drilling pressure control, drill bits, measurement-while-drilling, logging-while-drilling, directional-drilling services, and surface data (mud) logging.

* Mark of Schlumberger

GENERAL

Customers and Backlog of Orders

For the year ended December 31, 2019, no single customer exceeded 10% of consolidated revenue.

Other than the OneSubsea, Drilling Systems and WesternGeco businesses, Schlumberger has no significant backlog due to the nature of its businesses.

The combined backlog of these businesses was $3.0 billion at December 31, 2019 (of which approximately 50% is expected to be recognized as revenue during 2020) and $2.7 billion at December 31, 2018.

| | | |

| Simon Ayat | 65 | Executive Vice President and Chief Financial Officer, since March 2007. |

| Jean-Francois Poupeau | 58 | Executive Vice President, Corporate Engagement, since May 2017; and Executive Vice President, Corporate Development and Communications, June 2012 to April 2017. |

| Patrick Schorn | 51 | Executive Vice President, Wells, since May 2018; Executive Vice President, New Ventures, May 2017 to May 2018; President, Operations, August 2015 to May 2017; and President, Operations & Integration, July 2013 to July 2015. |

| Donald Ross | 50 | President, North America Land, since September 2019; President, NAL Production, May 2019 to September 2019; GeoMarket Manager, North America Offshore, August 2016 to May 2019; and Human Resources Manager, Reservoir Characterization Group, July 2013 to July 2016. |

| Rajeev Sonthalia | 51 | President, Integrated Performance Management, since October 2019; Vice President, Marketing, Wells, May 2018 to September 2019; Vice President, Eastern Hemisphere, Reservoir Characterization Group, October 2017 to April 2018; President, Integrated Drilling Services, July 2015 to September 2017; President, Integrated Project Management and Schlumberger Production Management, July 2014 to June 2015. |

| Simon Farrant | 55 | Vice President, Investor Relations, since February 2014. |

Legal Proceedings is set forth in Note [removed: 15 of] [added: 15—*Contingencies*, in] the [added: accompanying] *Consolidated Financial Statements*.

For the fiscal year ended December 31, [removed: 2019][added: 2020]

| [removed: 42,] [added: 42] rue Saint-Dominique Paris, France | | 75007 |

[removed: YES] [added: Yes] ☑ [removed: NO ☐][added: No☐]

[removed: |] 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. [removed: ☐ | | | | | | |]

As of June 30, [removed: 2019,] [added: 2020,] the aggregate market value of the common stock of the registrant held by non-affiliates of the registrant was approximately [removed: $54.89] [added: $25.50] billion.

As of December 31, [removed: 2019,] [added: 2020,] the number of shares of common stock outstanding was [removed: 1,384,515,345.][added: 1,392,325,960.]

Certain information required to be furnished pursuant to Part III of this Form 10-K is set forth in, and is incorporated by reference from, Schlumberger’s definitive proxy statement for its [removed: 2020] [added: 2021] Annual General Meeting of Stockholders, to be filed by Schlumberger with the Securities and Exchange Commission (“SEC”) pursuant to Regulation 14A within 120 days after December 31, [removed: 2019] [added: 2020] (the [removed: “2020] [added: “2021] Proxy Statement”).

| Item 1A. | [Risk Factors](#ITEM_1A_RISK_FACTORS) | [removed: 7] [added: 10] |

| Item 1B. | [Unresolved Staff Comments](#ITEM_1B_UNRESOLVED_STAFF_COMMENTS) | [removed: 10] [added: 14] |

| Item 2. | [Properties](#ITEM_2_PROPERTIES) | [removed: 10] [added: 14] |

| Item 3. | [Legal Proceedings](#ITEM_3_LEGAL_PROCEEDINGS) | [removed: 10] [added: 14] |

| Item 4. | [Mine Safety Disclosures](#ITEM_4_MINE_SAFETY_DISCLOSURES) | [removed: 10] [added: 14] |

| Item 5. | [Market for Schlumberger’s Common Stock, Related Stockholder Matters and Issuer Purchases of Equity Securities](#ITEM_5_MARKET_FOR_SCHLUMBERGERS_COMMON_S) | [removed: 11] [added: 15] |

| Item 6. | [Selected Financial Data](#ITEM_6_SELECTED_FINANCIAL_DATA) | [removed: 12] [added: 16] |

| Item 7. | [Management’s Discussion and Analysis of Financial Condition and Results of Operations](#ITEM_7_MANAGEMENTS_DISCUSSION_ANALYSIS_F) | [removed: 13] [added: 17] |

| Item 7A. | [Quantitative and Qualitative Disclosures About Market Risk](#ITEM_7A_QUANTITATIVE_QUALITATIVE_DISCLOS) | [removed: 23] [added: 31] |

| Item 8. | [Financial Statements and Supplementary Data](#ITEM_8_FINANCIAL_STATEMENTS_SUPPLEMENTAR) | [removed: 26] [added: 34] |

| Item 9. | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#ITEM_9_CHANGES_IN_DISAGREEMENTS_WITH_ACC) | [removed: 63] [added: 75] |

| Item 9A. | [Controls and Procedures](#ITEM_9A_CONTROLS_PROCEDURES) | [removed: 63] [added: 75] |

| Item 9B. | [Other Information](#ITEM_9B_OR_INFORMATION) | [removed: 64] [added: 76] |

| Item 10. | [Directors, Executive Officers and Corporate Governance of Schlumberger](#Item_10_Governance) | [removed: 65] [added: 77] |

| Item 11. | [Executive [removed: Compensation](#Item_11_Executive_Compensation)] [added: Compensation](#ITEM_11_EXECUTIVE)] | [removed: 65] [added: 77] |

| Item 12. | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#Item_12_Security_Ownership)] [added: Matters](#ITEM_12_SECURITY_OWNERSHIP_CERTAIN_BENEF)] | [removed: 65] [added: 77] |

| Item 13. | [Certain Relationships and Related Transactions, and Director [removed: Independence](#Item_13_Relationships)] [added: Independence](#ITEM_13_CERTAIN_RELATIONSHIPS_RELATED_TR)] | [removed: 65] [added: 77] |

| Item 14. | [Principal Accounting Fees and [removed: Services](#Item_14_Principal_Accounting)] [added: Services](#ITEM_14_PRINCIPAL_ACCOUNTING_FEES_SERVIC)] | [removed: 65] [added: 77] |

| Item 15. | [Exhibits and Financial Statement Schedules](#Item_15_Exhibits) | [removed: 66] [added: 78] |

| Item 16. | [Form 10-K [removed: Summary](#Item_16_Form10K_Summary)] [added: Summary](#ITEM_16_FORM_10K_SUMMARY)] | [removed: 69] [added: 82] |

| | [Signatures](#SIGNATURES) | [removed: 70] [added: 83] |

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

| | |

As of December 31, [removed: 2019,] [added: 2020,] there were [removed: 25,464] [added: 24,592] stockholders of record.

The principal [removed: United States] [added: US] market for Schlumberger’s common stock is the New York Stock Exchange (“NYSE”), where it is traded under the symbol “SLB.”

It assumes $100 was invested on December 31, [removed: 2014] [added: 2015] in Schlumberger common stock, in the S&P 500 Index and in the Philadelphia Oil Service Index, as well as the reinvestment of dividends on the last day of the month of payment.

[removed: ][added: ]

Schlumberger had repurchased $1.0 billion of its common stock under this program as of December 31, 2020 but did not repurchase any of its common stock during the three months ended December 31, 2020.

Schlumberger’s common stock repurchase program activity for the three months ended December 31, 2019 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 Program | | | | Maximum Value of Shares that may yet be Purchased Under the Program | | |

| October 2019 | | \- | | | $ | \- | | | | \- | | | $ | 8,998,416 | |

| November 2019 | | \- | | | $ | \- | | | | \- | | | $ | 8,998,416 | |

| December 2019 | | \- | | | $ | \- | | | | \- | | | $ | 8,998,416 | |

| | | \- | | | $ | \- | | | | \- | | | | | |

| | [removed: 2019] [added: 2020] | | | | [removed: 2018] [added: 2019] | | | | [removed: 2017] [added: 2018] | | | | [removed: 2016] [added: 2017] | | | | [removed: 2015] [added: 2016] | | |

| Revenue | $ | [removed: 32,917] [added: 23,601] | | | $ | [removed: 32,815] [added: 32,917] | | | $ | [removed: 30,440] [added: 32,815] | | | $ | [removed: 27,810] [added: 30,440] | | | $ | [removed: 35,475] [added: 27,810] | |

| [removed: Income] [added: Net income] (loss) [removed: from continuing operations] [added: attributable to Schlumberger] | $ | [removed: (10,137] [added: (10,518] | ) | | $ | [removed: 2,138] [added: (10,137] | [added: )] | | $ | [removed: (1,505] [added: 2,138] | [removed: )] | | $ | [removed: (1,687] [added: (1,505] | ) | | $ | [removed: 2,072] [added: (1,687] | [added: )] |

| Diluted earnings (loss) per share [removed: from continuing operations] [added: of Schlumberger] | $ | [removed: (7.32] [added: (7.57] | ) | | $ | [removed: 1.53] [added: (7.32] | [added: )] | | $ | [removed: (1.08] [added: 1.53] | [removed: )] | | $ | [removed: (1.24] [added: (1.08] | ) | | $ | [removed: 1.63] [added: (1.24] | [added: )] |

| Cash | $ | [removed: 1,137] [added: 844] | | | $ | [removed: 1,433] [added: 1,137] | | | $ | [removed: 1,799] [added: 1,433] | | | $ | [removed: 2,929] [added: 1,799] | | | $ | [removed: 2,793] [added: 2,929] | |

| Short-term investments | $ | [removed: 1,030] [added: 2,162] | | | $ | [removed: 1,344] [added: 1,030] | | | $ | [removed: 3,290] [added: 1,344] | | | $ | [removed: 6,328] [added: 3,290] | | | $ | [removed: 10,241] [added: 6,328] | |

| Working capital | $ | [removed: 2,432] [added: 2,428] | | | $ | [removed: 2,245] [added: 2,432] | | | $ | [removed: 3,215] [added: 2,245] | | | $ | [removed: 8,868] [added: 3,215] | | | $ | [removed: 12,791] [added: 8,868] | |

| Fixed income investments, held to maturity | $ | \- | | | $ | \- | | | $ | \- | | | $ | [removed: 238] [added: \-] | | | $ | [removed: 418] [added: 238] | |

| Total assets | $ | [removed: 56,312] [added: 42,434] | | | $ | [removed: 70,507] [added: 56,312] | | | $ | [removed: 71,987] [added: 70,507] | | | $ | [removed: 77,956] [added: 71,987] | | | $ | [removed: 68,005] [added: 77,956] | |

| Long-term debt | $ | [removed: 14,770] [added: 16,036] | | | $ | [removed: 14,644] [added: 14,770] | | | $ | [removed: 14,875] [added: 14,644] | | | $ | [removed: 16,463] [added: 14,875] | | | $ | [removed: 14,442] [added: 16,463] | |

| Total debt | $ | [removed: 15,294] [added: 16,886] | | | $ | [removed: 16,051] [added: 15,294] | | | $ | [removed: 18,199] [added: 16,051] | | | $ | [removed: 19,616] [added: 18,199] | | | $ | [removed: 18,999] [added: 19,616] | |

| Schlumberger stockholders' equity | $ | [removed: 23,760] [added: 12,071] | | | $ | [removed: 36,162] [added: 23,760] | | | $ | [removed: 36,842] [added: 36,162] | | | $ | [removed: 41,078] [added: 36,842] | | | $ | [removed: 35,633] [added: 41,078] | |

| Cash dividends declared per share | $ | [removed: 2.00] [added: 0.88] | | | $ | 2.00 | | | $ | 2.00 | | | $ | 2.00 | | | $ | 2.00 | |

During 2018, Schlumberger adopted ASU No. 2016-02, *Leases,* which requires lessees to recognize an operating lease asset and a lease liability on the balance sheet, with the exception of short-term leases.

During 2018, Schlumberger adopted ASU No. 2016-02, *Leases*.

Refer to Note 14 to the *Consolidated Financial Statements* for further details.

| Year Ended December 31, | [removed: 2019] [added: 2020] | | | | [removed: 2018] [added: 2019] | | | | [removed: 2017] [added: 2018] | | |

| Services | $ | [removed: 24,358] [added: 16,533] | | | $ | [removed: 24,296] [added: 24,358] | | | $ | [removed: 21,927] [added: 24,296] | |

| Product sales | | [removed: 8,559] [added: 7,068] | | | | [removed: 8,519] [added: 8,559] | | | | [removed: 8,513] [added: 8,519] | |

| Total Revenue | | [removed: 32,917] [added: 23,601] | | | | [removed: 32,815] [added: 32,917] | | | | [removed: 30,440] [added: 32,815] | |

| Interest & other income | | [removed: 86] [added: 163] | | | | [removed: 149] [added: 86] | | | | [removed: 224] [added: 149] | |

| [removed: Gain on] [added: Proceeds from] formation of Sensia joint venture | | [removed: 247] [added: \-] | | | | [removed: \-] [added: 238] | | | | \- | |

| Cost of services | | [removed: 20,828] [added: 14,675] | | | | [removed: 20,618] [added: 20,828] | | | | [removed: 18,206] [added: 20,618] | |

| Cost of sales | | [removed: 7,892] [added: 6,325] | | | | [removed: 7,860] [added: 7,892] | | | | [removed: 8,337] [added: 7,860] | |

| Research & engineering | | [removed: 717] [added: 580] | | | | [removed: 702] [added: 717] | | | | [removed: 787] [added: 702] | |

| General & administrative | | [removed: 474] [added: 365] | | | | [removed: 444] [added: 474] | | | | [removed: 432] [added: 444] | |

| Impairments & other | | [removed: 13,148] [added: 12,658] | | | | [removed: 356] [added: 13,148] | | | | [removed: 3,211] [added: 356] | |

| Interest | | [removed: 609] [added: 563] | | | | [removed: 575] [added: 609] | | | | [removed: 566] [added: 575] | |

| Income (loss) before taxes | | [removed: (10,418] [added: (11,298] | ) | | | [removed: 2,624] [added: (10,418] | [added: )] | | | [removed: (1,183] [added: 2,624] | [removed: )] |

| Tax expense (benefit) | | [removed: (311] [added: (812] | ) | | | [removed: 447] [added: (311] | [added: )] | | | [removed: 330] [added: 447] | |

| Net income (loss) | | [removed: (10,107] [added: (10,486] | ) | | | [removed: 2,177] [added: (10,107] | [added: )] | | | [removed: (1,513] [added: 2,177] | [removed: )] |

| Net income [removed: (loss)] attributable to noncontrolling interests | | [removed: 30] [added: 32] | | | | [removed: 39] [added: 30] | | | | [removed: (8] [added: 39] | [removed: )] |

| Net income (loss) attributable to Schlumberger | $ | [removed: (10,137] [added: (10,518] | ) | | $ | [removed: 2,138] [added: (10,137] | [added: )] | | $ | [removed: (1,505] [added: 2,138] | [removed: )] |

| Basic earnings (loss) per share of Schlumberger | $ | [removed: (7.32] [added: (7.57] | ) | | $ | [removed: 1.54] [added: (7.32] | [added: )] | | $ | [removed: (1.08] [added: 1.54] | [removed: )] |

| Diluted earnings (loss) per share of Schlumberger | $ | [removed: (7.32] [added: (7.57] | ) | | $ | [removed: 1.53] [added: (7.32] | [added: )] | | $ | [removed: (1.08] [added: 1.53] | [removed: )] |

| Basic | | [removed: 1,385] [added: 1,390] | | | | 1,385 | | | | [removed: 1,388] [added: 1,385] | |

| Assuming dilution | | [removed: 1,385] [added: 1,390] | | | | [removed: 1,393] [added: 1,385] | | | | [removed: 1,388] [added: 1,393] | |

| Net income (loss) | $ | [removed: (10,107] [added: (10,486] | ) | | $ | [removed: 2,177] [added: (10,107] | [added: )] | | $ | [removed: (1,513] [added: 2,177] | [removed: )] |

| Net change arising during the period | | [removed: 67] [added: (239] | [added: )] | | | [removed: (191] [added: 67] | [removed: )] | | | [removed: (3] [added: (191] | ) |

| Unrealized loss arising during the period | | \- | | | | [removed: (11] [added: \-] | [removed: )] | | | [removed: (8] [added: (11] | ) |

| Net [removed: gain (loss)] [added: loss] on cash flow hedges | | [removed: (32] [added: (90] | ) | | | [removed: (16] [added: (32] | ) | | | [removed: 22] [added: (16] | [added: )] |

| Reclassification to net income (loss) of net realized loss | | [removed: 10] [added: 54] | | | | [removed: 1] [added: 10] | | | | [removed: \-] [added: 1] | |

| Actuarial gain (loss) arising during the period | | [removed: 127] [added: (247] | [added: )] | | | [removed: (186] [added: 127] | [removed: )] | | | [removed: 134] [added: (186] | [added: )] |

| Amortization to net income (loss) of net actuarial loss | | [removed: 94] [added: 200] | | | | [removed: 187] [added: 94] | | | | [removed: 159] [added: 187] | |

| Amortization to net income (loss) of net prior service (credit) cost | | [removed: (11] [added: (17] | ) | | | [removed: (5] [added: (11] | ) | | | [removed: 80] [added: (5] | [added: )] |

| Income taxes on pension and other postretirement benefit plans | | [removed: (71] [added: (38] | ) | | | [removed: (18] [added: (71] | ) | | | [removed: (15] [added: (18] | ) |

| Comprehensive income (loss) | | [removed: (9,923] [added: (10,932] | ) | | | [removed: 1,938] [added: (9,923] | [added: )] | | | [removed: (1,144] [added: 1,938] | [removed: )] |

| Comprehensive income [removed: (loss)] attributable to noncontrolling interests | | [removed: 30] [added: 32] | | | | [removed: 39] [added: 30] | | | | [removed: (8] [added: 39] | [removed: )] |

| Comprehensive income (loss) attributable to Schlumberger | $ | [removed: (9,953] [added: (10,964] | ) | | $ | [removed: 1,899] [added: (9,953] | [added: )] | | $ | [removed: (1,136] [added: 1,899] | [removed: )] |

| (Stated in millions) | | | | | | | | [added: |]

| [added: Year Ended] December 31, | [added: 2020 | | | |] 2019 | | | | 2018 | | |

| ASSETS | | | | | | | | [added: |]

| Current Assets | | | | | | | | [added: |]

| Cash | [added: |] $ | [removed: 1,137] [added: 844] | | | $ | [removed: 1,433] [added: 1,137] | |

| Short-term investments | | [removed: 1,030] | [added: 2,162] | | | [removed: 1,344] | [added: 1,030] | [added: |]

| Receivables less allowance for doubtful accounts [removed: (2019] [added: (2020] - [removed: $255; 2018] [added: $301; 2019] - [removed: $249)] [added: $255)] | | [removed: 7,747] | [added: 5,247] | | | [removed: 7,881] | [added: 7,747] | [added: |]

| Gains on sales of businesses | | 104 | | | | 247 | | | | 215 | |

| Impact of curtailment | | (69 | ) | | | \- | | | | \- | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| December 31, | | 2020 | | | | 2019 | | |

| | | | 12,919 | | | | 15,530 | |

| | | $ | 42,434 | | | $ | 56,312 | |

| | | | 10,491 | | | | 13,098 | |

| | | | 29,945 | | | | 32,136 | |

| | | | 12,489 | | | | 24,176 | |

| | | $ | 42,434 | | | $ | 56,312 | |

| Year Ended December 31, | 2020 | | | | 2019 | | | | 2018 | | |

| Net income (loss) | $ | (10,486 | ) | | $ | (10,107 | ) | | $ | 2,177 | |

| Impairments and other charges and credits | | 12,515 | | | | 12,901 | | | | 141 | |

| Net proceeds from divestitures | | 434 | | | | 348 | | | | \- | |

| Repayment of finance lease-related obligations | | (188 | ) | | | \- | | | | \- | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Net loss | | | | | | | | | | | (10,518 | ) | | | | | | | 32 | | | | (10,486 | ) |

| Vesting of restricted stock | | | (173 | ) | | | 173 | | | | | | | | | | | | | | | | \- | |

| Dividends declared ($0.875 per share) | | | | | | | | | | | (1,215 | ) | | | | | | | | | | | (1,215 | ) |

| Balance, December 31, 2020 | | $ | 12,970 | | | $ | (3,033 | ) | | $ | 7,018 | | | $ | (4,884 | ) | | $ | 418 | | | $ | 12,489 | |

| Shares sold to optionees, less shares exchanged | | | \- | | | | 6 | | | | 6 | |

Schlumberger Limited (Schlumberger N.V., incorporated in Curaçao) and its consolidated subsidiaries (collectively, “Schlumberger”) form a technology company that partners with customers to access energy.

Schlumberger provides leading digital solutions and deploys innovative technologies to enable performance and sustainability for the global energy industry.

Schlumberger collaborates to create technology that unlocks access to energy for the benefit of all.

Investments in publicly traded companies in which Schlumberger does not have the ability to exercise significant influence are reported at fair value, with unrealized gains and losses reported as a component of *Interest and other income*.

Mexico represented approximately 14% of Schlumberger’s net accounts receivable balance at December 31, 2020.

Schlumberger maintains an allowance for uncollectible accounts receivable based on expected collectability and performs ongoing credit evaluations of its customers’ financial condition.

If the financial condition of Schlumberger’s customers were to deteriorate resulting in an impairment of their ability to make payments, adjustments to the allowance may be required.

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Basic | | $ | (10,518 | ) | | | 1,390 | | | $ | (7.57 | ) |

| Diluted | | $ | (10,518 | ) | | | 1,390 | | | $ | (7.57 | ) |

| First quarter: | | | | | | | | | | | |

| Goodwill | $ | 3,070 | | | $ | \- | | | $ | 3,070 | |

| Intangible assets impairments | | 3,321 | | | | 815 | | | | 2,506 | |

| Asset Performance Solutions investments | | 1,264 | | | | (4 | ) | | | 1,268 | |

| North America pressure pumping impairment | | 587 | | | | 133 | | | | 454 | |

| Workforce reductions | | 202 | | | | 7 | | | | 195 | |

| Second quarter: | | | | | | | | | | | |

| Workforce reductions | | 1,021 | | | | 71 | | | | 950 | |

| Asset Performance Solutions investments | | 730 | | | | 15 | | | | 715 | |

| | | | | | | | | | | | |

| Gain on sale of business | | \- | | | | 215 | | | | \- | |

| Merger & integration | | \- | | | | \- | | | | 308 | |

| --- | --- | --- | --- | --- | --- | --- | --- |

| | | | | | | | |

| | | 15,530 | | | | 15,731 | |

| | $ | 56,312 | | | $ | 70,507 | |

| | | 13,098 | | | | 13,486 | |

| | | 32,136 | | | | 33,921 | |

| | | 24,176 | | | | 36,586 | |

| Impairments and other charges | | 13,148 | | | | 356 | | | | 3,764 | |

| Gain on formation of Sensia joint venture | | (247 | ) | | | \- | | | | \- | |

| Gain on sale of WesternGeco marine seismic acquisition business | | \- | | | | (215 | ) | | | \- | |

| Net proceeds from divestiture and formation of Sensia joint venture | | 586 | | | | \- | | | | \- | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | | | | | | | | | | | | | | | | | | | | | | | |

| Balance, January 1, 2017 | $ | 12,801 | | | $ | (3,550 | ) | | $ | 36,470 | | | $ | (4,643 | ) | | $ | 451 | | | $ | 41,529 | | | |

| Net loss | | | | | | | | | | (1,505 | ) | | | | | | | (8 | ) | | | (1,513 | | ) | |

Schlumberger Limited (Schlumberger N.V., incorporated in Curaçao) and its consolidated subsidiaries (collectively, “Schlumberger”) comprise the world’s leading supplier of technology for reservoir characterization, drilling, production and processing to the oil and gas industry.

Equity and cost method investments are classified as *Investments in Affiliated Companies* in the *Consolidated Balance Sheet*.

Revenue from APS arrangements, which is recognized as the related production is achieved, represented less than 5% of Schlumberger’s consolidated revenue during each of 2019, 2018 and 2017.

Accounts receivable in the United States represented 18% of Schlumberger’s accounts receivable balance at December 31, 2019.

| | | | | | | | | | | | | |

| 2017: | | | | | | | | | | | | |

| Basic | | $ | (1,505 | ) | | | 1,388 | | | $ | (1.08 | ) |

| Diluted | | $ | (1,505 | ) | | | 1,388 | | | $ | (1.08 | ) |

This charge primarily relates to Schlumberger’s Drilling and Cameron segments.

These three reporting units had goodwill balances which ranged between $0.4 billion and $0.6 billion and aggregated to $1.5 billion as of August 31, 2019.

The tenth reporting unit, which was determined not to be impaired, had $0.9 billion of goodwill.

During the third quarter of 2019, Schlumberger’s Board of Directors announced the appointment of a new Chief Executive Officer.

As the new Chief Executive Officer further develops and implements his strategy, it may result in additional restructuring charges in future periods.

Furthermore, Schlumberger may be required to record additional impairment charges if industry conditions deteriorate.

2017

| | | | | | | | | | Noncontrolling | | | | | | |

| WesternGeco seismic restructuring charges | $ | 1,114 | | | $ | 20 | | | $ | \- | | | $ | 1,094 | |

| Venezuela investment write-down | | 938 | | | | \- | | | | \- | | | | 938 | |

| Promissory note fair value adjustment and other | | 510 | | | | \- | | | | 12 | | | | 498 | |

| Other restructuring charges | | 156 | | | | 10 | | | | 22 | | | | 124 | |

| Cost of sales | | | | | | | | | | \- | | | | \- | |

| Provision for loss on long-term construction project | | 245 | | | | 22 | | | | \- | | | | 223 | |

There has been no change in Schlumberger’s internal control over financial reporting that occurred during the fourth quarter of [removed: 2019] [added: 2020] that has materially affected, or is reasonably likely to materially affect, Schlumberger’s internal control over financial reporting.

In 2013, Schlumberger completed the [removed: wind down] [added: wind-down] of its service operations in Iran.

Schlumberger’s residual transactions or dealings with the government of Iran in [removed: 2019] [added: 2020] consisted of payments of taxes and other typical governmental charges.

Certain non-US subsidiaries of Schlumberger [removed: maintain] [added: maintained] 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 Schlumberger for [removed: prior] services rendered in Iran [added: prior to the wind-down] and for the maintenance of such amounts previously received.

The information set forth under the captions “Election of Directors,” “Stock Ownership [removed: Information— Delinquent] [added: Information—Delinquent] Section 16(a) Reports,” “Corporate [removed: Governance—Director] [added: Governance—Identifying Candidates for Director] Nominations” and “Corporate Governance—Board [removed: Responsibilities] [added: Responsibilities, Committees] and [removed: Committees—Board Committees—Audit] [added: Attendance—Committees—Audit] Committee” in Schlumberger’s [removed: 2020] [added: 2021] Proxy Statement is incorporated herein by reference.

The information set forth under the captions “Compensation Discussion and Analysis,” “Executive Compensation Tables and Accompanying Narrative,” “Compensation Discussion and Analysis—Compensation Committee Report” and “Director Compensation in Fiscal Year [removed: 2019”] [added: 2020”] in Schlumberger’s [removed: 2020] [added: 2021] Proxy Statement is incorporated herein by reference.

The information under the captions “Stock Ownership Information—Security Ownership by Certain Beneficial Owners,” “Stock Ownership Information—Security Ownership by Management” and “Equity Compensation Plan Information” in Schlumberger’s [removed: 2020] [added: 2021] Proxy Statement is incorporated herein by reference.

The information under the captions “Corporate [removed: Governance—Board] [added: Governance—Director] Independence” and “Corporate [removed: Governance—Policies] [added: Governance—Other Key Governance Policies] and [added: Practices—Policies and] Procedures for Approval of Related Person Transactions” in Schlumberger’s [removed: 2020] [added: 2021] Proxy Statement is incorporated herein by reference.

Item 14.

Principal Accounting Fees and Services.

The information under the caption “Ratification of Appointment of Independent Auditors for 2020” in Schlumberger’s 2020 Proxy Statement is incorporated herein by reference.

PART IV

The information under the caption “Ratification of Appointment of Independent Auditors for 2021” in Schlumberger’s 2021 Proxy Statement is incorporated herein by reference.

PART IV

| | [Consolidated Statement of Income (Loss) for the three years ended December 31, [removed: 2019](#CONSOLIDATED_STATEMENT_INCOME_LOSS)] [added: 2020](#CONSOLIDATED_STATEMENT_INCOME_LOSS)] | [removed: 26] [added: 34] |

| | [Consolidated Statement of Comprehensive Income (Loss) for the three years ended December 31, [removed: 2019](#CONSOLIDATED_STATEMENT_COMPREHENSIVE_INC)] [added: 2020](#CONSOLIDATED_STATEMENT_COMPREHENSIVE_INC)] | [removed: 27] [added: 35] |

| | [Consolidated Balance Sheet at December 31, [removed: 2019] [added: 2020] and [removed: 2018](#CONSOLIDATED_BALANCE_SHEET)] [added: 2019](#CONSOLIDATED_BALANCE_SHEET)] | [removed: 28] [added: 36] |

| | [Consolidated Statement of Cash Flows for the three years ended December 31, [removed: 2019](#CONSOLIDATED_STATEMENT_CASH_FLOWS)] [added: 2020](#CONSOLIDATED_STATEMENT_CASH_FLOWS)] | [removed: 29] [added: 37] |

| | [Consolidated Statement of Stockholders’ Equity for the three years ended December 31, [removed: 2019](#CONSOLIDATED_STATEMENT_STOCKHOLDERS_EQUI)] [added: 2020](#CONSOLIDATED_STATEMENT_STOCKHOLDERS_EQUI)] | [removed: 30] [added: 38] and [removed: 31] [added: 39] |

| | [Notes to Consolidated Financial Statements](#Notes_to_Financial_Statements) | [removed: 32] [added: 40] to [removed: 60] [added: 70] |

| | [Report of Independent Registered Public Accounting Firm](#REPORT_INDEPENDENT_REGISTERED_PUBLIC_ACC) | [removed: 61] [added: 72] |

| | [Quarterly Results (Unaudited)](#QUARTERLY_RESULTS) | [removed: 63] [added: 75] |

| [Description of Common Stock of Schlumberger Limited [removed: (*)](https://www.sec.gov/Archives/edgar/data/87347/000156459020001578/slb-ex41_549.htm)] [added: (*)](https://www.sec.gov/Archives/edgar/data/87347/000156459021002477/slb-ex41_56.htm)] | | 4.1 |

| [Indenture dated as of December 3, 2013, by and among Schlumberger Investment SA, as issuer, Schlumberger Limited, as guarantor, and The Bank of New York [removed: Mellon Trust Company, N.A.,] [added: Mellon,] as trustee (incorporated by reference to Exhibit 4.1 to Schlumberger’s Current Report on Form 8-K filed on December 3, 2013)](http://www.sec.gov/Archives/edgar/data/87347/000119312513460494/d637672dex41.htm) | | 4.2 |

| [First Supplemental Indenture dated as of December 3, 2013, by and among Schlumberger Investment SA, as issuer, Schlumberger Limited, as guarantor, and The Bank of New York [removed: Mellon Trust Company, N.A.,] [added: Mellon,] as trustee (including form of global notes representing 3.650% Senior Notes due 2023) (incorporated by reference to Exhibit 4.2 to Schlumberger’s Current Report on Form 8-K filed on December 3, 2013)](http://www.sec.gov/Archives/edgar/data/87347/000119312513460494/d637672dex42.htm) | | 4.3 |

| [Schlumberger [removed: 2001] [added: 2005] Stock [removed: Option] [added: Incentive] Plan, as amended and restated as of July 19, 2017 (incorporated by reference to Exhibit [removed: 10.4] [added: 10.6] to Schlumberger’s Annual Report on Form 10-K for the year ended December 31, 2018) [removed: (+)](http://www.sec.gov/Archives/edgar/data/87347/000156459019000928/slb-ex104_552.htm)] [added: (+)](http://www.sec.gov/Archives/edgar/data/87347/000156459019000928/slb-ex106_546.htm)] | | [removed: 10.4] [added: 10.5] |

| [Schlumberger Limited 2004 Stock and Deferral Plan for Non-Employee Directors, as amended and restated effective January 17, 2019 (incorporated by reference to Exhibit 10.1 to Schlumberger’s Current Report on Form 8-K filed on April 3, 2019) (+)](http://www.sec.gov/Archives/edgar/data/87347/000119312519096693/d729562dex101.htm) | | [removed: 10.5] [added: 10.4] |

| [Schlumberger [removed: 2005] [added: 2008] Stock Incentive Plan, as amended and restated as of July 19, 2017 (incorporated by reference to Exhibit [removed: 10.6] [added: 10.7] to Schlumberger’s Annual Report on Form 10-K for the year ended December 31, 2018) [removed: (+)](http://www.sec.gov/Archives/edgar/data/87347/000156459019000928/slb-ex106_546.htm)] [added: (+)](http://www.sec.gov/Archives/edgar/data/87347/000156459019000928/slb-ex107_551.htm)] | | 10.6 |

| [Schlumberger [removed: 2008] [added: 2010 Omnibus] Stock Incentive Plan, as amended and restated as of July 19, 2017 (incorporated by reference to Exhibit [removed: 10.7] [added: 10.8] to Schlumberger’s Annual Report on Form 10-K for the year ended December 31, 2018) [removed: (+)](http://www.sec.gov/Archives/edgar/data/87347/000156459019000928/slb-ex107_551.htm)] [added: (+)](http://www.sec.gov/Archives/edgar/data/87347/000156459019000928/slb-ex108_547.htm)] | | 10.7 |

| [Schlumberger [removed: 2010] [added: 2017] Omnibus Stock Incentive Plan, as amended and restated as of July 19, 2017 (incorporated by reference to Exhibit [removed: 10.8] [added: 10.20] to Schlumberger’s Annual Report on Form 10-K for the year ended December 31, 2018) [removed: (+)](http://www.sec.gov/Archives/edgar/data/87347/000156459019000928/slb-ex108_547.htm)] [added: (+)](http://www.sec.gov/Archives/edgar/data/87347/000156459019000928/slb-ex1020_550.htm)] | | [removed: 10.8] [added: 10.17] |

| [Cameron International Corporation Equity Incentive Plan, as amended and restated as of January 1, 2013 (incorporated by reference to Exhibit 10.16 to Schlumberger’s Annual Report on Form 10-K for the year ended December 31, 2016) (+)](http://www.sec.gov/Archives/edgar/data/87347/000156459017000589/slb-ex1016_1235.htm) | | [removed: 10.9] [added: 10.8] |

| [2018 Rules of the Schlumberger 2010, 2013 and 2017 Omnibus Incentive Plans for Employees in France (incorporated by reference to Appendix B to Schlumberger's Definitive Proxy Statement on Schedule 14A filed with the SEC on March 2, 2018) (+)](http://www.sec.gov/Archives/edgar/data/87347/000130817918000016/lslb2018_def14a.htm) | | [removed: 10.10] [added: 10.9] |

| [Form of Option Agreement (Employees in France), Incentive Stock Option, under Schlumberger 2010 Omnibus Stock Incentive Plan (incorporated by reference to Exhibit 10.10 to Schlumberger’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2013) (+)](http://www.sec.gov/Archives/edgar/data/87347/000119312513299983/d550034dex1010.htm) | | [removed: 10.11] [added: 10.10] |

| [Form of Option Agreement (Employees in France), Non-Qualified Stock Option, under Schlumberger 2010 Omnibus Stock Incentive Plan (incorporated by reference to Exhibit 10.11 to Schlumberger’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2013) (+)](http://www.sec.gov/Archives/edgar/data/87347/000119312513299983/d550034dex1011.htm) | | [removed: 10.12] [added: 10.11] |