SLB (SLB) 10-K risk factor changes: FY2022 vs FY2021

We urge you to consider carefully the risks described below, 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 [removed: 10-K.][added: 10-K, any of which could materially adversely affect our financial condition, results of operations and cash flows.]

| | • | the costs of exploring for, [removed: producing] [added: producing,] and delivering oil and gas; |

| | • | governmental laws, policies, [removed: regulations and] [added: regulations,] subsidies, [added: and other actions,] including initiatives to promote the use of renewable energy sources; |

Disruptions in the political, regulatory, economic, and social environments of the countries in which we operate could adversely affect our [added: reputation,] financial condition, results of operations and cash flows.

[removed: Our] [added: We are a global technology company, and our] non-US operations accounted for approximately [removed: 85%] [added: 84%] of our consolidated revenue in [removed: 2021, 81%] [added: 2022, 85%] in [removed: 2020] [added: 2021] and [removed: 72%] [added: 81%] in [removed: 2019.][added: 2020.]

Instability and unforeseen changes in any of the markets in which we operate could result in business disruptions [added: or operational challenges] that may [removed: have an adverse effect on] [added: adversely affect] the demand for our products and [removed: services] [added: services,] or our [added: reputation,] financial condition, results of operations or cash flows.

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

| | • | social unrest, acts of terrorism, [removed: war] [added: war,] or other armed conflict; |

| | • | trade and economic sanctions or other restrictions imposed by the European Union, the United [removed: States] [added: States, the United Kingdom, China,] or other regions or countries that could restrict or curtail our ability to operate in certain markets; |

Our long-term success depends on our ability to effectively address the energy transition, which will require adapting our technology portfolio to [removed: potentially] changing [removed: government requirements and] customer [removed: preferences, as well as engaging with our customers to develop] [added: preferences and government requirements, developing] solutions to decarbonize oil and gas [removed: operations.][added: operations, and scaling innovative low-carbon and carbon-neutral technologies.]

The energy industry is highly [removed: competitive.][added: competitive and rapidly evolving.]

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

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

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

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

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

If a license to resolve a claim were not available, we might not be able to continue providing a particular service or [removed: product, which could adversely affect our financial condition, results of operations and cash flows.][added: product.]

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

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, [added: human rights,] import/export controls, currency exchange, bribery and corruption, data privacy and cybersecurity, intellectual property, immigration, and taxation.

Our operations are subject to anti-corruption and anti-bribery laws and regulations, such as the Foreign Corrupt Practices Act, the [removed: U.K.] [added: UK] Bribery [removed: Act] [added: Act,] and other similar laws.

We are also subject to trade control regulations and trade sanctions laws that restrict the movement of certain goods [added: and services] to, and certain operations in, various countries or with certain persons.

The internal controls, policies and procedures, and employee training and compliance programs we have implemented to deter prohibited practices may not be effective in preventing employees, [removed: contractors] [added: contractors,] or agents from violating or circumventing such internal policies or from material violations of applicable laws and regulations.

Any determination that we have violated or are responsible for violations of [added: applicable laws, including] anti-bribery, trade control, trade sanctions or anti-corruption [removed: laws] [added: laws,] could have a material adverse effect on our financial condition.

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

Existing or future laws, regulations, court orders or other [added: public- or private-sector] initiatives to limit greenhouse gas emissions or relating to climate change may reduce demand for our products and services.

Continuing political and social attention to the issue of climate change has resulted in both existing and proposed international agreements and national, [removed: regional] [added: regional,] and local legislation and regulatory measures to limit GHG emissions.

There is also increased focus by [removed: governments and] our customers, investors and other stakeholders on climate change, [removed: sustainability] [added: sustainability,] and energy transition matters.

[removed: Negative attitudes toward] [added: Actions to address these concerns] or [added: negative] perceptions of our industry or fossil fuel products and their relationship to the environment have led [removed: governments, non-governmental organizations, and companies] to [removed: implement] initiatives to conserve energy and promote the use of alternative energy sources, which may reduce the demand for and production of oil and gas in areas of the world where our customers operate, and thus reduce future demand for our products and services.

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

The technical requirements of these laws and regulations are becoming increasingly complex, [removed: stringent] [added: stringent,] and expensive to implement.

[added: 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 a result of exposures to, or releases of, hazardous substances.

In addition, stricter enforcement or changing interpretations of existing laws and regulations, 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 have a material adverse effect on our business, [removed: operations] [added: operations,] and financial condition.

The technical complexities of our operations expose us to a wide range of significant health, [removed: safety] [added: safety,] and environmental risks.

Our operations involve production-related activities, radioactive materials, chemicals, explosives and other equipment and services that are deployed in challenging exploration, [removed: development] [added: development,] and production environments.

The COVID-19 pandemic and resulting adverse economic conditions have had, and may [removed: to] continue to have, a material adverse effect on our financial condition, results of operations and cash flows.

The COVID-19 pandemic [removed: caused] [added: caused, and any resurgence of the pandemic could again cause,] a significant [removed: and swift] reduction in global economic [removed: activity during 2020, which] [added: activity,] significantly [removed: weakened] [added: weakening] demand for oil and gas, and in turn, for our products and services.

[removed: Other effects of the pandemic included, and may continue to include, significant volatility and disruption of the global financial markets; 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; supply chain disruptions; limitations on access to raw materials; employee impacts from [removed: illness, school closures] [added: illness;] and [removed: other community response measures;] [added: local] and [added: regional closures or lockdowns, including] temporary closures of our facilities [removed: or] [added: and] the facilities of our customers and suppliers.

The [removed: pandemic is continuously evolving, and the] extent to which our operating and financial results will continue to be affected [added: by the pandemic] will depend on various factors beyond our control, such as the [removed: ultimate duration,] [added: continued] severity [removed: and sustained geographic resurgence] of the [removed: virus;] [added: pandemic, including any sustained geographic resurgence;] the emergence of new variants and strains of the [added: COVID-19] virus; and the success of actions to contain [removed: the virus and its variants,] or treat [removed: its impact, such as] the [removed: availability and acceptance of vaccines.][added: virus.]

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

Our operations are subject to cyber incidents that could have a material adverse effect on our business, financial [removed: condition] [added: condition,] and results of operations.

| | • | the level of refining capacity; |

As an example of a risk resulting from our global operations, in March 2022 we decided to immediately suspend new investment and technology deployment to our Russia operations.

Russia represented approximately 6% of our worldwide revenue during 2022.

The carrying value of our net assets in Russia was approximately $0.7 billion as of December 31, 2022.

This consisted of $0.3 billion of receivables, $0.3 billion of fixed assets, $0.5 billion of current assets, and $0.4 billion of current liabilities.

We continue to actively monitor the dynamic situation in Ukraine and applicable laws, sanctions and trade control restrictions resulting from the conflict.

The extent to which our operations and financial results may be affected by the ongoing conflict in Ukraine will depend on various factors, including the extent and duration of the conflict; the effects of the conflict on regional and global economic and geopolitical conditions; the effect of further laws, sanctions and trade control restrictions on our business, the global economy and global supply chains; and the impact of fluctuations in the exchange rate of the ruble.

Continuation or escalation of the conflict may also aggravate this and other risk factors identified in this Form 10-K, including cybersecurity, regulatory, and reputational risks.

Our success depends in part on our ability to provide effective data security protection in connection with our digital technologies and services.

Even if we successfully defend our own digital technologies and services, we

In addition, allegations, reports, or concerns regarding vulnerabilities affecting our digital products or services could damage our reputation.

Furthermore, competing or new technologies may accelerate the obsolescence of our products or services and reduce the value of our intellectual property.

adverse effect on our business, operations, and financial condition.

Other effects of the pandemic included, and may continue to include, significant volatility and disruption of the global financial markets; adverse revenue and net

Our targets are based on empirical data and estimates that reflect the current best practices for measuring or estimating emissions, but we anticipate that future innovations in both measurement technologies and estimation methodologies could cause us to revise our baseline as well as re-calculate progress toward our targets.

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

We generate revenue in more than 120 countries across the world.

Furthermore, if competing technology accelerates the obsolescence of any of our products or services, the value of our intellectual property may be reduced, which could adversely affect our financial condition, results of operations and cash flows.

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

We are highly dependent on digital technologies and services to conduct our business.

prevent, respond to, or mitigate cybersecurity attacks.

The occurrence of any of these risks could have a material adverse effect on our business, financial condition and results of operations.

This section of the Form 10-K generally discusses [removed: 2021] [added: 2022] and [removed: 2020] [added: 2021] items and year-to-year comparisons between [removed: 2021] [added: 2022] and [removed: 2020.][added: 2021.]

Discussions of [removed: 2019] [added: 2020] items and year-to-year comparison between [removed: 2020] [added: 2021] and [removed: 2019] [added: 2020] 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 [removed: Schlumberger’s] [added: SLB’s] Annual Report on Form 10-K for the fiscal year ended December 31, [removed: 2020.][added: 2021.]

[removed: 2021] [added: 2022] Executive Overview

Fourth Quarter [removed: 2021] [added: 2022] Results

| | Fourth Quarter [removed: 2021] [added: 2022] | | | | | | | | Third Quarter [removed: 2021] [added: 2022] | | | | | | |

| | [added: Revenue] | | | | Income | | | | [added: Revenue] | | | | Income | | |

| Eliminations & other | | [removed: (104] [added: (131] | ) | | | [removed: (76] [added: (24] | ) | | | [removed: (104] [added: (113] | ) | | | [removed: (77] [added: (37] | ) |

| Charges & credits (4) | | | | | | [removed: 18] [added: 63] | | | | | | | | [removed: 47] [added: \-] | |

| [removed: (2)] [added: (3)] | Excludes interest [removed: income] [added: expense] included in the segments’ income (fourth quarter [removed: 2021: $1] [added: 2022: $3] million; third quarter [removed: 2021: $-] [added: 2022: $3] million). |

| [removed: (3)] [added: (2)] | Excludes interest [removed: expense] [added: income] included in the segments’ income (fourth quarter [removed: 2021: $4] [added: 2022: $19] million; third quarter [removed: 2021: $3] [added: 2022: $25] million). |

| (4) | Charges [removed: and] [added: &] credits are described in detail in Note 3 to the *Consolidated Financial Statements*. |

Digital & Integration pretax operating margin of 38% expanded [removed: 268] [added: 386] bps sequentially, [removed: primarily] due to [removed: higher digital and] [added: improved profitability in] exploration data licensing [removed: sales.][added: and digital solutions.]

Reservoir Performance pretax operating margin of [removed: 16% was essentially flat] [added: 18% expanded 146 bps] sequentially.

[removed: Well Construction][added: Well Construction]

Full-Year [removed: 2021] [added: 2022] Results

| Digital & Integration | $ | [removed: 3,290] [added: 3,725] | | | $ | [removed: 1,141] [added: 1,357] | | | $ | [removed: 3,067] [added: 3,290] | | | $ | [removed: 727] [added: 1,141] | |

| Reservoir Performance | | [removed: 4,599] [added: 5,553] | | | | [removed: 648] [added: 881] | | | | [removed: 5,602] [added: 4,599] | | | | [removed: 353] [added: 648] | |

| Well Construction | | [removed: 8,706] [added: 11,397] | | | | [removed: 1,195] [added: 2,202] | | | | [removed: 8,614] [added: 8,706] | | | | [removed: 870] [added: 1,195] | |

| Production Systems | | [removed: 6,710] [added: 7,862] | | | | [removed: 634] [added: 748] | | | | [removed: 6,650] [added: 6,710] | | | | [removed: 623] [added: 634] | |

| Eliminations & other | | [removed: (376] [added: (446] | ) | | | [removed: (253] [added: (177] | ) | | | [removed: (332] [added: (376] | ) | | | [removed: (172] [added: (253] | ) |

| Corporate & other (1) | | | | | | [removed: (573] [added: (637] | ) | | | | | | | [removed: (681] [added: (573] | ) |

| Interest income (2) | | | | | | [removed: 31] [added: 27] | | | | | | | | 31 | |

| Interest expense (3) | | | | | | [removed: (514] [added: (477] | ) | | | | | | | [removed: (534] [added: (514] | ) |

| Charges & credits (4) | | | | | | [removed: 65] [added: 347] | | | | | | | | [removed: (12,515] [added: 65] | [removed: )] |

| (2) | Excludes interest income included in the segments’ income [removed: (2021: $2] [added: (2022: $72] million; [removed: 2020:] [added: 2021:] $2 million). |

| (3) | Excludes interest expense included in the segments’ income [removed: (2021: $15] [added: (2022: $13] million; [removed: 2020: $28 million).] [added: 2021: $15 million) and $10 million interest expense included in Charges & credits in 2021.] |

[removed: Digital] [added: Digital] & [removed: Integration][added: Integration]

Full-year [removed: 2021] [added: 2022] revenue of [removed: $8.7] [added: $28.1] billion increased [removed: 1% year-on-year.][added: 23% year on year.]

Interest [removed: and] [added: &] Other [removed: Income][added: Income, Net]

Interest & other [removed: income] [added: income, net] consisted of the following:

| Earnings of equity method investments | [removed: $] | [removed: 40] [added: 164] | | | [removed: $] | [removed: 91] [added: 40] | |

| Interest income | | [removed: 33] [added: 99] | | | | 33 | |

| Unrealized gain on marketable securities | | [removed: 47] [added: \-] | | | | [removed: 39] [added: 47] | |

| Gain on sale of Liberty shares | [added: $] | [removed: 28] [added: (26] | [added: )] | | [added: $] | [removed: \-] [added: (4] | [added: )] | [added: | $ | (22 | ) |]

During [removed: the fourth quarter of 2021 Schlumberger] [added: 2021, SLB] sold 9.5 million of its shares of Liberty and recognized a gain of $28 million.

See Note [removed: 3 to] [added: 13, *Leases* of] the *Consolidated Financial [removed: Statements*.][added: Statements* for details regarding SLB’s lease obligations.]

During [removed: the third quarter of] 2021, a start-up company that [removed: Schlumberger] [added: SLB] previously invested in was acquired.

As a result of this transaction, [removed: Schlumberger’s] [added: SLB’s] ownership interest was converted into shares of a publicly traded company.

[removed: Schlumberger] [added: SLB] recognized an unrealized pretax gain of $47 million to increase the carrying value of this investment to its estimated fair value of approximately $55 million.

| Research & engineering | | [removed: 2.4] [added: 2.3] | % | | | [removed: 2.5] [added: 2.4] | % |

We delivered strong fourth quarter results and concluded a remarkable year for SLB with great success.

All Divisions and geographical areas experienced double digit revenue growth.

2022 was transformative for SLB as we set new safety, operational, and performance benchmarks for our customers and strengthened our market position both internationally and in North America.

We launched our bold new brand identity, reinforcing our leadership position in energy technology, digital, and sustainability, and demonstrated our ability to deliver superior earnings in this early phase of a structural upcycle in energy.

In North America, we seized the growth cycle throughout the year, increased our pretax operating margins close to 600 basis points (“bps”), and almost doubled our pretax operating income.

We effectively harnessed our refocused portfolio, fit-for-basin technology, and performance differentiation to gain greater market access and improved pricing, particularly in the drilling markets where we significantly outperformed rig count growth.

Today, we have built one of the highest-quality oilfield services and equipment businesses in North America through the implementation of our returns-focused strategy.

In the international markets, after a first half of the year that was impacted by geopolitical conflict and supply chain bottlenecks, activity began to visibly expand in the second half of the year, resulting in full year revenue growth of 20% and margin expansion of more than 150 bps.

We laid the foundation for further growth and margin expansion through pricing improvements and a solid pipeline of incremental contract awards.

In the Middle East, SLB is well positioned to be a key beneficiary of this visible market expansion, and we expect record levels of upstream investment by national oil companies to continue in the next few years.

During the year, we secured a sizeable share of tender awards in the region, driven by our differentiated performance, fit-for-purpose technology, and best-in-class local content.

Similarly, across offshore basins, we continue to consolidate our advantaged position with new contract awards, particularly in Latin America and Africa.

Beyond our financial results, we made significant progress in our sustainability initiatives during the year, including launching several new Transition Technologies to support the decarbonization of oil and gas.

Our Transition Technologies portfolio revenue grew more than 30% year-on-year, and we project it will cross the $1 billion revenue mark in 2023.

Finally, we initiated increased returns to shareholders, demonstrating confidence in our strategy, our financial outperformance, and our commitment to superior returns.

We increased our dividend by 40% in April 2022, followed by a further 43% increase in January 2023, and we resumed our share buyback program in the first quarter of 2023.

The fourth quarter affirmed a distinctive new phase in the upcycle with the much-anticipated acceleration of activity in the Middle East, as revenue in the region increased by double digits.

Offshore activity continued to strengthen, partially offset by seasonality in the Northern Hemisphere.

In North America, the US land rig count remains at robust levels, although the pace of growth is moderating.

Additionally, pricing continues to trend favorably, extending beyond North America and into the international regions, supported by new technology and very tight equipment and service capacity in certain markets.

These activity dynamics, improved pricing, and our commercial success—particularly in the Middle East, offshore, and North American markets—combine to set a very strong foundation for outperformance in 2023.

We strengthened our balance by reducing our net debt by $1.7 billion to $9.3 billion, its lowest level since the second quarter of 2016, and repaid approximately $1.7 billion of gross debt during the year.

Looking ahead, we believe the macro backdrop and market fundamentals that underpin a strong multi-year upcycle for energy remain very compelling in both oil and gas and in low-carbon energy resources.

First, oil and gas demand is forecasted by the International Energy Agency (“IEA”) to grow by 1.7 million barrels per day in 2023 despite concerns for a potential economic slowdown in certain regions.

In parallel, markets remain very tightly supplied.

Second, energy security is prompting a sense of urgency to make further investments to ensure capacity expansion and diversity of supply.

And third, the secular trends of digital and decarbonization are set to accelerate with significant digital technology advancements, favorable government policy support, and increased spending on low-carbon initiatives and resources.

Based on these factors, global upstream spending projections continue to trend positively.

Activity growth is expected to be broad-based, marked by an acceleration in international basins.

These positive activity dynamics will be amplified by higher service pricing

and tighter service sector capacity.

The impact of loosening COVID\-19 restrictions and an earlier than expected reopening of China could support further upside potential over 2023.

Overall, the combination of these effects will result in a very favorable mix for SLB with significant growth opportunities in our Core, Digital, and New Energy and we expect another year of very strong growth and margin expansion.

| | | | | | Pretax | | | | | | | | Pretax | | |

| Digital & Integration | $ | 1,012 | | | $ | 382 | | | $ | 900 | | | $ | 305 | |

| Reservoir Performance | | 1,554 | | | | 282 | | | | 1,456 | | | | 244 | |

| Well Construction | | 3,229 | | | | 679 | | | | 3,084 | | | | 664 | |

| Production Systems | | 2,215 | | | | 238 | | | | 2,150 | | | | 224 | |

| Pretax segment operating income | | | | | | 1,557 | | | | | | | | 1,400 | |

| Corporate & other (1) | | | | | | (169 | ) | | | | | | | (155 | ) |

Continuing a broad recovery that began in 2020, oil markets were generally positive throughout the year, with Brent oil price starting 2021 at the year’s low of $51 per barrel, reaching a high of $85 in November.

Sentiment in oil markets was largely positive as global demand recovered and supply was managed by a combination of the reassurance of continued intervention from OPEC+, and ongoing capital discipline by publicly traded operators in North America.

Within the context of strengthening fundamentals across the year, there were several instances where the potential impact of COVID-19 variants raised concerns regarding demand growth.

However, these periods were shorter lived than the prolonged decline in 2020, which was characterized by economic lockdowns, and oil prices soon rebounded.

Pricing was initially supported by OPEC+ production agreements that had come into effect in 2020 and remained resilient as those production targets were gradually increased in the second half of 2021, as crude and product stocks continued a multiyear downward trend.

International activity grew broadly across geographies in the second half of the year, including offshore and deepwater, with operators investing in projects to meet long-term objectives and regional demand growth.

Activity in North America land also rebounded, albeit from a very low base in 2020, but did not return to prepandemic levels, as investment and production were subdued as a result of continued capital discipline on the part of larger producers.

International natural gas pricing, while following the traditional seasonal pattern, was volatile, swinging from pandemic-driven lows in 2020 to record highs around the world.

Domestically, US Henry Hub natural gas prices rose dramatically, averaging $3.91 per million British thermal units on a monthly basis—as compared to $2.04 in 2020—and reaching a peak of $5.87 in October before ending the year at $3.73.

Against this backdrop, Schlumberger’s full-year 2021 revenue of $22.9 billion decreased 3% year-on-year as a result of the divestitures of the OneStim pressure pumping business and the North America low-flow artificial lift business during the fourth quarter of 2020.

These divestitures were consistent with Schlumberger’s strategy to focus on expanding margins, minimizing earnings volatility and focusing on less capital-intensive businesses by high-grading and rationalizing its business portfolio.

The divested businesses accounted for approximately 25% of Schlumberger’s North America revenue in 2020.

Excluding the impact of these divestitures, which generated $1.3 billion of revenue during 2020 (all of which was in North America), full-year 2021 global revenue grew 3% year-on-year, driven by an 8% increase in North America and a 2% increase in international revenue.

Financial performance in 2021 was driven by global oil and gas activity growth in the second half of the year as investment spending experienced double-digit growth year-on-year.

Consequently, Schlumberger’s revenue in the second half of 2021 grew 12% compared to the same period of 2020, and increased 18% when adjusted for the effects of the divestitures.

International revenue increased 12% year-on-year during the second half of 2021, and North America revenue increased 10%, or 44% when adjusted for the effects of the divestitures (which generated $0.5 billion of revenue during the second half of 2020).

Looking ahead into 2022, we believe the industry macro fundamentals are very favorable, due to the combination of projected steady demand recovery, an increasingly tight supply market, and supportive oil prices.

Schlumberger expects this to result in a material step up in industry capital spending with double-digit growth in both the international and North American markets.

Absent any further significant COVID-related disruption, oil demand is expected to exceed prepandemic levels before the end of the year and further strengthen in 2023.

We believe these favorable market conditions are similar to those experienced during the last industry supercycle, suggesting that resurgent global demand-led capital spending will result in an exceptional multiyear growth cycle.

Throughout 2021, Schlumberger continued to strengthen its core portfolio, enhanced its sustainability leadership, successfully advanced its digital journey, and expanded its new energy portfolio.

Schlumberger is well prepared to fully seize this growth ahead.

Schlumberger is entering this cycle in a position of strength, having reset its operating leverage, expanded peer-leading margins across multiple quarters, and aligned its technology and business portfolio with the new industry imperatives.

| | | | | | Before | | | | | | | | Before | | |

| | Revenue | | | | Taxes | | | | Revenue | | | | Taxes | | |

| Digital & Integration | $ | 889 | | | $ | 335 | | | $ | 812 | | | $ | 284 | |

| Reservoir Performance | | 1,287 | | | | 200 | | | | 1,192 | | | | 190 | |

| Well Construction | | 2,388 | | | | 368 | | | | 2,273 | | | | 345 | |

| Production Systems | | 1,765 | | | | 159 | | | | 1,674 | | | | 166 | |

| | | | | | | 986 | | | | | | | | 908 | |

| Corporate & other (1) | | | | | | (140 | ) | | | | | | | (145 | ) |

| Interest expense (3) | | | | | | (123 | ) | | | | | | | (127 | ) |

| | $ | 6,225 | | | $ | 755 | | | $ | 5,847 | | | $ | 691 | |

| --- | --- |

Fourth-quarter revenue of $6.22 billion increased 6% sequentially as a result of broad-based growth across all geographies and Divisions.

International revenue of $4.90 billion grew 5% sequentially, driven primarily by strengthening activity, increased digital sales, and early benefits of pricing improvements.

The sequential revenue increase was led by growth in Europe/CIS/Africa largely due to strong offshore activity in Africa.

This growth was complemented by project startups and activity gains in the Middle East & Asia and sustained activity growth in Latin America.

In North America, revenue of $1.28 billion grew 13% sequentially, outperforming the rig count growth.

The sequential growth was driven by strong offshore and land drilling activity and increased exploration data licensing.

[removed: Schlumberger] [added: SLB] is subject to market risks primarily associated with changes in foreign currency exchange rates.

[removed: Schlumberger’s] [added: SLB’s] functional currency is primarily the US dollar.

Approximately [removed: 70%] [added: 72%] of [removed: Schlumberger’s] [added: SLB’s] revenue in [removed: 2021] [added: 2022] was denominated in US dollars.

However, outside the United States, a significant portion of [removed: Schlumberger’s] [added: SLB’s] expenses is incurred in foreign currencies.

Therefore, when the US dollar weakens in relation to the foreign currencies of the countries in which [removed: Schlumberger] [added: SLB] conducts business, the US dollar-reported expenses will increase.

[removed: Schlumberger] [added: SLB] maintains a foreign-currency risk management strategy that uses derivative instruments to manage the impact of changes in foreign exchange rates on its earnings.

[removed: Schlumberger] [added: SLB] enters into foreign currency forward contracts to provide a hedge against currency fluctuations on certain monetary assets and liabilities, and certain expenses denominated in currencies other than the functional currency.

A 10% appreciation in the US dollar from the December 31, [removed: 2021] [added: 2022] market rates would increase the unrealized value of [removed: Schlumberger’s] [added: SLB’s] forward contracts by [removed: $5] [added: $28] million.

Conversely, a 10% depreciation in the US dollar from the December 31, [removed: 2021] [added: 2022] market rates would decrease the unrealized value of [removed: Schlumberger’s] [added: SLB’s] forward contracts by [removed: $8] [added: $36] million.

At December 31, [removed: 2021,] [added: 2022,] contracts were outstanding for the US dollar equivalent of [removed: $7.7] [added: $7.2] billion in various foreign currencies, of which [removed: $6.0] [added: $5.1] billion related to hedges of debt balances denominated in currencies other than the functional currency.

Such statements often contain words such as “expect,” “may,” “can,” “believe,” “predict,” “plan,” “potential,” “projected,” “projections,” [added: “precursor,”] “forecast,” [added: “outlook,” “expectations,”] “estimate,” “intend,” “anticipate,” “ambition,” “goal,” “target,” [added: “scheduled,”] “think,” “should,” “could,” “would,” “will,” “see,” “likely,” and other similar words.

Forward-looking statements address matters that are, to varying degrees, uncertain, such as statements about [removed: Schlumberger’s] [added: SLB’s] financial and performance targets and other forecasts or expectations regarding, or dependent on, its business outlook; growth for [removed: Schlumberger] [added: SLB] as a whole and for each of its Divisions (and for specified business lines, geographic areas or technologies within each Division); oil and natural gas demand and production growth; oil and natural gas prices; forecasts or expectations regarding energy transition and global climate change; improvements in operating procedures and technology; capital expenditures by [removed: Schlumberger] [added: SLB] and the oil and gas industry; the business strategies of [removed: Schlumberger,] [added: SLB,] including digital and “fit for basin,” as well as the strategies of [removed: Schlumberger’s] [added: SLB’s] customers; [removed: Schlumberger’s] [added: SLB’s] effective tax rate; [removed: Schlumberger’s] [added: SLB’s] APS projects, joint ventures, and other alliances; [removed: Schlumberger’s] [added: SLB’s] response to the COVID-19 pandemic and its preparedness for other widespread health emergencies; [added: the impact of the ongoing conflict in Ukraine on global energy supply;] access to raw materials; future global economic and geopolitical conditions; future liquidity; and future results of operations, such as margin levels.

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

Forward-looking and other statements in this Form 10-K regarding our environmental, [removed: social] [added: social,] and other sustainability plans and goals are not an indication that these statements are necessarily material to investors or required to be disclosed in our filings with the SEC.

In addition, historical, current, and forward-looking environmental, [removed: social] [added: social,] and sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future.

Statements in this Form 10-K are made as of January [removed: 26, 2022,] [added: 25, 2023,] and [removed: Schlumberger] [added: SLB] disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.

SLB is exposed to risks on future cash flows relating to its fixed rate debt denominated in currencies other than the functional currency.

SLB uses cross-currency interest rate swaps to provide a hedge against these cash flow risks and effectively convert the debt to US-dollar denominated fixed rate debt.

As a multinational company, Schlumberger generates revenue in more than 120 countries.

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

[removed: These] [added: SLB is organized under four] Divisions [added: that] combine and integrate [removed: Schlumberger’s] [added: SLB’s] technologies, enhancing our ability to support the emerging long-term growth opportunities in each of these market segments.

Digital & Integration – Combines [removed: Schlumberger’s] [added: SLB’s industry-leading] digital [removed: workflow] solutions and [removed: seismic] data [removed: interpretation and management businesses] [added: products] with its integrated offering of Asset Performance Solutions (“APS”).

| | • | [removed: *Multiclient seismic surveys] [added: *Exploration data] and data processing:* [removed: WesternGeco® is a leading geophysical services supplier, providing] [added: Provides] comprehensive worldwide reservoir interpretation and data processing [removed: services. It provides] [added: services, enabled by] a [removed: highly efficient and] scientifically advanced [removed: imaging] platform and innovative [removed: and accurate] subsurface [removed: imagery] [added: imaging techniques] for [removed: multiclient surveys,] [added: exploration data,] also referred to as [removed: exploration data. WesternGeco offers] [added: “multiclient surveys.” Offers] one of the industry’s most extensive multiclient libraries. |

| | • | *Asset Performance Solutions:* [removed: APS offers] [added: Offers] an integrated business model for field production [removed: projects. This model combines Schlumberger’s] [added: projects, by combining SLB’s] services and products with drilling rig management and specialized engineering and project management expertise, to provide a complete solution to well construction and production improvement. [added: As of December 31, 2022, SLB’s APS portfolio primarily consisted of three field production projects in Ecuador and one in Canada.] |

| | • | *Wireline:* Provides the information necessary to evaluate subsurface geology and fluids to plan and monitor well construction and to monitor and evaluate well [removed: production. Offers] [added: production through] both openhole and [removed: cased-hole] [added: cased hole] services, including wireline logging and perforating. |

| | • | *Testing:* Provides exploration and production pressure and flow-rate measurement services both at the surface and [removed: downhole. Testing has] [added: downhole supported by] a network of laboratories that facilitate [removed: formation] [added: rock] and fluid characterization. |

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

On December 31, 2020, [removed: Schlumberger] [added: SLB] 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 [removed: Oilfield Services] [added: Energy] Inc. (“Liberty”), in exchange for a 37% equity interest in Liberty.

As of December 31, [removed: 2021, Schlumberger] [added: 2022, SLB] had a [removed: 31%] [added: 5%] equity interest in Liberty.

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

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

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

| | • | *Rigs and Equipment*: Provides drilling equipment and services for shipyards, drilling contractors, [removed: energy companies] [added: operators,] and rental tool 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, blowout preventer control systems, connectors, riser systems, valves and choke manifold systems, top drives, mud pumps, pipe handling equipment, rig designs and rig kits. |

| | • | *OneSubsea®:* Provides integrated solutions, products, [removed: systems] [added: systems,] and services for the subsea 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. |

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

| | • | *Valves:* Serves portions of the upstream, [removed: midstream] [added: midstream,] and downstream markets and provides valve products that are primarily used to control and direct the flow of hydrocarbons as they are moved from wellheads through flow lines, gathering lines and transmission systems to refineries, petrochemical [removed: plants] [added: plants,] and industrial centers for processing. |

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

Supporting the Divisions is a global network of research and [removed: engineering] [added: development] centers.

Through these centers [removed: Schlumberger advances its] [added: we advance SLB’s] technology programs to [removed: safely and sustainably] enhance industry efficiency, lower finding and producing costs, improve productivity, maximize reserve [removed: recovery] [added: recovery,] and increase asset [removed: value.][added: value safely, securely, and sustainably.]

The Divisions [removed: are deployed around a] [added: operate through the] geographical structure [removed: within five Basins:] [added: of four Basins that are aligned with critical concentrations of activity:] Americas Land, Offshore Atlantic, Middle East & North Africa, [removed: Asia,] and [removed: Russia & Central] Asia.

The Basins are configured around common regional characteristics [added: that enable us] to deploy fit-for-purpose technologies, operating models and skills [added: to meet the specific customer needs in each Basin] and are focused on agility, [removed: responsiveness] [added: responsiveness,] and competitiveness.

The Basins are [removed: comprised of] [added: organized into] GeoUnits, which can be a single country or made up of several countries.

With a strong focus on [removed: the] customers, [added: the] Basins identify opportunities for [removed: local] growth.

| | • | [removed: Genvia] [added: *Hydrogen as an Energy Carrier:* SLB] is [removed: a clean] [added: investing in] hydrogen [removed: production technology venture] [added: generation technologies. One such investment is Genvia, a unique private-public partnership that combines SLB’s expertise and experience] with [added: that of] the French Alternative Energies and Atomic Energy Commission [added: (“CEA”)] and partners. [removed: This unique private-public partnership] [added: Genvia] aims to deliver the most efficient and cost-effective technology for producing clean [removed: hydrogen, a] [added: hydrogen—a] versatile [added: source of] energy [removed: carrier] and key component of the energy transition. |

[removed: Schlumberger was] [added: In 2021, SLB became] the first [added: company in the] energy services [removed: company] [added: industry] to [removed: set] [added: commit to] a [added: 2050] net-zero [added: greenhouse gas (“GHG”) emissions] target [removed: inclusive of] [added: including] all three emission scopes.

By setting targets [removed: with respect to the Company’s] [added: based on SLB’s] total 2019 baseline GHG [removed: footprint of approximately 54 million metric tons of CO2 equivalent (which consisted of 52 million metric tons] [added: footprint—inclusive] of Scope 3 emissions [removed: and two million metric tons] [added: (which accounted for approximately 95%] of [removed: Scope 1 and Scope 2 emissions), and] [added: SLB’s baseline)—and] not just its Scope 1 and 2 footprint, [removed: Schlumberger’s] [added: SLB’s] comprehensive emissions reduction roadmap [removed: addresses] [added: addressees] the entire oil and gas value chain.

[removed: Schlumberger’s] [added: SLB’s] 2050 net zero target is supported by the following interim milestones, using 2019 as the baseline year:

| | [removed: •] [added: \-] | by 2025, a 30% reduction in Scope 1 and Scope 2 emissions; |

| | [removed: •] [added: \-] | by 2030, a 50% reduction in Scope 1 and Scope 2 emissions; and |

| | [removed: •] [added: \-] | by 2030, a 30% reduction in Scope 3 emissions. |

There are three key components to [removed: Schlumberger] [added: SLB] achieving [removed: its] [added: the 2050] net-zero target: reducing operational emissions, reducing customer emissions that occur while using [removed: Schlumberger] [added: SLB] technology, and taking carbon-negative actions of sufficient scale to offset any residual [removed: operational] [added: operating] and technology emissions that the Company may have in 2050.

[removed: Schlumberger’s Scope 1 and 2 emissions primarily come from its fuel use and] electricity [removed: consumption, whereas its] [added: consumption:] Scope 3 emissions are indirect, such as [removed: customer] emissions [removed: related to the] [added: from customers’] use of [removed: Schlumberger] [added: SLB] technology and [removed: operational] emissions [removed: related to purchased] [added: from our use of third\-party] goods and services.

[removed: Human Capital][added: Human Capital]

[removed: ][added:  ]

[removed: Schlumberger recognizes] [added: We believe] that [removed: its] [added: our] ability to attract, develop, [removed: motivate] [added: motivate,] and retain a highly competent and diverse workforce has been [removed: key] [added: paramount] to [removed: its] [added: our] success for many decades.

[removed: Schlumberger’s] [added: Our] long-standing commitment to national and cultural [removed: diversity] [added: diversity, which is seen throughout every layer of SLB,] fosters a culture that is global in outlook, yet local in [removed: practice, which permeates every layer of the Company.][added: practice.]

In addition to national and cultural diversity, gender balance is [removed: another] [added: an] important [removed: pillar] [added: part] of our [removed: diversity] [added: diversity, equity,] and inclusion strategy.

[removed: Schlumberger] [added: SLB] is proud to provide a career platform that enables a culture of lifelong learning for all [removed: employees.][added: employees and is committed to offering borderless careers and making career decisions based on merit.]

[removed: Schlumberger’s] [added: SLB’s] borderless [removed: careers] [added: career] philosophy is powered by its [removed: internal] [added: talent and] mobility practices, which offer employees multiple, [removed: flexible,] [added: flexible] career paths to help them acquire the required skills to reach their [removed: ambition.][added: potential.]

We are SLB.

In October 2022, we announced our brand which is built around a new name—SLB—and a logo that underscores our vision for a decarbonized energy future.

This move affirmed our transformation from the world’s largest oilfield services company to a global technology company focused on driving energy innovation.

The SLB brand builds on nearly a century of technology innovation and industrialization expertise in the energy services industry—continuing to drive innovation, decarbonization and performance for the oil and gas industry while increasing our focus on low- and zero-carbon energy technology solutions.

Our new identity symbolizes SLB's commitment to moving farther and faster in facilitating the world's energy needs today and forging the road ahead for a sustainable future.

SLB is a global technology company driving energy innovation for a balanced planet.

With a global presence in more than 100 countries and employees representing almost twice as many nationalities, we work each day on innovating oil and gas, delivering digital at scale, decarbonizing industries, and developing and scaling new energy systems that accelerate the energy transition.

This Division enables greater performance for our customers by reducing cycle times and risk, accelerating returns, increasing productivity, and lowering costs and carbon emissions.

| | • | *Digital solutions:* Includes products, services, and solutions that span the energy value chain from subsurface characterization through field development and hydrocarbon production to carbon management and the integration of adjacent energy systems. Offerings are founded upon proprietary and open-source data platform technologies, industry-leading simulators and workflow tools, and include domain-specific application of innovative digital capabilities such as artificial intelligence and machine learning. Solutions are deployable on traditional on-premise IT infrastructures, the cloud, and the edge, allowing for full market coverage irrespective of customer constraints. |

During the third quarter of 2022, SLB, Aker Solutions, and Subsea 7 announced an agreement to form a joint venture to drive innovation and efficiency in subsea production by helping customers unlock reserves and reduce cycle time.

The agreement

will bring together a portfolio of innovative technologies such as subsea gas compression, all-electric subsea production systems and other electrification capabilities that help customers meet their decarbonization goals.

The proposed joint venture will combine SLB’s and Aker Solutions’ subsea businesses.

Subsea 7 will be an equity partner in the new joint venture.

In addition to contributing its subsea business to the joint venture, at closing SLB will issue to Aker Solutions shares of SLB common stock valued at $306.5 million.

Concurrently, Subsea 7 will purchase its 10% interest in exchange for $306.5 million in cash to Aker Solutions.

The joint venture also will issue a promissory note to Aker Solutions for $87.5 million.

At closing of the joint venture, SLB will own 70%, with Aker Solutions owning 20% and Subsea 7 owning 10%.

The transaction is subject to regulatory approvals and other customary closing conditions and is expected to close in the second half of 2023.

SLB is committed to addressing the most difficult challenges in the energy industry by pushing the limits of innovation while remaining the performance partner of choice for our customers across the globe.

This commitment is underscored by a bold corporate vision: to drive energy innovation for a balanced planet.

At the core of our vision is a returns-focused strategy designed to meet the current and future needs of customers while returning value to shareholders.

Since launching the strategy in 2019, it has delivered impressive results, which include:

| | • | Strengthening our core business by high-grading the Company’s portfolio, choosing to exit certain margin-dilutive, commoditized and capital-intensive businesses and projects. |

| | • | Optimizing operations by executing the largest restructuring in the Company’s history, creating a more agile, leaner organization that is better aligned with customer workflows. |

| | • | Enhancing the go-to-market approach through our Basin organization and the launch of fit-for-basin and technology access initiatives. |

| | • | Investing in long-term, resilient growth opportunities in gas, offshore, digital and decarbonization resulting in a stronger footing in gas and offshore development projects. |

| | • | Developing an industry-leading digital platform and launching SLB’s New Energy business to grow lower-carbon or carbon-neutral technologies beyond oil and gas. |

Today, the world faces the trilemma of providing secure and affordable energy to meet growing demand, while rapidly decarbonizing for a sustainable future.

With nearly a century of market and technology leadership, SLB is well positioned to be a leader in providing solutions to address this trilemma.

The evolving marketplace will require bold new technologies and ideas, digital transformation and a deep commitment to sustainability.

With a balanced transition in mind, we are focused on three engines of growth: Core, Digital and New Energy.

Core

Consisting of Reservoir Performance, WeIl Construction and Production Systems, Core remains the Company’s largest engine of growth.

Building on decades of technology advancement, we will continue innovating new products, services and technologies that make the exploration, development and production of oil and gas assets cleaner, more resilient, and more efficient, with lower carbon and less impact on the environment.

We will continue to build on our fit-for-basin approach and technology access initiatives, developing bespoke and custom technology tailored to the regions and environments in which we operate.

This strategy will allow us to address the rapid evolution of our industry into more regional markets, each with distinct resource plays and economics.

With the continued growth of digitally enabled technologies that improve efficiency and performance, including our Transition Technologies™ portfolio (which is further described below) and our SLB End-to-End Emissions Solution (SEES) methane elimination business, the Company will provide solutions that enable customers to increase production from their reserves at a competitive cost and low carbon intensity per barrel equivalent.

Digital

Digital capabilities continue to grow throughout the energy industry as a key enabler to manage the complex systems required to meet current energy demands and to harness the promise of a lower carbon future.

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.

Schlumberger is organized under four Divisions operating in five distinct Basins that are aligned with critical hubs of activity.

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.

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

| | • | *Digital solutions:* Includes proprietary software, an expanding digital ecosystem, consulting services, information management and IT infrastructure services to customers in the energy industry. Offers expert consulting services for reservoir characterization, field development planning and production enhancement, as well as industry-leading petrotechnical data services and training solutions. |

APS creates alignment between Schlumberger and the asset holder and/or the operator utilizing a commercial model whereby Schlumberger receives remuneration in line with the value it creates.

These projects are generally focused on developing and co-managing production of customer assets under long-term agreements.

Schlumberger invests its services and products into the field development activities and operations and is compensated on a fee-per-barrel basis or based on cash flow generated.

This includes certain arrangements whereby Schlumberger is only compensated based on incremental production that it helps deliver above a mutually agreed baseline.

As of December 31, 2021, Schlumberger’s APS portfolio primarily consisted of three field production projects in Ecuador and one in Canada.

Schlumberger’s strategy is designed to adapt the Company to an evolving industry landscape shaped by emerging drivers, including capital discipline, regionalization of supply and demand, an efficiency imperative, and resilience—defined by sustainability and lower carbon footprint.

This strategy is designed to magnify Schlumberger’s ability to improve customer performance, which is the differentiating factor that will help our industry meet higher stakeholder expectations.

Oil and gas will remain critical to economic activity and prosperity.

According to the most recent International Energy Agency Sustainable Development Scenario, oil and gas are expected to represent approximately 45% of the global energy mix through 2040.

Schlumberger’s role is twofold: to enable customers to produce these resources efficiently, cost effectively and with the lowest carbon footprint and to support the world’s transition to a more diversified energy mix.

Schlumberger’s strategy is structured around three major themes, all of which are focused on customer performance: (i) strengthen the core; (ii) go-to-market; and (iii) horizons of growth.

Strengthen the Core

The core of Schlumberger is how we work with customers and execute our business.

The elements in this theme—which include customer collaboration, the integrity and efficiency of our operations, and capital stewardship—are enabled by our people and technology.

As a service company, Schlumberger has always worked closely with customers.

We are exploring new ways to collaborate and help them overcome their challenges and improve performance.

Operations integrity and efficiency—core to Schlumberger’s culture—are enhanced by the digitization of our operations.

Just as Schlumberger is delivering digital solutions to our customers, we are advancing them in our own operations to capture value from our equipment and services businesses by integrating them into our digital structure.

Capital stewardship is a crucial factor for our industry.

Schlumberger has implemented a capital allocation framework that governs all investments, whether related to capital expenditures, mergers and acquisitions, or research and engineering.

The underlying principle behind this framework is that investment opportunities are prioritized based on returns and cash flow.

Our focus on capital stewardship also includes evolving certain businesses into innovative, less capital-intensive commercial models.

Go-to-Market

Industry markets have evolved into multiple, diverse regional markets that are increasingly competing with each other to meet global, regional, and domestic oil and gas demand.

Each of these regions has a set of resource plays—or basins—with localized economics and operational drivers.

As a result, the industry is witnessing a decoupling of the activity characteristics of each major region, resulting in a unique set of dynamics for each oil and gas basin across the world.

This presents Schlumberger with opportunities that can be optimally addressed with a basin-specific approach.

A key differentiator for Schlumberger is its “fit-for-basin” approach and ability.

Fit-for-basin describes the mindset Schlumberger has adopted toward technology development, in-country value, and market access.

Schlumberger is developing and deploying basin-specific technology that helps its customers overcome the challenges of their respective regions.

At the same time, in-country value enables regional efficiency and performance, while creating opportunity and aligning with the strategic priorities of our clients.

In addition, technology access and performance models are highly strategic elements of our go-to-market strategy.

Technology access is fundamentally about making the right decisions with respect to our technology portfolio and how we go to market.

Performance models are focused on commercial and contractual innovations.

For the fiscal year ended December 31, [removed: 2021][added: 2022]

Schlumberger N.V. [added: (Schlumberger Limited)]

As of June 30, [removed: 2021,] [added: 2022,] the aggregate market value of the common stock of the registrant held by non-affiliates of the registrant was approximately [removed: $44.72] [added: $50.51] billion.

As of December 31, [removed: 2021,] [added: 2022,] the number of shares of common stock outstanding was [removed: 1,403,381,685.][added: 1,420,188,492.]

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, [removed: Schlumberger’s] [added: the registrant’s] definitive proxy statement for its [removed: 2022] [added: 2023] Annual General Meeting of Stockholders, to be filed by [removed: Schlumberger] [added: the registrant] with the Securities and Exchange Commission (“SEC”) pursuant to Regulation 14A within 120 days after December 31, [removed: 2021] [added: 2022] (the [removed: “2022] [added: “2023] Proxy Statement”).

| Item 1A. | [Risk Factors](#ITEM_1A_RISK_FACTORS) | [removed: 11] [added: 10] |

| Item 5. | [Market for [removed: Schlumberger’s] [added: SLB’s] Common Stock, Related Stockholder Matters and Issuer Purchases of Equity Securities](#ITEM_5_MARKET_FOR_SCHLUMBERGERS_COMMON_S) | 16 |

| Item 7A. | [Quantitative and Qualitative Disclosures About Market Risk](#ITEM_7A_QUANTITATIVE_QUALITATIVE_DISCLOS) | [removed: 29] [added: 27] |

| Item 8. | [Financial Statements and Supplementary Data](#ITEM_8_FINANCIAL_STATEMENTS_SUPPLEMENTAR) | [removed: 30] [added: 28] |

| Item 9. | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#ITEM_9_CHANGES_IN_DISAGREEMENTS_WITH_ACC) | [removed: 68] [added: 60] |

| Item 9A. | [Controls and Procedures](#ITEM_9A_CONTROLS_PROCEDURES) | [removed: 68] [added: 60] |

| Item 9B. | [Other Information](#ITEM_9B_OR_INFORMATION) | [removed: 68] [added: 60] |

| Item 9C. | [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#ITEM_9C_Disclosure_Regarding) | [removed: 68] [added: 60] |

| Item 10. | [Directors, Executive Officers and Corporate [removed: Governance of Schlumberger](#Item_10_Governance)] [added: Governance](#Item_10_Governance)] | [removed: 69] [added: 61] |

| Item 11. | [Executive Compensation](#ITEM_11_EXECUTIVE) | [removed: 69] [added: 61] |

| Item 12. | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#ITEM_12_SECURITY_OWNERSHIP_CERTAIN_BENEF) | [removed: 69] [added: 61] |

| Item 13. | [Certain Relationships and Related Transactions, and Director Independence](#ITEM_13_CERTAIN_RELATIONSHIPS_RELATED_TR) | [removed: 69] [added: 61] |

| Item 14. | [Principal Accounting Fees and Services](#ITEM_14_PRINCIPAL_ACCOUNTING_FEES_SERVIC) | [removed: 69] [added: 61] |

| Item 15. | [Exhibits and Financial Statement Schedules](#Item_15_Exhibits) | [removed: 70] [added: 62] |

| Item 16. | [Form 10-K Summary](#ITEM_16_FORM_10K_SUMMARY) | [removed: 74] [added: 65] |

| | [Signatures](#SIGNATURES) | [removed: 75] [added: 66] |


(Schlumberger Limited)

[removed: Schlumberger] [added: SLB] owns or leases numerous manufacturing facilities, administrative offices, service centers, research centers, data processing centers, mines, and other facilities throughout the world, none of which are individually material.

As of December 31, [removed: 2021,] [added: 2022,] there were [removed: 23,753] [added: 22,341] stockholders of record.

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

The following graph compares the cumulative total stockholder return on [removed: Schlumberger] [added: SLB] common stock with the cumulative total return on the Standard & Poor’s 500 Index (“S&P 500 Index”) and the cumulative total return on the Philadelphia Oil Service Index.

It assumes $100 was invested on December 31, [removed: 2016] [added: 2017] in [removed: Schlumberger] [added: SLB] 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.

The following graph and related information shall not be deemed “soliciting material” or to be “filed” with the SEC, nor shall such information be incorporated by reference into any future filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that [removed: Schlumberger] [added: SLB] specifically incorporates it by reference into such filing.

[removed: Schlumberger] [added: SLB] Common Stock, the S&P 500 Index and the

[removed: ][added: ]

On January 21, 2016, the [removed: Schlumberger] [added: SLB] Board of Directors approved a $10 billion share repurchase program for [removed: Schlumberger] [added: SLB] common stock.

[removed: Schlumberger] [added: SLB] had repurchased $1.0 billion of its common stock under this program as of December 31, [removed: 2021.][added: 2022.]

[removed: Schlumberger] [added: SLB] did not repurchase any of its common stock during [removed: 2021.][added: 2022.]

| Year Ended December 31, | [removed: 2021] [added: 2022] | | | | [removed: 2020] [added: 2021] | | | | [removed: 2019] [added: 2020] | | |

| Services | $ | [removed: 15,602] [added: 19,552] | | | $ | [removed: 16,533] [added: 15,602] | | | $ | [removed: 24,358] [added: 16,533] | |

| Product sales | | [removed: 7,327] [added: 8,539] | | | | [removed: 7,068] [added: 7,327] | | | | [removed: 8,559] [added: 7,068] | |

| Total Revenue | | [removed: 22,929] [added: 28,091] | | | | [removed: 23,601] [added: 22,929] | | | | [removed: 32,917] [added: 23,601] | |

| Interest & other [removed: income] [added: income, net] | | [removed: 148] [added: 610] | | | | [removed: 163] [added: 148] | | | | [removed: 86] [added: 267] | |

| Cost of services | | [removed: 13,129] [added: 15,233] | | | | [removed: 14,675] [added: 13,129] | | | | [removed: 20,828] [added: 14,675] | |

| Cost of sales | | [removed: 6,142] [added: 7,697] | | | | [removed: 6,325] [added: 6,142] | | | | [removed: 7,892] [added: 6,325] | |

| Research & engineering | | [removed: 554] [added: 634] | | | | [removed: 580] [added: 554] | | | | [removed: 717] [added: 580] | |

| General & administrative | | [removed: 339] [added: 376] | | | | [removed: 365] [added: 339] | | | | [removed: 474] [added: 365] | |

| Impairments & other | | \- | | | | [removed: 12,658] [added: \-] | | | | [removed: 13,148] [added: 12,658] | |

| Interest | | [removed: 539] [added: 490] | | | | [removed: 563] [added: 539] | | | | [removed: 609] [added: 563] | |

| Income (loss) before taxes | | [removed: 2,374] [added: 4,271] | | | | [removed: (11,298] [added: 2,374] | [removed: )] | | | [removed: (10,418] [added: (11,298] | ) |

| Tax expense (benefit) | | [removed: 446] [added: 779] | | | | [removed: (812] [added: 446] | [removed: )] | | | [removed: (311] [added: (812] | ) |

| Net income (loss) | | [removed: 1,928] [added: 3,492] | | | | [removed: (10,486] [added: 1,928] | [removed: )] | | | [removed: (10,107] [added: (10,486] | ) |

| Net income attributable to noncontrolling interests | | [removed: 47] [added: 51] | | | | [removed: 32] [added: 47] | | | | [removed: 30] [added: 32] | |

| Net income (loss) attributable to [removed: Schlumberger] [added: SLB] | $ | [removed: 1,881] [added: 3,441] | | | $ | [removed: (10,518] [added: 1,881] | [removed: )] | | $ | [removed: (10,137] [added: (10,518] | ) |

| Basic earnings (loss) per share of [removed: Schlumberger] [added: SLB] | $ | [removed: 1.34] [added: 2.43] | | | $ | [removed: (7.57] [added: 1.34] | [removed: )] | | $ | [removed: (7.32] [added: (7.57] | ) |

| Diluted earnings (loss) per share of [removed: Schlumberger] [added: SLB] | $ | [removed: 1.32] [added: 2.39] | | | $ | [removed: (7.57] [added: 1.32] | [removed: )] | | $ | [removed: (7.32] [added: (7.57] | ) |

| Basic | | [removed: 1,400] [added: 1,416] | | | | [removed: 1,390] [added: 1,400] | | | | [removed: 1,385] [added: 1,390] | |

| Assuming dilution | | [removed: 1,427] [added: 1,437] | | | | [removed: 1,390] [added: 1,427] | | | | [removed: 1,385] [added: 1,390] | |

| Net income (loss) | $ | [removed: 1,928] [added: 3,492] | | | $ | [removed: (10,486] [added: 1,928] | [removed: )] | | $ | [removed: (10,107] [added: (10,486] | ) |

| Net change arising during the period | | [removed: 83] [added: (26] | [added: )] | | | [removed: (239] [added: 83] | [removed: )] | | | [removed: 67] [added: (239] | [added: )] |

| Net loss on cash flow hedges | | [removed: (12] [added: (148] | ) | | | [removed: (90] [added: (12] | ) | | | [removed: (32] [added: (90] | ) |

| Reclassification to net income (loss) of net realized (income) loss | | [removed: (3] [added: 117] | [removed: )] | | | [removed: 54] [added: (3] | [added: )] | | | [removed: 10] [added: 54] | |

| Actuarial gain (loss) arising during the period | | [removed: 1,075] [added: (305] | [added: )] | | | [removed: (247] [added: 1,075] | [removed: )] | | | [removed: 127] [added: (247] | [added: )] |

| Amortization to net income (loss) of net actuarial loss | | [removed: 271] [added: 75] | | | | [removed: 200] [added: 271] | | | | [removed: 94] [added: 200] | |

| Amortization to net income (loss) of net prior service [removed: (credit) cost] [added: credit] | | (23 | ) | | | [removed: (17] [added: (23] | ) | | | [removed: (11] [added: (17] | ) |

| Impact of curtailment | | \- | | | | [removed: (69] [added: \-] | [removed: )] | | | [removed: \-] [added: (69] | [added: )] |

| Income taxes on pension and other postretirement benefit plans | | [removed: (74] [added: 24] | [removed: )] | | | [removed: (38] [added: (74] | ) | | | [removed: (71] [added: (38] | ) |

| Other | | [removed: (3] [added: 1] | [removed: )] | | | [removed: \-] [added: (3] | [added: )] | | | \- | |

| Comprehensive income (loss) | | [removed: 3,242] [added: 3,207] | | | | [removed: (10,932] [added: 3,242] | [removed: )] | | | [removed: (9,923] [added: (10,932] | ) |

| Comprehensive income attributable to noncontrolling interests | | [removed: 47] [added: 51] | | | | [removed: 32] [added: 47] | | | | [removed: 30] [added: 32] | |

| Comprehensive income (loss) attributable to [removed: Schlumberger] [added: SLB] | $ | [removed: 3,195] [added: 3,156] | | | $ | [removed: (10,964] [added: 3,195] | [removed: )] | | $ | [removed: (9,953] [added: (10,964] | ) |

| [added: Year Ended] December 31, | [added: 2022] | [added: | | |] 2021 | | | | 2020 | | |

| Cash | | $ | [removed: 1,757] [added: 1,655] | | | $ | [removed: 844] [added: 1,757] | |

| Short-term investments | | | [removed: 1,382] [added: 1,239] | | | | [removed: 2,162] [added: 1,382] | |

| Receivables less allowance for doubtful accounts [removed: (2021] [added: (2022] - [removed: $319; 2020] [added: $340; 2021] - [removed: $301)] [added: $319)] | | | [removed: 5,315] [added: 7,032] | | | | [removed: 5,247] [added: 5,315] | |

| Inventories | | | [removed: 3,272] [added: 3,999] | | | | [removed: 3,354] [added: 3,272] | |

| Other current assets | | | [removed: 928] [added: 1,078] | | | | [removed: 1,312] [added: 928] | |

| Investments in Affiliated Companies | | | [removed: 2,044] [added: 1,581] | | | | [removed: 2,061] [added: 2,044] | |

| | | | | | | | | |

| December 31, | | 2022 | | | | 2021 | | |

| | | | 15,003 | | | | 12,654 | |

| | | $ | 43,135 | | | $ | 41,511 | |

| | | | 12,018 | | | | 10,359 | |

| | | | 25,146 | | | | 26,225 | |

| | | | 17,989 | | | | 15,286 | |

| | | $ | 43,135 | | | $ | 41,511 | |

| Year Ended December 31, | 2022 | | | | 2021 | | | | 2020 | | |

| Net income (loss) | $ | 3,492 | | | $ | 1,928 | | | $ | (10,486 | ) |

| Proceeds from sale of ADC shares | | 223 | | | | \- | | | | \- | |

| Proceeds from sale of real estate | | 120 | | | | \- | | | | \- | |

| Purchases of Blue Chip Swap securities | | (259 | ) | | | \- | | | | \- | |

| Proceeds from sales of Blue Chip Swap securities | | 111 | | | | \- | | | | \- | |

| Taxes paid on net-settled stock-based compensation awards | | (93 | ) | | | (24 | ) | | | (28 | ) |

| Net income | | | | | | | | | | | 3,441 | | | | | | | | 51 | | | | 3,492 | |

| Vesting of restricted stock, net of taxes withheld | | | (795 | ) | | | 702 | | | | | | | | | | | | | | | | (93 | ) |

| Employee stock purchase plan | | | (222 | ) | | | 364 | | | | | | | | | | | | | | | | 142 | |

| Balance, December 31, 2022 | | $ | 11,837 | | | $ | (1,016 | ) | | $ | 10,719 | | | $ | (3,855 | ) | | $ | 304 | | | $ | 17,989 | |

With a global footprint in more than 100 countries and employees representing almost twice as many nationalities, SLB works each day on innovating oil and gas, delivering digital at scale, decarbonizing industries, and developing and scaling new energy systems that accelerate the energy transition.

Exploration Data

| Basic | | $ | 3,441 | | | | 1,416 | | | $ | 2.43 | |

| Dilutive impact of stock options and restricted stock | | | \- | | | | 21 | | | | | |

| Diluted | | $ | 3,441 | | | | 1,437 | | | $ | 2.39 | |

| Dilutive impact of stock options and restricted stock | | | \- | | | | 27 | | | | | |

| Dilutive impact of stock options and restricted stock | | | \- | | | | \- | | | | | |

| | Charge (Credit) | | | | (Expense) | | | | Net | | |

| Gain on sale of Liberty shares | | (215 | ) | | | (14 | ) | | | (201 | ) |

| Gain on sale of real estate | | (43 | ) | | | (2 | ) | | | (41 | ) |

| Gain on sale of Liberty shares | | (84 | ) | | | (19 | ) | | | (65 | ) |

| Loss on Blue Chip Swap transactions | | 139 | | | | \- | | | | 139 | |

| Gain on ADC equity investment | | (107 | ) | | | (3 | ) | | | (104 | ) |

| | $ | (347 | ) | | $ | (44 | ) | | $ | (303 | ) |

| | • | On December 31, 2020, SLB contributed its onshore hydraulic fracturing business in the United States and Canada, including its pressure pumping, pumpdown perforating and Permian frac sand business to Liberty Energy Inc. (“Liberty”) in exchange for an equity interest in Liberty. During 2022, SLB sold 47.8 million of its shares of Liberty and received proceeds of $730 million. These transactions resulted in gains of $325 million. As of December 31, 2022, SLB had a 5% equity interest in Liberty. Based on the quoted market prices of Liberty’s shares, the fair value of SLB’s investment in Liberty was approximately $144 million as of December 31, 2022. SLB accounts for its investment in Liberty under the equity method of accounting and records its share of Liberty’s net income or loss on a one-quarter lag. |

| | • | The Central Bank of Argentina maintains certain currency controls that limit SLB’s ability to access US dollars in Argentina and remit cash from its Argentine operations. A legal indirect foreign exchange mechanism exists, in the form of capital market transactions known as Blue Chip Swaps, which effectively results in a parallel US dollar exchange rate. This parallel rate, which cannot be used as the basis to remeasure SLB’s Argentine peso-denominated net monetary assets in US dollars under US GAAP, was approximately 93% higher than Argentina’s official exchange rate at December 31, 2022. During the fourth quarter of 2022, SLB entered into Blue Chip Swap transactions that resulted in a loss of $139 million. |

| | • | During the fourth quarter of 2022, SLB repurchased $395 million of its 3.75% Senior Notes due 2024 and $409 million of its 4.00% Senior Notes due 2025 for $790 million, resulting in a gain of $11 million after considering the write-off of the related deferred financing fees and other costs. |

| | • | SLB has an investment in the Arabian Drilling Company (“ADC”), an onshore and offshore gas and oil rig drilling company in Saudi Arabia, that it accounts for under the equity method. During the fourth quarter of 2022, ADC completed an initial public offering (“IPO”). In connection with the IPO, SLB sold a portion of its interest in a secondary offering that resulted in SLB receiving net proceeds of $223 million. As a result of these transactions, SLB’s ownership interest in ADC decreased from 49% to approximately 34%. SLB recognized a gain of $107 million, representing the gain on the sale of a portion of its interest as well as the effect of the ownership dilution of its equity investment due to the IPO. As of December 31, 2022, the fair value of SLB’s investment in ADC, based on the quoted market price of ADC’s shares, was approximately $930 million and the carrying value of its investment was $556 million. SLB accounts for its share of ADC’s net income on a one-quarter lag. |

| | • | During the second quarter of 2022, SLB sold certain real estate and received proceeds of $120 million. As a result of this transaction, SLB recognized a gain of $43 million. |

| | Pretax | | | | Tax Benefit | | | | | | |

| | Charge (Credit) | | | | (Expense) | | | | Net | | |

| Gains on sales of businesses | | \- | | | | 104 | | | | 247 | |

| | | | 12,654 | | | | 12,919 | |

| | | $ | 41,511 | | | $ | 42,434 | |

| | | | 10,359 | | | | 10,491 | |

| | | | 26,225 | | | | 29,945 | |

| | | | 15,286 | | | | 12,489 | |

| Proceeds from formation of Sensia joint venture | | \- | | | | \- | | | | 238 | |

| Balance, January 1, 2019 | | $ | 13,132 | | | $ | (4,006 | ) | | $ | 31,658 | | | $ | (4,622 | ) | | $ | 424 | | | $ | 36,586 | |

| Stock repurchase program | | | | | | | (278 | ) | | | | | | | | | | | | | | | (278 | ) |

| Stock repurchase program | | \- | | | | (7 | ) | | | (7 | ) |

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.

Revenue is occasionally generated from contractual arrangements that include multiple performance obligations.

Revenue from these arrangements is allocated to each performance obligation based on its relative standalone selling price.

Standalone selling prices are generally determined based on the prices charged to customers or using expected costs plus margin.

Multiclient Seismic Data

| Unvested restricted stock | | | \- | | | | 27 | | | | | |

| Unvested restricted stock | | | \- | | | | \- | | | | | |

| 2019: | | | | | | | | | | | | |

| Basic | | $ | (10,137 | ) | | | 1,385 | | | $ | (7.32 | ) |

| Diluted | | $ | (10,137 | ) | | | 1,385 | | | $ | (7.32 | ) |

| Unvested restricted stock | | \- | | | | 19 | | | | 12 | |

| Third quarter: | | | | | | | | | | | |

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

| | | value of approximately $55 million. This unrealized gain is reflected in *Interest & other income* in the *Consolidated* *Statement of Income (Loss)*. |

As of December 31, 2021, Schlumberger had a 31% equity interest in Liberty.

Based on the quoted market prices of Liberty’s shares, the fair value of Schlumberger’s investment in Liberty was approximately $550 million as of December 31, 2021.

Schlumberger accounts for its investment in Liberty under the equity method of accounting and records its share of Liberty’s net income or loss on a one-quarter lag.

Schlumberger had 11 reporting units with goodwill balances aggregating $16.0 billion.

Schlumberger determined that the fair value of four of its reporting units, representing $4.5 billion of goodwill, was substantially in excess of their carrying value.

Schlumberger performed a detailed quantitative impairment assessment of the remaining seven reporting units, which represented $11.5 billion of goodwill.

As a result of this assessment, Schlumberger concluded that the goodwill associated with each of these seven reporting units was impaired, resulting in a $3.1 billion goodwill impairment charge.

Following the $3.1 billion goodwill impairment charge relating to these seven reporting units, six of these reporting units had a remaining goodwill balance.

These goodwill balances ranged between $0.2 billion and $5.0 billion and aggregated to $8.4 billion as of March 31, 2020.

The market approach includes the use of comparative multiples to corroborate the discounted cash flow results.

The market approach involves significant judgement involved in the selection of the appropriate peer group companies and valuation multiples.

Some of the more significant assumptions inherent in the income approach include the estimated future net annual cash flows for each reporting unit and the discount rate.

However, given the inherent uncertainty in determining the assumptions underlying a discounted cash flow analysis, particularly in a volatile market, actual results may differ from those used in Schlumberger’s valuations which could result in additional impairment charges in the future.

| | • | On December 31, 2020, Schlumberger contributed its OneStim business to Liberty in exchange for a 37% equity interest in Liberty. As a result of this transaction, Schlumberger recognized a gain of $104 million. This gain is classified in *Gains on sales of businesses* in the *Consolidated Statement of Income (Loss)*. |

2019

[removed: Schlumberger] [added: SLB] has carried out an evaluation under the supervision and with the participation of [removed: Schlumberger’s] [added: SLB’s] management, including the Chief Executive Officer (“CEO”) and the Chief Financial Officer (“CFO”), of the effectiveness of [removed: Schlumberger’s] [added: SLB’s] “disclosure controls and procedures” (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this report.

Based on this evaluation, the CEO and the CFO have concluded that, as of the end of the period covered by this report, [removed: Schlumberger’s] [added: SLB’s] disclosure controls and procedures were effective to provide reasonable assurance that information required to be disclosed in the reports that [removed: Schlumberger] [added: SLB] files or submits under the Exchange Act is recorded, processed, [removed: summarized] [added: summarized,] and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

[removed: Schlumberger’s] [added: SLB’s] disclosure controls and procedures include controls and procedures designed so that information required to be disclosed in reports filed or submitted under the Exchange Act is accumulated and communicated to its management, including the CEO and the CFO, as appropriate, to allow timely decisions regarding required disclosure.

There has been no change in [removed: Schlumberger’s] [added: SLB’s] internal control over financial reporting that occurred during the fourth quarter of [removed: 2021] [added: 2022] that has materially affected, or is reasonably likely to materially affect, [removed: Schlumberger’s] [added: SLB’s] internal control over financial reporting.

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

[removed: Schlumberger’s] [added: SLB’s] residual transactions or dealings with the government of Iran in [removed: 2021] [added: 2022] consisted of payments of taxes and other typical governmental charges.

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

[removed: Schlumberger] [added: SLB] anticipates that it will discontinue dealings with Saderat and Tejarat following the receipt of all amounts owed to [removed: Schlumberger] [added: SLB] for prior services rendered in Iran.

Business—Information About Our Executive Officers” of this Report for information regarding [removed: the] [added: SLB’s] executive [removed: officers of Schlumberger.][added: officers.]

The information set forth under the captions “Election of Directors,” “Corporate Governance—Process for Selecting New [removed: Directors”] [added: Directors,”] and “Corporate Governance—Board Committees” in [removed: Schlumberger’s 2022] [added: SLB’s 2023] Proxy Statement is incorporated herein by reference.

The information set forth under the caption “Stock Ownership Information—Delinquent Section 16(a) Reports” in [removed: Schlumberger’s 2022] [added: SLB’s 2023] Proxy Statement is incorporated herein by reference to the extent any disclosure is required.

[removed: Schlumberger] [added: SLB] has a Code of Conduct that applies to all of its directors, officers and employees, including its principal executive, financial and accounting officers, or persons performing similar functions.

[removed: Schlumberger’s] [added: SLB’s] Code of Conduct is posted on its website at https://www.slb.com/who-we-are/guiding-principles/our-code-of-conduct.

[removed: Schlumberger] [added: SLB] intends to disclose future amendments to the Code of Conduct and any grant of a waiver from a provision of the Code of Conduct requiring disclosure under applicable SEC rules at https://www.slb.com/who-we-are/guiding-principles/our-code-of-conduct.

The information set forth under the captions “Compensation Committee Report,” “Compensation Discussion and Analysis,” “Executive Compensation [removed: Tables”] [added: Tables,” “Pay Versus Performance,”] and “Director Compensation” in [removed: Schlumberger’s 2022] [added: SLB’s 2023] Proxy Statement is incorporated herein by reference.

The information under the captions “Stock Ownership Information—Security Ownership by Management and Our Board,” “Stock Ownership Information—Security Ownership by Certain Beneficial [removed: Owners”] [added: Owners,”] and “Executive Compensation Tables—Equity Compensation Plan Information” in [removed: Schlumberger’s 2022] [added: SLB’s 2023] Proxy Statement is incorporated herein by reference.

The information under the captions “Corporate Governance—Director Independence” and “Corporate Governance—Certain Relationships and Related Person Transactions” in [removed: Schlumberger’s 2022] [added: SLB’s 2023] Proxy Statement is incorporated herein by reference.

The information under the caption “Ratification of Appointment of Independent Auditors for [removed: 2022”] [added: 2023”] in [removed: Schlumberger’s 2022] [added: SLB’s 2023] Proxy Statement is incorporated herein by reference.

| | [Consolidated Statement of Income (Loss) for the three years ended December 31, [removed: 2021](#CONSOLIDATED_STATEMENT_INCOME_LOSS)] [added: 2022](#CONSOLIDATED_STATEMENT_INCOME_LOSS)] | [removed: 30] [added: 28] |

| | [Consolidated Statement of Comprehensive Income (Loss) for the three years ended December 31, [removed: 2021](#CONSOLIDATED_STATEMENT_COMPREHENSIVE_INC)] [added: 2022](#CONSOLIDATED_STATEMENT_COMPREHENSIVE_INC)] | [removed: 31] [added: 29] |

| | [Consolidated Balance Sheet at December 31, [removed: 2021] [added: 2022] and [removed: 2020](#CONSOLIDATED_BALANCE_SHEET)] [added: 2021](#CONSOLIDATED_BALANCE_SHEET)] | [removed: 32] [added: 30] |

| | [Consolidated Statement of Cash Flows for the three years ended December 31, [removed: 2021](#CONSOLIDATED_STATEMENT_CASH_FLOWS)] [added: 2022](#CONSOLIDATED_STATEMENT_CASH_FLOWS)] | [removed: 33] [added: 31] |

| | [Consolidated Statement of Stockholders’ Equity for the three years ended December 31, [removed: 2021](#CONSOLIDATED_STATEMENT_STOCKHOLDERS_EQUI)] [added: 2022](#CONSOLIDATED_STATEMENT_STOCKHOLDERS_EQUI)] | [removed: 34] [added: 32] and [removed: 35] [added: 33] |

| | [Notes to Consolidated Financial Statements](#Notes_to_Financial_Statements) | [removed: 36] [added: 34] to [removed: 64] [added: 56] |

| | [Report of Independent Registered Public Accounting Firm](#REPORT_INDEPENDENT_REGISTERED_PUBLIC_ACC) (PCAOB ID 238) | [removed: 66] |

| | | Exhibit | [removed: |]

| [Articles of Incorporation of Schlumberger Limited (Schlumberger N.V.) (incorporated by reference to Exhibit 3.1 to [removed: Schlumberger’s] [added: SLB’s] Current Report on Form 8-K filed on April 6, 2016)](http://www.sec.gov/Archives/edgar/data/87347/000119312516532046/d176097dex31.htm) | | 3.1 | [removed: |]

| [Amended and Restated By-Laws of Schlumberger Limited (Schlumberger N.V.) (incorporated by reference to Exhibit 3 to [removed: Schlumberger’s] [added: SLB’s] Current Report on Form 8-K filed on July 22, 2019)](http://www.sec.gov/Archives/edgar/data/87347/000119312519198989/d763655dex3.htm) | | 3.2 | [removed: |]

| [Description of Common Stock of Schlumberger Limited (incorporated by reference to Exhibit 4.1 to [removed: Schlumberger’s] [added: SLB’s] Annual Report on Form 10-K filed on January 27, 2021)](http://www.sec.gov/Archives/edgar/data/87347/000156459021002477/slb-ex41_56.htm) | | 4.1 | [removed: |]

| [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 Mellon, as trustee (incorporated by reference to Exhibit 4.1 to [removed: Schlumberger’s] [added: SLB’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 | [removed: |]

| [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 Mellon, as trustee (including form of global notes representing 3.650% Senior Notes due 2023) (incorporated by reference to Exhibit 4.2 to [removed: Schlumberger’s] [added: SLB’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 | [removed: |]

| [Second Supplemental Indenture dated as of June 26, 2020, by and among Schlumberger Investment SA, as issuer, Schlumberger Limited, as guarantor, and The Bank of New York Mellon, as trustee (including form of global notes representing 2.650% Senior Notes due 2030) (incorporated by reference to Exhibit 4.1 to [removed: Schlumberger’s] [added: SLB’s] Current Report on Form 8-K filed on June 26, 2020)](http://www.sec.gov/Archives/edgar/data/87347/000119312520180957/d925505dex41.htm) | | 4.4 | [removed: |]

| [Officers’ Certificate dated as of August 11, 2020, executed by Schlumberger Investment SA, as issuer, and Schlumberger Limited, as guarantor (including form of global notes representing 2.650% Senior Notes due 2030) (incorporated by reference to Exhibit 4.1 to [removed: Schlumberger’s] [added: SLB’s] Current Report on Form 8-K filed on August 11, 2020)](http://www.sec.gov/Archives/edgar/data/87347/000119312520216304/d926535dex41.htm) | | 4.5 | [removed: |]

| [Indenture dated as of September 18, 2020, by and among Schlumberger Finance Canada Ltd., as issuer, Schlumberger Limited, as guarantor, and The Bank of New York Mellon, as trustee (incorporated by reference to Exhibit 4.1 to [removed: Schlumberger’s] [added: SLB’s] Current Report on Form 8-K filed on September 18, 2020)](http://www.sec.gov/Archives/edgar/data/87347/000119312520248823/d75000dex41.htm) | | 4.6 | [removed: |]

| [First Supplemental Indenture dated as of September 18, 2020, by and among Schlumberger Finance Canada Ltd., as issuer, Schlumberger Limited, as guarantor, and The Bank of New York Mellon, as trustee (including form of global notes representing 1.400% Senior Notes due 2025) (incorporated by reference to Exhibit 4.2 to [removed: Schlumberger’s] [added: SLB’s] Current Report on Form 8-K filed on September 18, 2020)](http://www.sec.gov/Archives/edgar/data/87347/000119312520248823/d75000dex42.htm) | | 4.7 | [removed: |]

| [Schlumberger Limited Supplementary Benefit Plan, as established effective June 1, 1995 and conformed to include amendments through January 1, 2019 (incorporated by reference to Exhibit 10.1 to [removed: Schlumberger’s] [added: SLB’s] Annual Report on Form 10-K for the year ended December 31, 2018) (+)](http://www.sec.gov/Archives/edgar/data/87347/000156459019000928/slb-ex101_817.htm) | | 10.1 |

| [Schlumberger Limited Restoration Savings Plan, as established effective June 1, 1995 and conformed to include amendments through January 1, 2019 (incorporated by reference to Exhibit 10.2 to [removed: Schlumberger’s] [added: SLB’s] Annual Report on Form 10-K for the year ended December 31, 2018) (+)](http://www.sec.gov/Archives/edgar/data/87347/000156459019000928/slb-ex102_998.htm) | | 10.2 |

| [Schlumberger Technology Corporation Supplementary Benefit Plan, as established effective January 1, 1995 and conformed to include amendments through January 1, 2019 (incorporated by reference to Exhibit 10.3 to [removed: Schlumberger’s] [added: SLB’s] Annual Report on Form 10-K for the year ended December 31, 2018) (+)](http://www.sec.gov/Archives/edgar/data/87347/000156459019000928/slb-ex103_999.htm) | | 10.3 |

| [removed: [Schlumberger 2010] [added: [2010] Omnibus Stock Incentive Plan, as amended and restated as of July 19, 2017 (incorporated by reference to Exhibit 10.8 to [removed: Schlumberger’s] [added: SLB’s] Annual Report on Form 10-K for the year ended December 31, 2018) (+)](http://www.sec.gov/Archives/edgar/data/87347/000156459019000928/slb-ex108_547.htm) | | 10.4 |

| [Form of Option Agreement (Employees in France), Incentive Stock Option, under [removed: Schlumberger] [added: SLB’s] 2010 Omnibus Stock Incentive Plan (incorporated by reference to Exhibit 10.10 to [removed: Schlumberger’s] [added: SLB’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) | | 10.5 |

| [Form of Option Agreement (Employees in France), Non-Qualified Stock Option, under [removed: Schlumberger] [added: SLB’s] 2010 Omnibus Stock Incentive Plan (incorporated by reference to Exhibit 10.11 to [removed: Schlumberger’s] [added: SLB’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) | | 10.6 |

| [2018 Rules of [removed: the Schlumberger] [added: SLB’s] 2010, 2013 and 2017 Omnibus Incentive Plans for Employees in France (incorporated by reference to Appendix B to [removed: Schlumberger's] [added: SLB’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) | | 10.7 |

| [removed: [Schlumberger 2013] [added: [2013] Omnibus Stock Incentive Plan, as amended and restated as of July 19, 2017 (incorporated by reference to Exhibit 10.15 to [removed: Schlumberger’s] [added: SLB’s] Annual Report on Form 10-K for the year ended December 31, 2018) (+)](http://www.sec.gov/Archives/edgar/data/87347/000156459019000928/slb-ex1015_548.htm) | | 10.8 |

| [Form of Option Agreement, Incentive Stock Option, under [removed: Schlumberger] [added: SLB’s] 2013 Omnibus Stock Incentive Plan (incorporated by reference to Exhibit 10.1 to the [removed: Schlumberger’s] [added: SLB’s] Quarterly Report on Form 10-Q for the quarter ended June 30, 2015) (+)](http://www.sec.gov/Archives/edgar/data/87347/000156459015005555/slb-ex101_758.htm) | | 10.9 |

| [Form of Restricted Stock Unit Award Agreement under [removed: Schlumberger] [added: SLB’s] 2013 Omnibus Stock Incentive Plan (three-year vesting) (incorporated by reference to Exhibit 10.2 to [removed: Schlumberger’s] [added: SLB’s] Quarterly Report on Form 10-Q for the quarter ended June 30, 2015) (+)](http://www.sec.gov/Archives/edgar/data/87347/000156459015005555/slb-ex102_624.htm) | | 10.10 |

| [Form of Restricted Stock Unit Award Agreement under [removed: Schlumberger] [added: SLB’s] 2013 Omnibus Stock Incentive Plan (ratable vesting) (incorporated by reference to Exhibit 10.15 to [removed: Schlumberger’s] [added: SLB’s] Annual Report on Form 10-K filed on January 27, 2021) (+)](http://www.sec.gov/Archives/edgar/data/87347/000156459021002477/slb-ex1015_106.htm) | | 10.11 |

| [Form of Restricted Stock Unit Award Agreement under [removed: Schlumberger] [added: SLB’s] 2017 Omnibus Stock Incentive Plan (incorporated by reference to Exhibit 10.4 to [removed: Schlumberger’s] [added: SLB’s] Quarterly Report on Form 10-Q for the quarter ended March 31, 2017) (+)](http://www.sec.gov/Archives/edgar/data/87347/000156459017007214/slb-ex104_112.htm) | | 10.12 |

| [Addendum to Restricted Stock Unit Award Agreements, Performance Share Unit Agreements, Incentive Stock Option Agreements, and Non-Qualified Stock Option Agreements Issued Prior to July 19, 2017 (incorporated by reference to Exhibit 10.27 to [removed: Schlumberger’s] [added: SLB’s] Annual Report on Form 10-K for the year ended December 31, 2018) (+)](http://www.sec.gov/Archives/edgar/data/87347/000156459019000928/slb-ex1027_1834.htm) | | 10.13 |

| [Form of 2020 Two-Year Performance Share Unit Award Agreement (with relative TSR modifier) under [removed: Schlumberger] [added: SLB’s] 2017 Omnibus Stock Incentive Plan (incorporated by reference to Exhibit 10.2 to [removed: Schlumberger’s] [added: SLB’s] Quarterly Report on Form 10-Q for the quarter ended March 31, 2020) (+)](http://www.sec.gov/Archives/edgar/data/87347/000156459020017823/slb-ex102_231.htm) | | 10.14 |

| [Form of 2020 Three-Year Performance Share Unit Award Agreement (with relative TSR modifier) under [removed: Schlumberger] [added: SLB’s] 2017 Omnibus Stock Incentive Plan (incorporated by reference to Exhibit 10.1 to [removed: Schlumberger’s] [added: SLB’s] Quarterly Report on Form 10-Q for the quarter ended March 31, 2020) (+)](http://www.sec.gov/Archives/edgar/data/87347/000156459020017823/slb-ex101_230.htm) | | 10.15 |

| [Form of [removed: 2021] Performance Share Unit Award Agreement (Based on Return on Capital Employed Performance) under [removed: the Schlumberger] [added: SLB’s] 2017 Omnibus Stock Incentive Plan (incorporated by reference to Exhibit [removed: 10.1] [added: 10.4] to [removed: Schlumberger’s] [added: SLB’s] Quarterly Report on Form 10-Q for the quarter ended March 31, [removed: 2021) (+)](http://www.sec.gov/Archives/edgar/data/87347/000156459021021157/slb-ex101_161.htm)] [added: 2022) (+)](http://www.sec.gov/Archives/edgar/data/87347/000156459022015889/slb-ex104_143.htm)] | | [removed: 10.16] [added: 10.17] |

| [Form of [removed: 2021] Performance Share Unit Award Agreement (Based on Free Cash Flow Margin Performance) under [removed: the Schlumberger] [added: SLB’s] 2017 Omnibus Stock Incentive Plan (incorporated by reference to Exhibit 10.3 to [removed: Schlumberger’s] [added: SLB’s] Quarterly Report on Form 10-Q for the quarter ended March 31, [removed: 2021) (+)](http://www.sec.gov/Archives/edgar/data/87347/000156459021021157/slb-ex102_162.htm)] [added: 2022) (+)](http://www.sec.gov/Archives/edgar/data/87347/000156459022015889/slb-ex103_142.htm)] | | [removed: 10.17] [added: 10.16] |

| [Form of [removed: 2021] Performance Share Unit Award Agreement (Based on Relative TSR Performance) under [removed: the Schlumberger] [added: SLB’s] 2017 Omnibus Stock Incentive Plan (incorporated by reference to Exhibit [removed: 10.3] [added: 10.5] to [removed: Schlumberger’s] [added: SLB’s] Quarterly Report on Form 10-Q for the quarter ended March 31, [removed: 2021) (+)](http://www.sec.gov/Archives/edgar/data/87347/000156459021021157/slb-ex103_163.htm)] [added: 2022) (+)](http://www.sec.gov/Archives/edgar/data/87347/000156459022015889/slb-ex105_144.htm)] | | 10.18 |

| [removed: [Schlumberger 2017] [added: [2017] Omnibus Stock Incentive Plan, as amended and restated effective January 21, 2021 (incorporated by reference to Exhibit 10.1 to [removed: Schlumberger’s] [added: SLB’s] Current Report on Form 8-K filed on April 7, 2021) (+)](http://www.sec.gov/Archives/edgar/data/87347/000119312521109039/d128317dex101.htm) | | 10.19 |

| [removed: [Schlumberger Discounted] [added: [Discounted] Stock Purchase Plan, as amended and restated effective [removed: January] [added: July] 1, [removed: 2021] [added: 2022] (incorporated by reference to Exhibit [removed: 10.2] [added: 10.1] to [removed: Schlumberger’s] [added: SLB’s] Current Report on Form [removed: 8-K] [added: 10-Q] filed on [removed: April 7, 2021) (+)](http://www.sec.gov/Archives/edgar/data/87347/000119312521109039/d128317dex102.htm)] [added: July 27, 2022) (+)](http://www.sec.gov/Archives/edgar/data/87347/000156459022026594/slb-ex101_61.htm)] | | 10.20 |

| [removed: [Schlumberger Limited 2004] [added: [2004] Stock and Deferral Plan for Non-Employee Directors, as amended and restated effective January 21, 2021 (incorporated by reference to Exhibit 10.3 to [removed: Schlumberger’s] [added: SLB’s] Current Report on Form 8-K filed on April 7, 2021) (+)](http://www.sec.gov/Archives/edgar/data/87347/000119312521109039/d128317dex103.htm) | | 10.21 |

| [Form of Indemnification Agreement (incorporated by reference to Exhibit 10 to [removed: Schlumberger’s] [added: SLB’s] Current Report on Form 8-K filed on October 21, 2013) (+)](http://www.sec.gov/Archives/edgar/data/87347/000119312513405191/d612968dex10.htm) | | 10.22 |

| [Significant [removed: Subsidiaries](https://www.sec.gov/Archives/edgar/data/87347/000156459022002421/slb-ex21_8.htm)] [added: Subsidiaries](https://www.sec.gov/Archives/edgar/data/87347/000156459023000762/slb-ex21_9.htm)] (*) | | 21 |

| | | Exhibit |

| [Employment, Non-Competition and Non-Solicitation Agreement effective as of April 1, 2022, by and between Schlumberger Limited and Ashok Belani (incorporated by reference to Exhibit 10.1 to SLB’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022) (+)](http://www.sec.gov/Archives/edgar/data/87347/000156459022015889/slb-ex101_140.htm) | | 10.23 |

| [Employment, Non-Competition and Non-Solicitation Agreement effective as of May 1, 2022, by and between Schlumberger Limited and Hinda Gharbi (incorporated by reference to Exhibit 10.2 to SLB’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022) (+)](http://www.sec.gov/Archives/edgar/data/87347/000156459022015889/slb-ex102_141.htm) | | 10.24 |

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| [Indenture dated as of December 21, 2015, by and between Schlumberger Holdings Corporation, as issuer, and The Bank of New York Mellon, as trustee (incorporated by reference to Exhibit 4.8 to Schlumberger’s Annual Report on Form 10-K filed on January 27, 2021)](http://www.sec.gov/Archives/edgar/data/87347/000156459021002477/slb-ex48_1034.htm) | | 4.8 | |

| [First Supplemental Indenture dated as of December 21, 2015, by and between Schlumberger Holdings Corporation, as issuer, and The Bank of New York Mellon, as trustee (including forms of global notes representing 3.625% Senior Notes due 2022 and 4.000% Senior Notes due 2025) (incorporated by reference to Exhibit 4.9 to Schlumberger’s Annual Report on Form 10-K filed on January 27, 2021)](http://www.sec.gov/Archives/edgar/data/87347/000156459021002477/slb-ex49_1035.htm) | | 4.9 | |

| [Second Supplemental Indenture dated as of February 4, 2019, by and between Schlumberger Holdings Corporation, as issuer, and The Bank of New York Mellon, as trustee (including forms of global notes representing 3.750% Senior Notes due 2024 and 4.300% Senior Notes due 2029) (incorporated by reference to Exhibit 4.10 to Schlumberger’s Annual Report on Form 10-K filed on January 27, 2021)](http://www.sec.gov/Archives/edgar/data/87347/000156459021002477/slb-ex410_981.htm) | | 4.10 | |

| [Third Supplemental Indenture dated as of April 11, 2019, by and between Schlumberger Holdings Corporation, as issuer, and The Bank of New York Mellon, as trustee (including form of global notes representing 3.900% Senior Notes due 2028) (incorporated by reference to Exhibit 4.11 to Schlumberger’s Annual Report on Form 10-K filed on January 27, 2021)](http://www.sec.gov/Archives/edgar/data/87347/000156459021002477/slb-ex411_982.htm) | | 4.11 | |

| Date: | | January [removed: 26, 2022] [added: 25, 2023] | | | SCHLUMBERGER LIMITED |

| /s/ Dianne B. Ralston | | January [removed: 26, 2022] [added: 25, 2023] |

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| * | | Director |

| Henri Seydoux | | |