SLB (SLB) 10-K risk factor changes: FY2023 vs FY2022

Management’s Discussion and Analysis of Financial Condition and Results of Operations, and the *Consolidated Financial Statements* and related notes included in [removed: this Form 10-K.][added: Item 8.]

[removed: We urge you to consider] [added: *Please] carefully [added: consider] the risks described below, which discuss the material factors that make an investment in our securities speculative or risky, [removed: as well as in] other [removed: reports and materials that we file with the SEC and the other information] [added: material] included or incorporated by reference in this Form 10-K, [removed: any of which could materially adversely affect our financial condition, results of operations] and [removed: cash flows.][added: other reports and materials that we file with the SEC.]

Additional risks and uncertainties not currently known to us or that we currently deem immaterial [removed: may] [added: could] also materially adversely affect our business, reputation, financial condition, results of operations, cash flows and [removed: prospects.][added: prospects.*]

[removed: Business] [added: Business] and Operational [removed: Risks][added: Risks]

[removed: Demand] [added: Demand] for our products and services is substantially dependent on the levels of expenditures by our [removed: customers.][added: customers, which can change based on many factors, including fluctuations in oil and gas prices.]

[removed: Recent oil] [added: Oil] and gas industry downturns have resulted in reduced demand for oilfield products and services and lower expenditures by our customers, which has in the past had, and may in the future have, a material adverse effect on our financial condition, results of operations and cash [removed: flows.][added: flows.]

In addition, the transition of the global energy sector from [removed: primarily] a [added: primarily] fossil fuel-based system to [added: a diverse system which includes] renewable energy sources could affect our customers’ levels of expenditures.

[removed: | | • |] changes in the supply of and demand for hydrocarbons, which are affected by general economic and business conditions; [removed: |]

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

[removed: | | • |] the ability or willingness of the Organization of Petroleum Exporting Countries and the expanded alliance known as OPEC+ to set and maintain production levels for oil; [removed: |]

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

[removed: | | • |] the level of excess production capacity; [removed: |]

[removed: | | • |] the level of refining [added: and storage] capacity; [removed: |]

[removed: | | • |] the level of oil and gas inventories; [removed: |]

[removed: | | • |] access to potential resources; [removed: |]

[removed: | | • |] political and economic uncertainty and geopolitical unrest; [removed: |]

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

[removed: | | • |] speculation as to the future price of oil and the speculative trading of oil and gas futures contracts; [removed: |]

[removed: | | • |] technological advances affecting energy consumption; and [removed: |]

[removed: | | • |] extreme weather conditions, natural disasters, and public health or similar issues, such as pandemics and epidemics. [removed: |]

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

We are a global technology company, and our non-US operations accounted for approximately 84% of our consolidated revenue in [added: 2023 and] 2022, [removed: 85% in 2021] and [removed: 81%] [added: 85%] in [removed: 2020.][added: 2021.]

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

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

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

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

[removed: | | • |] confiscatory taxation or other adverse tax policies; [removed: |]

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

[removed: | | • |] deprivation of contract rights; [removed: |]

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

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

[removed: | | • |] restrictions on the repatriation of income or capital; [removed: |]

[removed: | | • |] currency exchange controls; [removed: |]

[removed: | | • |] inflation; and [removed: |]

[removed: | | • |] currency [removed: exchange,] [added: exchange] rate fluctuations and devaluations. [removed: |]

Russia represented approximately [removed: 6%] [added: 5%] of our worldwide revenue during [removed: 2022.][added: 2023.]

The carrying value of our net assets in Russia was approximately [removed: $0.7] [added: $0.6] billion as of December 31, [removed: 2022.][added: 2023.]

This consisted of [removed: $0.3] [added: $0.2] billion of receivables, $0.3 billion of fixed assets, [removed: $0.5] [added: $0.4] billion of [removed: current] [added: other] assets, and [removed: $0.4] [added: $0.3] billion of current liabilities.

The extent to which our [removed: operations and] [added: operations,] financial results [added: and cash flows] 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 [removed: aggravate] [added: exacerbate] this and other risk factors identified in this Form 10-K, including cybersecurity, regulatory, and reputational risks.

Financial Statements and Supplementary Data of this Form 10-K.

public health crises;

In July 2023, we announced that we were halting shipments of products into Russia from all our facilities worldwide in response to the continued expansion of international sanctions.

We operate information technology networks and systems for internal purposes that incorporate third-party software and technologies.

We also connect to and exchange data with external networks that may be operated by our customers, suppliers, alliance partners, or other third parties.

We provide digital technologies that allow us or our customers to remotely perform wellsite and field operations.

Cyberattacks are expected to accelerate on a global basis in both frequency and magnitude as threat actors are becoming increasingly sophisticated in using techniques and tools (including artificial intelligence) that circumvent controls, evade detection and even remove forensic evidence of the infiltration.

could have a material adverse impact on our financial condition, results of operations, cash flows, and future prospects.

Climate change may impact the frequency and/or intensity of such events.

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

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

We rely on information technology networks and systems for internal purposes, including secure data storage, processing, and transmission, as well as in our interactions with our business associates, such as customers and suppliers.

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

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

The following discussion and analysis contains forward-looking statements, including, without limitation, statements relating to our plans, strategies, objectives, expectations, [removed: intentions] [added: intentions,] and resources.

This section of the Form 10-K generally discusses [removed: 2022] [added: 2023] and [removed: 2021] [added: 2022] items and year-to-year comparisons between [removed: 2022] [added: 2023] and [removed: 2021.][added: 2022.]

Discussions of [removed: 2020] [added: 2021] items and year-to-year comparison between [removed: 2021] [added: 2022] and [removed: 2020] [added: 2021] 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 SLB’s Annual Report on Form 10-K for the fiscal year ended December 31, [removed: 2021.][added: 2022.]

[removed: 2022] [added: 2023] Executive [removed: Overview][added: Overview]

[removed: Fourth] [added: Fourth] Quarter [removed: 2022 Results][added: 2023 Results]

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

| | [removed: Fourth] [added: Fourth] Quarter [removed: 2022] [added: 2023] | | | | | | | | Third Quarter [removed: 2022] [added: 2023] | | | | | | |

| | | | | | [removed: Pretax] [added: Pretax] | | | | | | | | Pretax | | |

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

| Pretax segment operating income | | | | | | [removed: 1,557] [added: 1,868] | | | | | | | | [removed: 1,400] [added: 1,683] | |

| Interest income (2) | | | | | | [removed: 14] [added: 30] | | | | | | | | [removed: 8] [added: 20] | |

[removed: | Interest expense (3) | | | | | | (118 | ) | | | | | | | (119 | ) |][added: Interest Expense]

| Charges & credits (4) | | | | | | [removed: 63] [added: (146] | [added: )] | | | | | | | \- | |

[removed: | (1) |] Comprised principally of certain corporate expenses not allocated to the segments, stock-based compensation costs, amortization expense associated with certain intangible assets, certain centrally managed [removed: initiatives] [added: initiatives,] and other nonoperating items. [removed: |]

[removed: | (2) |] Excludes interest income included in the segments’ income (fourth quarter [removed: 2022: $19] [added: 2023: $11] million; third quarter [removed: 2022: $25] [added: 2023: $2] million). [removed: |]

[removed: | (3) |] Excludes interest expense included in the segments’ income (fourth quarter [removed: 2022: $3] [added: 2023: $4] million; third quarter [removed: 2022:] [added: 2023:] $3 million). [removed: |]

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

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

Digital & Integration pretax operating margin of [removed: 38%] [added: 34%] expanded [removed: 386] [added: 197] bps [removed: sequentially,] [added: sequentially] due to improved profitability in [removed: exploration data licensing and digital solutions.][added: digital.]

[removed: Reservoir Performance][added: Reservoir Performance]

Reservoir Performance revenue of [removed: $1.6] [added: $1.7] billion [removed: increased 7%] [added: grew 3%] sequentially [removed: from new projects and] [added: primarily due to increased] activity [removed: gains] internationally, [removed: particularly] [added: mainly] in the Middle East and Africa.

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

Well Construction pretax operating margin of [removed: 21% contracted 50] [added: 22% increased 35] bps [removed: sequentially, as] [added: sequentially primarily driven by] improved profitability from [removed: increasing] [added: the increased] activity in the Middle East & [removed: Asia, North America,] [added: Asia] and [removed: Latin America was more than offset by the onset of seasonal effects in the Northern Hemisphere.][added: Africa.]

[removed: Production Systems][added: Production Systems]

[removed: Full-Year 2022 Results][added: Full-Year 2023 Results]

| Digital & Integration | [removed: $] [added: $] | [removed: 3,725] [added: 3,871] | | | [removed: $] [added: $] | [removed: 1,357] [added: 1,257] | | | $ | [removed: 3,290] [added: 3,725] | | | $ | [removed: 1,141] [added: 1,357] | |

| Reservoir Performance | | [removed: 5,553] [added: 6,561] | | | | [removed: 881] [added: 1,263] | | | | [removed: 4,599] [added: 5,553] | | | | [removed: 648] [added: 881] | |

| Well Construction | | [removed: 11,397] [added: 13,478] | | | | [removed: 2,202] [added: 2,932] | | | | [removed: 8,706] [added: 11,397] | | | | [removed: 1,195] [added: 2,202] | |

| Production Systems | | [removed: 7,862] [added: 9,831] | | | | [removed: 748] [added: 1,245] | | | | [removed: 6,710] [added: 7,862] | | | | [removed: 634] [added: 748] | |

| Eliminations & other | | [removed: (446] [added: (606] | [removed: )] [added: )] | | | [removed: (177] [added: (174] | [removed: )] [added: )] | | | [removed: (376] [added: (446] | ) | | | [removed: (253] [added: (177] | ) |

| Pretax segment operating income | | | | | | [removed: 5,011] [added: 6,523] | | | | | | | | [removed: 3,365] [added: 5,011] | |

| Corporate & other (1) | | | | | | [removed: (637] [added: (729] | [removed: )] [added: )] | | | | | | | [removed: (573] [added: (637] | ) |

| Interest income (2) | | | | | | [removed: 27] [added: 87] | | | | | | | | [removed: 31] [added: 27] | |

| Interest expense (3) | | | | | | [removed: (477] [added: (489] | [removed: )] [added: )] | | | | | | | [removed: (514] [added: (477] | ) |

| Charges & credits (4) | | | | | | [removed: 347] [added: (110] | [added: )] | | | | | | | [removed: 65] [added: 347] | |

[removed: | (2) |] Excludes interest income included in the segments’ income [removed: (2022: $72] [added: (2023: $13] million; [removed: 2021: $2] [added: 2022: $72] million). [removed: |]

[removed: | (3) |] Excludes interest expense included in the segments’ income [removed: (2022: $13] [added: (2023: $14] million; [removed: 2021: $15] [added: 2022: $13] million) [removed: and $10 million interest expense included in Charges & credits in 2021. |][added: .]

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

This growth was driven by [added: drilling fluids and measurements—both on] higher land and offshore [removed: activity along] [added: activity—along] with improved pricing.

Well Construction pretax operating margin [removed: of 19%] expanded [removed: 560] [added: 243] bps [removed: year on year] [added: to 22% with profitability improving across all geographic areas] driven by the higher activity and improved pricing.

2023 was a remarkable year marked by widespread revenue growth, margin expansion, and exceptional cash flow.

Year on year, revenue grew 18%, pretax segment operating margin increased 185 basis points (“bps”) to 20% and we delivered $6.6 billion of cash flow from operations and $4.0 billion of free cash flow—allowing us to reduce net debt by $1.4 billion and return $2.0 billion to shareholders this year through dividends and stock repurchases.

Our strong full-year performance was fueled by substantial international growth, with approximately 90% of our international GeoUnits posting year-on-year increases, complemented by sustained performance in North America.

International revenue grew 20% year on year by more than $4 billion.

Notably, we achieved our highest-ever revenue in the Middle East, led by impressive growth in Saudi Arabia, the United Arab Emirates, and Egypt & East Mediterranean GeoUnits.

In the offshore basins, we benefited from long-cycle developments, capacity expansions, and exploration and appraisal activities with remarkable growth in Brazil and Angola, and solid increases in the US Gulf of Mexico, Guyana, and Norway.

In North America, while activity moderated as expected in the second half of the year, revenue increased 12% year on year, outpacing the rig count.

This outperformance was driven by our technology-leveraged portfolio in both US land and the US Gulf of Mexico.

On a divisional basis, our Core business—comprising Reservoir Performance, Well Construction, and Production Systems—accelerated, growing revenue 20% year on year and expanding pretax segment operating margin 277 bps.

Digital & Integration revenue increased 4% year on year.

This was led by digital, which continued strong growth momentum, delivering more than $2 billion in revenue.

Our success in digital was driven by further adoption of Delfi technology and customers embracing our connected and autonomous drilling, data, and AI solutions.

We also saw continued adoption of our Transition Technologies portfolio as customers look to enhance efficiency and reduce emissions.

The imperative to operate more sustainably is translating into tangible investments by our customers, resulting in the portfolio generating more than $1 billion of revenue.

As global energy demand continues to increase, international production is expected to play a key role in meeting supply through the end of the decade.

Notably, we anticipate record investment levels in the Middle East extending beyond 2025, with significant expansion in Saudi Arabia, the United Arab Emirates, Iraq, and Kuwait.

Offshore remains another distinct attribute of this durable growth cycle, serving as an important source for production growth and capacity additions, and we expect strong activity to continue in Brazil, West Africa, the Eastern Mediterranean, the Middle East, and Southeast Asia.

In the international environment, despite elevated geopolitical tensions in various regions, we do not anticipate a significant impact on the sector's overall activity, absent any escalation.

Furthermore, we expect the long-cycle investments across the Middle East, global offshore, and gas resource plays to be largely decoupled from short-term commodity price fluctuations.

In 2024, SLB expects to experience another year of strong growth driven by the international markets.

Benefiting from these market dynamics, we foresee further growth led by Production Systems, strengthened by the additional subsea opportunities from our OneSubsea joint venture.

Sustained momentum is expected in Reservoir Performance, accompanied by increased activity in Well Construction.

Additionally, we expect continued customer adoption of our Digital business, particularly in our new technology platforms.

Our performance and returns-focused strategy, combined with our differentiated market positioning and digital capabilities, will drive profitable growth and further margin expansion, setting a strong foundation for long-term outperformance.

With confidence in the strength and longevity of the cycle and visibility into sustained strong cash flows, in January 2024, our Board of Directors approved a 10% increase to our quarterly dividend.

Additionally, we plan to increase share repurchases in 2024, visibly enhancing returns to shareholders for the full year.

| Digital & Integration | $ | 1,049 | | | $ | 356 | | | $ | 982 | | | $ | 314 | |

| Reservoir Performance | | 1,735 | | | | 371 | | | | 1,680 | | | | 344 | |

| Well Construction | | 3,426 | | | | 770 | | | | 3,430 | | | | 759 | |

| Production Systems | | 2,944 | | | | 442 | | | | 2,367 | | | | 319 | |

| Eliminations & other | | (164 | ) | | | (71 | ) | | | (149 | ) | | | (53 | ) |

| Corporate & other (1) | | | | | | (193 | ) | | | | | | | (182 | ) |

| | $ | 8,990 | | | $ | 1,433 | | | $ | 8,310 | | | $ | 1,395 | |

(1)

(2)

(3)

(4)

Fourth-quarter revenue of $9.0 billion increased 8% sequentially with the acquired Aker subsea business accounting for approximately 70% of the growth, while the legacy portfolio continued its growth trajectory in the international markets.

International revenue of $7.3 billion grew 10% sequentially, driven by Europe & Africa and the Middle East & Asia.

Europe & Africa increased 16% sequentially driven by the acquired Aker subsea business, which accounted for most of the sequential revenue growth, primarily in Scandinavia.

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

Full-year 2022 revenue of $28.1 billion increased 23% year on year.

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.

| 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 | |

| Eliminations & other | | (131 | ) | | | (24 | ) | | | (113 | ) | | | (37 | ) |

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

Approximately 72% of SLB’s revenue in [removed: 2022] [added: 2023] was denominated in US dollars.

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

A 10% appreciation in the US dollar from the December 31, [removed: 2022] [added: 2023] market rates would [removed: increase] [added: decrease] the unrealized value of SLB’s forward contracts by [removed: $28] [added: $103] million.

Conversely, a 10% depreciation in the US dollar from the December 31, [removed: 2022] [added: 2023] market rates would [removed: decrease] [added: increase] the unrealized value of SLB’s forward contracts by [removed: $36] [added: $113] million.

At December 31, [removed: 2022,] [added: 2023,] contracts were outstanding for the US dollar equivalent of [removed: $7.2] [added: $10.6] billion in various foreign currencies, of which [removed: $5.1] [added: $5.3] billion related to hedges of debt balances denominated in currencies other than the functional currency.

[removed: Forward-Looking Statements][added: Forward-Looking Statements]

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

Statements in this Form 10-K are made as of January [removed: 25, 2023,] [added: 24, 2024,] and SLB disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.

In October 2022, we [removed: announced] [added: changed] our brand [removed: which is built around] [added: name to SLB and unveiled] a new [removed: name—SLB—and a] logo that underscores our vision for a decarbonized energy future.

Our [removed: 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.

[removed: SLB is] [added: We are SLB,] 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 [removed: oil and gas,] [added: energy technology,] delivering digital at scale, decarbonizing industries, and developing and scaling new energy systems that accelerate the energy transition.

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

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

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

With a strong focus on customers, the Basins identify opportunities for [removed: growth.][added: growth, and are focused on agility, responsiveness, and competitiveness.]

[removed: | | • |] Digital & Integration [removed: |]

[removed: | | • |] Reservoir Performance [removed: |]

[removed: | | • |] Well Construction [removed: |]

[removed: | | • |] Production Systems [removed: |]

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

[removed: | | • | *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 [removed: capabilities] [added: capabilities,] such as artificial intelligence and machine learning. [removed: Solutions are deployable on traditional on-premise IT infrastructures, the cloud, and the edge, allowing for full market coverage irrespective of customer constraints. |]

[removed: | | • |] *Exploration data and data processing:* Provides comprehensive worldwide reservoir interpretation and data processing services, enabled by a scientifically advanced platform and innovative subsurface imaging techniques for exploration data, [removed: also referred to as “multiclient surveys.” Offers] [added: and includes] one of the industry’s most extensive [removed: multiclient] [added: exploration data] libraries. [removed: |]

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

[removed: Reservoir Performance] [added: Reservoir Performance] – Consists of reservoir-centric technologies and services that are critical to optimizing reservoir productivity and performance.

Reservoir Performance develops and deploys innovative technologies and services to evaluate, intervene, and stimulate reservoirs [removed: that help] [added: providing] customers [removed: understand subsurface] [added: with greater insights into their] assets and [removed: maximize] [added: maximizing] their [removed: value.][added: return on investment.]

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

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

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

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

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

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

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

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

[removed: | | • |] *Well Cementing*: Provides products and services that secure and protect well casings while isolating fluid zones and maximizing wellbore activity. [removed: |]

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

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

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

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

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

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

[removed: | | • |] *Processing:* Enables efficient monetization of subsurface assets using standard and custom-designed onshore, 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. [removed: |]

[removed: | | • | *OneSubsea®:*] [added: *OneSubsea*™*:*] Provides integrated solutions, products, 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. [removed: |]

[removed: During the third quarter of 2022, SLB, Aker Solutions, and Subsea 7 announced an agreement to form a joint venture to] [added: The new business, OneSubsea, will] drive innovation and efficiency in subsea production by helping customers unlock reserves and reduce cycle time.

[removed: At closing] [added: SLB owns 70%] of the joint venture, [removed: SLB will own 70%, with] [added: while] Aker [removed: Solutions owning] [added: owns] 20% and [removed: Subsea 7 owning] [added: Subsea7 owns] 10%.

[removed: Corporate Strategy][added: Corporate Strategy]

Today, the world faces the [removed: trilemma] [added: challenge] 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 [added: and committed] to [removed: be] [added: being] a leader in providing solutions to address this trilemma.

This bold change highlighted our leadership as a global technology company focused on driving energy innovation within traditional energy sources and beyond.

The SLB brand builds on nearly a century of technology innovation and industrialization.

*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.

Solutions are deployable on traditional on-premise IT infrastructures, the cloud, and the edge, allowing for full market coverage irrespective of customer constraints.

*Asset Performance Solutions:* Offers an integrated business model for field production projects.

As of December 31, 2023, SLB’s APS portfolio primarily consisted of three field production projects in Ecuador and one in Canada.

*Rigs and Equipment*: Provides drilling equipment, including pressure control equipment and rotary drilling equipment, and services for shipyards, drilling contractors, operators, and rental tool companies, as well as land drilling rigs and related services.

On October 2, 2023, SLB, Aker Solutions (“Aker”), and Subsea7 closed their previously announced joint venture.

OneSubsea now comprises SLB’s and Aker’s subsea businesses, which include an extensive complementary subsea production and processing technology portfolio, world-class manufacturing scale and capacity, access to industry-leading reservoir and digital domain expertise, unique pore-to-process integration capabilities, and strengthened research and development capabilities.

As the majority owner and controlling entity, SLB is considered the acquirer and reflects OneSubsea as a consolidated subsidiary in its *Consolidated Financial Statements*.

These centers also support SLB's New Energy investments in lower carbon energy sources and carbon capture technologies.

Our evolving offering of on-premises solutions allows us to support the digital transition journey of customers that prefer or are required to maintain data solutions locally.

*Carbon Solutions*: Carbon capture, and sequestration (“CCS”) is critical to advancing decarbonization and achieving the goals of the Paris Agreement on climate change.

With industry-leading reservoir modeling capabilities, SLB has been in the CCS business for more than three decades.

The Company is actively progressing CCS technologies to enable widespread adoption of CCS and is going beyond subsurface characterization and well construction to include capture technology, project economics, technology selection, and permitting.

In addition, SLB is developing digital platforms to support emissions management for carbon and methane that will allow clients to measure, monitor, and plan abatement strategies.

*Hydrogen:* SLB is investing in low-carbon hydrogen generation technologies.

Genvia aims to deliver the most efficient and cost-effective solid oxide electrolyzer technology for producing clean hydrogen in hard-to-abate industrial settings—a key component of the energy transition.

*Geothermal and Geoenergy:* Geothermal power leverages the heat of the earth to generate electricity or provide heat directly, by tapping into subsurface hot water and steam zones that are continuously recharged, both naturally and by injection.

Geoenergy uses the ambient temperatures beneath the earth's surface to act as a thermal battery and dramatically reduce energy consumption from heating and cooling buildings, electrify and, therefore, drive both efficiency and decarbonization.

*Stationary Energy Storage:* Stationary energy storage is a key enabler to make variable renewable energy sources (such as solar or wind) a larger component of the world’s electricity systems enabling power to be delivered in the right place, at the right time, to meet demand.

As renewables become a greater percentage of the energy mix, the need increases for additional long-duration energy storage to ensure the efficiency of renewable assets and the reliability of electricity systems.

*Critical Minerals:* SLB is applying its knowledge of extraction technologies and processing to the location and sources of critical minerals, such as lithium from brine deposits, that will be required to support the energy transition.

We believe our strong culture focused on workforce diversity, inclusivity, and learning and development results in the best possible working environment for all our people.

*Workforce Diversity*

This fosters a culture that is global in outlook, yet local in practice.

SLB also recognizes the importance of gender diversity as a source of creativity, innovation, and competitive advantage.

We are committed to leading our industry in this area and, in this regard, a number of years ago we established goals of having women represent 25% of our salaried workforce by 2025 and 30% by 2030.

As of December 31, 2023, women represented just under 25% of our salaried workforce.

*Inclusivity*

We are building on our diversity to foster a strong culture of inclusion, in which each person can feel accepted, respected, and empowered to perform at their best.

SLB has numerous policies and programs to support our inclusive culture, including:

a global Code of Conduct that outlines the standards of behavior and ethics that all employees are expected to follow, and that prohibits any form of discrimination, harassment, or retaliation;

a global diversity, equity, and inclusion (“DEI”) strategy with a network of diversity and inclusion champions that promote DEI awareness and best practices; and

a global mobility program that enables employees to gain international exposure and experience and develop cross-cultural competencies.

*Learning and Development*

SLB invests significantly in the learning and development of our people.

This allows us to accelerate personal development while maximizing performance, fostering an agile workforce with the skills necessary to lead SLB today and into the future.

SLB believes that through diversity, inclusivity, and learning and development, we can support our people to reach their full potential which unlocks value for all of our stakeholders.

Furthermore, customer spending patterns for exploration

We are SLB.

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.

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

On December 31, 2020, 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 Energy Inc. (“Liberty”), in exchange for a 37% equity interest in Liberty.

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

As of December 31, 2022, SLB had a 5% equity interest in Liberty.

| | • | *Rigs and Equipment*: Provides drilling equipment and services for shipyards, drilling contractors, 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. |

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.

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. |

| | • | *Carbon Solutions*: Carbon capture, utilization, and sequestration (“CCUS”) is critical to advancing decarbonization and achieving the goals of the Paris Agreement on climate change. With industry-leading reservoir modeling capabilities, SLB has been in the CCUS business for more than three decades. The Company is actively progressing CCUS technologies and business models to enable widespread adoption and is exploring collaborations in facility design, building, and operations and going beyond subsurface characterization and well construction to include capture technology, project economics, technology selection, and permitting. |

| | • | *Geothermal and Geoenergy:* Geothermal power leverages the heat of the earth to generate electricity by tapping into hot water and steam zones that are continuously recharged, both naturally and by heat injection from sources such as power plant by-products. With decades of expertise in the sector, Geothermex, an SLB company, provides the full spectrum of deep geothermal resource development services—from exploration and drilling to analysis, resource modeling and management, financial modeling, and operational support. Celsius Energy is a New Energy venture that uses shallow geoenergy to provide heating and cooling solutions for new or existing construction and leverages SLB’s extensive knowledge of subsurface behavior, operational automation technology, and science expertise. |

| | • | *Stationary Energy Storage:* Stationary energy storage is a key enabler to make variable renewable energy sources (solar or wind) a larger component of the world’s electricity systems, via energy shifting—enabling power to be delivered in the right place, at the right time, to meet demand. As renewables penetration increases, so does the need for additional storage to ensure the efficiency of the renewable assets and reliability of electricity systems. Large-scale, long-duration energy storage is key, and this market is growing rapidly. SLB is investing in storage technologies including EnerVenue, a start-up that delivers nickel-hydrogen, non-lithium based, economic, safe battery technology that targets the 10-hour storage market. |

| | • | *Critical Minerals:* SLB is applying its knowledge of extraction technologies and processing to the location and sources of critical minerals that will be required to support alternative energy sources. An example of this is our NeoLith Energy technology venture, which uses a differentiated direct lithium extraction process to produce high-purity, battery-grade lithium material while reducing the production time from over a year to just weeks. This unique process is in sharp contrast to conventional evaporative methods of extracting lithium, with significantly reduced water consumption and physical footprint. |

While there is an ambitious path ahead, we are cementing our position as a sustainability leader today.

SLB continues to be one of the highest-ranked companies in the energy industry across key environmental, social, and governance ratings agencies as of December 31, 2022.

This recognition confirms the strategy we have in place and our commitment to leading change in the industry.

Energy transition and changing geopolitics are increasingly impacting our people and customers.

SLB is competitively well-positioned from both a people and technology perspective to manage these factors and capture the opportunity that it represents for SLB and the countries where we work.

Our long-standing commitment to national and cultural diversity, which is seen throughout every layer of SLB, fosters a culture that is global in outlook, yet local in practice.

In addition to national and cultural diversity, gender balance is an important part of our diversity, equity, and inclusion strategy.

We are committed to leading our industry in gender diversity, and we are on track to reach our interim milestone of having women represent 25% of our salaried employees by 2025.

Our next milestone is for women to comprise 30% of our salaried employees by 2030.

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

SLB’s borderless career philosophy is powered by its talent and mobility practices, which offer employees multiple, flexible career paths to help them acquire the required skills to reach their potential.

Legal Proceedings is set forth in Note [removed: 14] [added: 15] – *Contingencies*, in the accompanying *Consolidated Financial Statements*.

[removed: UNITED STATES][added: UNITED STATES]

[removed: SECURITIES] [added: SECURITIES] AND EXCHANGE [removed: COMMISSION][added: COMMISSION]

[removed: Form 10-K][added: Form 10-K]

| ☑ | [removed: ANNUAL] [added: ANNUAL] REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF [removed: 1934] [added: 1934] |

[removed: For] [added: For] the fiscal year [removed: ended December 31, 2022][added: ended December 31, 2023]

| ☐ | [removed: TRANSITION] [added: TRANSITION] REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF [removed: 1934] [added: 1934] |

[removed: For] [added: For] the transition period [removed: from __________ to __________][added: from __________ to __________]

[removed: Commission] [added: Commission] File [removed: Number 1-4601][added: Number 1-4601]

[removed: ][added: ]

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

| [removed: Curaçao] [added: Curaçao] | | [removed: 52-0684746] [added: 52-0684746] |

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

| [removed: 5599] [added: 5599] San [removed: Felipe, 17th Floor Houston, Texas, United] [added: Felipe, 17th FloorHouston, Texas, United] States of [removed: America] [added: America] | | [removed: 77056] [added: 77056] |

| [removed: 62] [added: 62] Buckingham [removed: Gate London,] [added: Gate London,] United [removed: Kingdom] [added: Kingdom] | | [removed: SW1E 6AJ] [added: SW1E 6AJ] |

| [removed: Parkstraat] [added: Parkstraat] 83 The Hague, The [removed: Netherlands] [added: Netherlands] | | [removed: 2514 JG] [added: 2514 JG] |

[removed: Registrant’s] [added: Registrant’s] telephone number [removed: in the United States,] including area code, is: [removed: (713) 513-2000][added: (713) 513-2000]

| [removed: Title] [added: Title] of each [removed: class] [added: class] | [removed: Trading Symbol(s)] [added: Trading Symbol(s)] | [removed: Name] [added: Name] of each exchange on which [removed: registered] [added: registered] |

[removed: Securities] [added: Securities] registered pursuant to Section 12(g) of the Act: [removed: None][added: None]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or [added: an] emerging growth company.

See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting [removed: company”] [added: company”,] and “emerging growth company” in Rule 12b-2 of the Exchange Act.

As of June 30, [removed: 2022,] [added: 2023,] the aggregate market value of the common stock of the registrant held by non-affiliates of the registrant was approximately [removed: $50.51] [added: $69.70] billion.

As of December 31, [removed: 2022,] [added: 2023,] the number of shares of common stock outstanding was [removed: 1,420,188,492.][added: 1,427,394,843.]

[removed: DOCUMENTS] [added: DOCUMENTS] INCORPORATED BY [removed: REFERENCE][added: REFERENCE]

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, the registrant’s definitive proxy statement for its [removed: 2023] [added: 2024] Annual General Meeting of [removed: Stockholders,] [added: Shareholders,] to be filed by the registrant with the Securities and Exchange Commission (“SEC”) pursuant to Regulation 14A within 120 days after December 31, [removed: 2022] [added: 2023] (the [removed: “2023] [added: “2024] Proxy Statement”).

[removed: SCHLUMBERGER LIMITED][added: SCHLUMBERGER LIMITED]

| | | [removed: Page] [added: Page] |

| [removed: PART I] [added: PART I] | | |

| Item 1B. | [Unresolved Staff [removed: Comments](#ITEM_1B_UNRESOLVED_STAFF_COMMENTS)] [added: Comments](#item_1b_unresolved_staff_comments)] | [removed: 15] [added: 14] |

| [removed: PART II] [added: PART II] | | |

| Item 5. | [Market for [removed: SLB’s] [added: Registrant’s] Common [removed: Stock,] [added: Equity,] Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#ITEM_5_MARKET_FOR_SCHLUMBERGERS_COMMON_S)] [added: Securities](#item_5_market_for_schlumbergers_common_s)] | 16 |

| Item 6. | [removed: [\[Reserved\]](#ITEM_6_RESERVED)] [added: [\[Reserved\]](#item_6_reserved)] | [removed: 16] [added: 17] |

| Item 7. | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#ITEM_7_MANAGEMENTS_DISCUSSION_ANALYSIS_F)] [added: Operations](#item_7_managements_discussion_analysis_f)] | [removed: 17] [added: 18] |

| Item 7A. | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#ITEM_7A_QUANTITATIVE_QUALITATIVE_DISCLOS)] [added: Risk](#item_7a_quantitative_qualitative_disclos)] | [removed: 27] [added: 28] |

| Item 8. | [Financial Statements and Supplementary [removed: Data](#ITEM_8_FINANCIAL_STATEMENTS_SUPPLEMENTAR)] [added: Data](#item_8_financial_statements_supplementar)] | [removed: 28] [added: 29] |

| [removed: PART III] [added: PART III] | | |

| [removed: PART IV] [added: PART IV] | | |

[removed: PART I][added: PART I]

| | |

OR

| | |

| | | | | | | |

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to § 240.10D-1(b).

| Item 1C. | [Cybersecurity](#item_1c_cybersecurity) | 14 |

| | | |

| | | |

| | | |

| | | |

OR

Item 1C.

Cybersecurity.

SLB maintains a cyber risk management program designed to identify, assess, manage, mitigate, and respond to cybersecurity threats.

This program is integrated within the Company’s enterprise risk management system and addresses both the corporate information technology environment and customer-facing products.

The underlying controls of the cyber risk management program are based on recognized best practices and standards for cybersecurity and information technology, including the National Institute of Standards and Technology (“NIST”) Cybersecurity Framework (“CSF”) and the International Organization Standardization (“ISO”) 27001 Information Security Management System Requirements.

SLB has an annual assessment, performed by a third party, of the Company’s cyber risk management program against the NIST CSF.

SLB has a Cyber Security Operations Center operating in three locations to provide 24/7 monitoring of its global cybersecurity environment and to coordinate the investigation and remediation of alerts.

A program for staging incident response drills is in place to prepare support teams in the event of a significant incident.

Cyber partners are a key part of SLB’s cybersecurity infrastructure.

SLB partners with leading cybersecurity companies and organizations, leveraging third-party technology and expertise.

SLB engages with these partners to monitor and maintain the performance and effectiveness of products and services that are deployed in SLB’s environment.

SLB’s Cyber Security Director reports to SLB’s Chief Information Officer and is the head of the Company’s cybersecurity team.

The Cyber Security Director is responsible for assessing and managing SLB’s cyber risk management program, informs senior management regarding the prevention, detection, mitigation, and remediation of cybersecurity incidents and supervises such efforts.

The cybersecurity team has decades of experience selecting, deploying, and operating cybersecurity technologies, initiatives, and processes around the world, and relies on threat intelligence as well as other information obtained from governmental, public or private sources, including external consultants engaged by SLB.

The Audit Committee of the Board of Directors oversees SLB’s cybersecurity risk exposures and the steps taken by management to monitor and mitigate cybersecurity risks.

The cybersecurity team briefs the Audit Committee on the effectiveness of SLB’s cyber risk management program, typically on a quarterly basis.

In addition, cybersecurity risks are reviewed by the SLB Board of Directors, at least annually, as part of the Company’s corporate risk mapping exercise.

SLB faces risks from cybersecurity threats that could have a material adverse effect on its business, financial condition, results of operations, cash flows or reputation.

SLB has experienced, and will continue to experience, cyber incidents in the normal course of its business.

However, prior cybersecurity incidents have not had a material adverse effect on SLB’s business, financial condition, results of operations, or cash flows.

See “Risk Factors – Business and Operational Risks – Our operations are subject to cyber incidents that could have a material adverse effect on our business, financial condition, results of operations, and cash flows.”

[removed: PART II][added: PART II]

As of December 31, [removed: 2022,] [added: 2023,] there were [removed: 22,341] [added: 21,444] stockholders of record.

It assumes $100 was invested on December 31, [removed: 2017] [added: 2018] in 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 [removed: 1933] [added: 1933, as amended,] or the Securities Exchange Act of 1934, [added: as amended,] except to the extent that SLB specifically incorporates it by reference into such filing.

[removed: Comparison] [added: Comparison] of Five-Year Cumulative Total Return [removed: Among][added: Among]

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

[removed: Philadelphia] [added: Philadelphia] Oil Service [removed: Index][added: Index]

[removed: ][added: ]

[removed: Share Repurchases][added: Share Repurchases]

SLB had [added: cumulatively] repurchased [removed: $1.0] [added: $1.7] billion of its common stock under this program as of December 31, [removed: 2022.][added: 2023.]

[removed: Unregistered] [added: Unregistered] Sales of Equity [removed: Securities][added: Securities]

SLB's common stock repurchase program activity for the three months ended December 31, 2023 was as follows:

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

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

| | *(Stated in thousands, except per share amounts)* | | | | | | | | | | | | | | |

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

| | Total number of shares purchased | | | | Average price paid per share | | | | Total number of shares purchased as part of publicly announced plans or programs | | | | Maximum value of shares that may yet be purchased under the plans or programs | | |

| October 2023 | | 598.9 | | | $ | 58.10 | | | | 598.9 | | | $ | 8,343,538 | |

| November 2023 | | 618.2 | | | $ | 53.96 | | | | 618.2 | | | $ | 8,310,182 | |

| December 2023 | | 619.9 | | | $ | 51.44 | | | | 619.9 | | | $ | 8,278,295 | |

| | | 1,837.0 | | | $ | 54.46 | | | | 1,837.0 | | | | | |

On October 2, 2023, SLB, Aker and Subsea7 closed their previously announced joint venture.

In addition to contributing its subsea business to the joint venture, at closing SLB issued 5.1 million shares of its common stock valued at $306.5 million to Aker through a private placement pursuant to Rule 144A.

SLB did not repurchase any of its common stock during 2022.

None.

[removed: SCHLUMBERGER] [added: SCHLUMBERGER] LIMITED AND [removed: SUBSIDIARIES][added: SUBSIDIARIES]

[removed: CONSOLIDATED STATEMENT OF INCOME (LOSS)][added: | | Gain (Loss) Recognized in Income | | | | | | | | | | | | Consolidated Statement |]

| | [removed: (Stated] [added: *(Stated] in millions, except per share [removed: amounts)] [added: amounts*)] | | | | | | | | | | |

| [removed: Year] [added: Year] Ended December [removed: 31,] [added: 31,] | [removed: 2022] [added: 2023] | | | | [removed: 2021] [added: 2022] | | | | [removed: 2020] [added: 2021] | | |

| [removed: Revenue] [added: *Revenue*] | | | | | | | | | | | |

| Services | [removed: $] [added: $] | [removed: 19,552] [added: 22,439] | | | $ | [removed: 15,602] [added: 19,552] | | | $ | [removed: 16,533] [added: 15,602] | |

| Product sales | | [removed: 8,539] [added: 10,696] | | | | [removed: 7,327] [added: 8,539] | | | | [removed: 7,068] [added: 7,327] | |

| [removed: Total Revenue] [added: *Total Revenue*] | | [removed: 28,091] [added: 33,135] | | | | [removed: 22,929] [added: 28,091] | | | | [removed: 23,601] [added: 22,929] | |

| [removed: Interest] [added: *Interest] & other income, [removed: net] [added: net*] | | [removed: 610] [added: 342] | | | | [removed: 148] [added: 610] | | | | [removed: 267] [added: 148] | |

| [removed: Expenses] [added: *Expenses*] | | | | | | | | | | | |

| Cost of services | | [removed: 15,233] [added: 17,231] | | | | [removed: 13,129] [added: 15,233] | | | | [removed: 14,675] [added: 13,129] | |

| Cost of sales | | [removed: 7,697] [added: 9,341] | | | | [removed: 6,142] [added: 7,697] | | | | [removed: 6,325] [added: 6,142] | |

| Research & engineering | | [removed: 634] [added: 711] | | | | [removed: 554] [added: 634] | | | | [removed: 580] [added: 554] | |

| General & administrative | | [removed: 376] [added: 364] | | | | [removed: 339] [added: 376] | | | | [removed: 365] [added: 339] | |

| Interest | | [removed: 490] [added: 503] | | | | [removed: 539] [added: 490] | | | | [removed: 563] [added: 539] | |

| [removed: Income (loss)] [added: *Income] before [removed: taxes] [added: taxes*] | | [removed: 4,271] [added: 5,282] | | | | [removed: 2,374] [added: 4,271] | | | | [removed: (11,298] [added: 2,374] | [removed: )] |

| Tax expense [removed: (benefit)] | | [removed: 779] [added: 1,007] | | | | [removed: 446] [added: 779] | | | | [removed: (812] [added: 446] | [removed: )] |

| [removed: Net income (loss)] [added: *Net income*] | | [removed: 3,492] [added: 4,275] | | | | [removed: 1,928] [added: 3,492] | | | | [removed: (10,486] [added: 1,928] | [removed: )] |

| Net income attributable to noncontrolling interests | | [removed: 51] [added: 72] | | | | [removed: 47] [added: 51] | | | | [removed: 32] [added: 47] | |

| [removed: Net] [added: *Net] income [removed: (loss)] attributable to [removed: SLB] [added: SLB*] | [removed: $] [added: $] | [removed: 3,441] [added: 4,203] | | | $ | [removed: 1,881] [added: 3,441] | | | $ | [removed: (10,518] [added: 1,881] | [removed: )] |

| [removed: Basic] [added: Basic] earnings [removed: (loss)] per share of [removed: SLB] [added: SLB] | [removed: $] [added: $] | [removed: 2.43] [added: 2.95] | | | $ | [removed: 1.34] [added: 2.43] | | | $ | [removed: (7.57] [added: 1.34] | [removed: )] |

| [removed: Diluted] [added: Diluted] earnings [removed: (loss)] per share of [removed: SLB] [added: SLB] | [removed: $] [added: $] | [removed: 2.39] [added: 2.91] | | | $ | [removed: 1.32] [added: 2.39] | | | $ | [removed: (7.57] [added: 1.32] | [removed: )] |

| [removed: Average] [added: Average] shares [removed: outstanding:] [added: outstanding:] | | | | | | | | | | | |

| Basic | | [removed: 1,416] [added: 1,425] | | | | [removed: 1,400] [added: 1,416] | | | | [removed: 1,390] [added: 1,400] | |

| Assuming dilution | | [removed: 1,437] [added: 1,443] | | | | [removed: 1,427] [added: 1,437] | | | | [removed: 1,390] [added: 1,427] | |

[removed: See] [added: *See] the Notes to Consolidated Financial [removed: Statements][added: Statements*]

[removed: CONSOLIDATED] [added: CONSOLIDATED] STATEMENT OF [removed: COMPREHENSIVE INCOME (LOSS)][added: COMPREHENSIVE INCOME]

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

| [removed: Net income (loss)] [added: *Net income*] | [removed: $] [added: $] | [removed: 3,492] [added: 4,275] | | | $ | [removed: 1,928] [added: 3,492] | | | $ | [removed: (10,486] [added: 1,928] | [removed: )] |

| [removed: Currency] [added: *Currency] translation [removed: adjustments] [added: adjustments*] | | | | | | | | | | | |

| Net change arising during the period | | [removed: (26] [added: (113] | [removed: )] [added: )] | | | [removed: 83] [added: (26] | [added: )] | | | [removed: (239] [added: 83] | [removed: )] |

| [removed: Cash] [added: *Cash] flow [removed: hedges] [added: hedges*] | | | | | | | | | | | |

| Net [removed: loss] [added: gain (loss)] on cash flow hedges | | [removed: (148] [added: 177] | [removed: )] | | | [removed: (12] [added: (148] | ) | | | [removed: (90] [added: (12] | ) |

| Reclassification to net income [removed: (loss)] of net realized [removed: (income)] [added: (gain)] loss | | [removed: 117] [added: (19] | [added: )] | | | [removed: (3] [added: 117] | [removed: )] | | | [removed: 54] [added: (3] | [added: )] |

| [removed: Pension] [added: *Pension] and other postretirement benefit [removed: plans] [added: plans*] | | | | | | | | | | | |

| Actuarial gain (loss) arising during the period | | [removed: (305] [added: (437] | [removed: )] [added: )] | | | [removed: 1,075] [added: (305] | [added: )] | | | [removed: (247] [added: 1,075] | [removed: )] |

| Amortization to net income [removed: (loss)] of net actuarial loss | | [removed: 75] [added: (12] | [added: )] | | | [removed: 271] [added: 75] | | | | [removed: 200] [added: 271] | |

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

| Income taxes on pension and other postretirement benefit plans | | [removed: 24] [added: 58] | | | | [removed: (74] [added: 24] | [removed: )] | | | [removed: (38] [added: (74] | ) |

| [removed: Other] [added: *Other*] | | [removed: 1] [added: (30] | [added: )] | | | [removed: (3] [added: 1] | [removed: )] | | | [removed: \-] [added: (3] | [added: )] |

CONSOLIDATED STATEMENT OF INCOME

| Merger & integration | | 45 | | | | \- | | | | \- | |

SCHLUMBERGER LIMITED AND SUBSIDIARIES

*See the Notes to Consolidated Financial Statements*

SCHLUMBERGER LIMITED AND SUBSIDIARIES

| | | | | | | | | |

| December 31, | | 2023 | | | | 2022 | | |

| Other current assets | | | 1,530 | | | | 1,344 | |

| | | | 17,718 | | | | 15,003 | |

| | | $ | 47,957 | | | $ | 43,135 | |

| | | | 13,395 | | | | 12,018 | |

| | | | 26,598 | | | | 25,146 | |

| | | | 21,359 | | | | 17,989 | |

| | | $ | 47,957 | | | $ | 43,135 | |

*See the Notes to Consolidated Financial Statements*

SCHLUMBERGER LIMITED AND SUBSIDIARIES

| Year Ended December 31, | 2023 | | | | 2022 | | | | 2021 | | |

| Net income | $ | 4,275 | | | $ | 3,492 | | | $ | 1,928 | |

| Impact of changes in exchange rates on cash | | (97 | ) | | | (52 | ) | | | 5 | |

(1)

(2)

*See the Notes to Consolidated Financial Statements*

SCHLUMBERGER LIMITED AND SUBSIDIARIES

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

| Net income | | | | | | | | | | | 4,203 | | | | | | | | 72 | | | | 4,275 | |

| Vesting of restricted stock, net of taxes withheld | | | (702 | ) | | | 533 | | | | | | | | | | | | | | | | (169 | ) |

| Employee stock purchase plan | | | (162 | ) | | | 353 | | | | | | | | | | | | | | | | 191 | |

| Shares sold to optionees, less shares exchanged | | | (53 | ) | | | 143 | | | | | | | | | | | | | | | | 90 | |

| Acquisition of Aker Subsea | | | 413 | | | | | | | | | | | | | | | | 841 | | | | 1,254 | |

| Balance, December 31, 2023 | | $ | 11,624 | | | $ | (678 | ) | | $ | 13,497 | | | $ | (4,254 | ) | | $ | 1,170 | | | $ | 21,359 | |

*See the Notes to Consolidated Financial Statements*

SCHLUMBERGER LIMITED AND SUBSIDIARIES

| Shares sold to optionees, less shares exchanged | | \- | | | | 2 | | | | 2 | |

| Acquisition of Aker Subsea | | 5 | | | | \- | | | | 5 | |

| Balance, December 31, 2023 | | 1,439 | | | | (12 | ) | | | 1,427 | |

*See the Notes to Consolidated Financial Statements*

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

| Basic | | $ | 4,203 | | | | 1,425 | | | $ | 2.95 | |

| Diluted | | $ | 4,203 | | | | 1,443 | | | $ | 2.91 | |

| | Pretax Charge (Credit) | | | | Tax Benefit (Expense) | | | | Noncontrolling Interests | | | | Net | | |

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

| Impairments & other | | \- | | | | \- | | | | 12,658 | |

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

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

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

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

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

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

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

| Translation effect on cash | | (52 | ) | | | 5 | | | | (11 | ) |

| --- | --- |

| Balance, January 1, 2020 | | $ | 13,078 | | | $ | (3,631 | ) | | $ | 18,751 | | | $ | (4,438 | ) | | $ | 416 | | | $ | 24,176 | |

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

| Balance, December 31, 2020 | | 1,434 | | | | (42 | ) | | | 1,392 | |

1.

2.

| 2020: | | | | | | | | | | | | |

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

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

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

3.

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

| | • | 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. |

| | • | 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. |

2020

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

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

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

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

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

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

| Fixed asset impairments | | 666 | | | | 52 | | | | 614 | |

| Inventory write-downs | | 603 | | | | 49 | | | | 554 | |

| Right-of-use asset impairments | | 311 | | | | 67 | | | | 244 | |

| Costs associated with exiting certain activities | | 205 | | | | (25 | ) | | | 230 | |

| Exploration data impairment | | 156 | | | | 2 | | | | 154 | |

| Postretirement benefits curtailment gain | | (69 | ) | | | (16 | ) | | | (53 | ) |

| Facility exit charges | | 254 | | | | 39 | | | | 215 | |

| Workforce reductions | | 63 | | | | \- | | | | 63 | |

| Gain on sale of OneStim | | (104 | ) | | | (11 | ) | | | (93 | ) |

There has been no change in SLB’s internal control over financial reporting that occurred during the fourth quarter of [removed: 2022] [added: 2023] that has materially affected, or is reasonably likely to materially affect, SLB’s internal control over financial reporting.

SLB’s residual transactions or dealings with the government of Iran in [removed: 2022] [added: 2023] consisted of payments of taxes and other typical governmental charges.

On December 27, 2023, Olivier Le Peuch, CEO and a member of the SLB Board of Directors, adopted a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense of Rule 10b5-1(c) for the sale of up to 240,000 shares of SLB’s common stock between April 29, 2024 and March 27, 2025, for a duration of 332 days.

Item 9C.

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.

None.

PART III

The information set forth under the captions “Election of Directors,” “Corporate Governance—Process for Selecting New Directors,” and “Corporate Governance—Board Committees” in SLB’s [removed: 2023] [added: 2024] Proxy Statement is incorporated herein by reference.

The information set forth under the caption “Stock Ownership Information—Delinquent Section 16(a) Reports” in SLB’s [removed: 2023] [added: 2024] Proxy Statement is incorporated herein by reference to the extent any disclosure is required.

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

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 [removed: https://www.slb.com/who-we-are/guiding-principles/our-code-of-conduct.][added: https://www.slb.com/about/who-we-are/our-code-of-conduct.]

SLB will provide, without charge, upon request, copies of our Code of Conduct.

Requests for copies of our Code of Conduct should be sent in writing to SLB, Chief Legal Officer and Secretary, 5599 San Felipe, Houston, Texas 77056.

The table below sets forth information regarding SLB’s directors:

| | |

| --- | --- |

| Name | |

| Peter Coleman | Former Chief Executive Officer and Managing Director, Woodside Petroleum Ltd. |

| Patrick de La Chevardière | Former Chief Financial Officer, Total S.A. |

| Miguel M. Galuccio | Chairman and Chief Executive Officer, Vista |

| James Hackett | Former Chief Executive Officer, Anadarko Petroleum Corporation |

| Olivier Le Peuch | Chief Executive Officer, SLB |

| Samuel Leupold | Former Chief Executive Officer, Ørsted Wind Power A/S |

| Tatiana A. Mitrova | Research Fellow, Center on Global Energy Policy, School of International and Public Affairs at Columbia University |

| Maria Moræus Hanssen | Former Deputy Chief Executive Officer & Chief Operating Officer, Wintershall Dea GmbH |

| Vanitha Narayanan | Former Chairman and Managing Director, IBM India |

| Jeff W. Sheets | Former Chief Financial Officer, ConocoPhillips Company |

| Ulrich Spiesshofer | Former President and Chief Executive Officer, ABB Ltd. |

The information set forth under the captions “Compensation Committee Report,” “Compensation Discussion and Analysis,” “Executive Compensation Tables,” “Pay [removed: Versus Performance,”] [added: vs. Performance Comparison,”] and “Director Compensation” in SLB’s [removed: 2023] [added: 2024] 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 Owners,” and “Executive Compensation Tables—Equity Compensation Plan Information” in SLB’s [removed: 2023] [added: 2024] 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 SLB’s [removed: 2023] [added: 2024] Proxy Statement is incorporated herein by reference.

The information under the caption “Ratification of Appointment of Independent Auditors for [removed: 2023”] [added: 2024”] in SLB’s [removed: 2023] [added: 2024] Proxy Statement is incorporated herein by reference.

[removed: PART IV][added: PART IV]

[removed: |] (a) [removed: |] The following documents are filed as part of this Report: [removed: |]

| | [Consolidated Statement of Income [removed: (Loss)] for the three years ended December 31, [removed: 2022](#CONSOLIDATED_STATEMENT_INCOME_LOSS)] [added: 2023](#consolidated_statement_income_loss)] | [removed: 28] [added: 29] |

| | [Consolidated Statement of Comprehensive Income [removed: (Loss)] for the three years ended December 31, [removed: 2022](#CONSOLIDATED_STATEMENT_COMPREHENSIVE_INC)] [added: 2023](#consolidated_statement_comprehensive_inc)] | [removed: 29] [added: 30] |

| | [Consolidated Balance Sheet at December 31, [removed: 2022] [added: 2023] and [removed: 2021](#CONSOLIDATED_BALANCE_SHEET)] [added: 2022](#consolidated_balance_sheet)] | [removed: 30] [added: 31] |

| | [Consolidated Statement of Cash Flows for the three years ended December 31, [removed: 2022](#CONSOLIDATED_STATEMENT_CASH_FLOWS)] [added: 2023](#consolidated_statement_cash_flows)] | [removed: 31] [added: 32] |

| | [Consolidated Statement of Stockholders’ Equity for the three years ended December 31, [removed: 2022](#CONSOLIDATED_STATEMENT_STOCKHOLDERS_EQUI)] [added: 2023](#consolidated_statement_stockholders_equi)] | [removed: 32 and] 33 [added: and 34] |

| | [Notes to Consolidated Financial [removed: Statements](#Notes_to_Financial_Statements)] [added: Statements](#notes_to_financial_statements)] | [removed: 34] [added: 35] to 56 |

| | [Report of Independent Registered Public Accounting [removed: Firm](#REPORT_INDEPENDENT_REGISTERED_PUBLIC_ACC)] [added: Firm](#report_independent_registered_public_acc)] (PCAOB ID 238) | [added: 58] |

[removed: |] (b) [removed: |] Exhibits [removed: |]

[removed: INDEX] [added: INDEX] TO [removed: EXHIBITS][added: EXHIBITS]

| | | [removed: Exhibit] [added: Exhibit] |

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

| [Amended and Restated By-Laws of Schlumberger Limited (Schlumberger N.V.) (incorporated by reference to Exhibit 3 to SLB’s Current Report on Form 8-K filed on [removed: July 22, 2019)](http://www.sec.gov/Archives/edgar/data/87347/000119312519198989/d763655dex3.htm)] [added: April 21, 2023)](https://www.sec.gov/Archives/edgar/data/87347/000119312523110532/d470769dex3.htm)] | | 3.2 |

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

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

| [removed: [First] [added: [Second] Supplemental Indenture dated as of [removed: December 3, 2013,] [added: 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 [removed: 3.650%] [added: 2.650%] Senior Notes due [removed: 2023)] [added: 2030)] (incorporated by reference to Exhibit [removed: 4.2] [added: 4.1] to SLB’s Current Report on Form 8-K filed on [removed: December 3, 2013)](http://www.sec.gov/Archives/edgar/data/87347/000119312513460494/d637672dex42.htm)] [added: June 26, 2020)](https://www.sec.gov/Archives/edgar/data/87347/000119312520180957/d925505dex41.htm)] | | 4.3 |

| [removed: [Second] [added: [Third] Supplemental Indenture dated as of [removed: June 26, 2020,] [added: May 15, 2023,] 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 [removed: 2.650%] [added: 4.500%] Senior Notes due [removed: 2030)] [added: 2028 and form of global notes representing 4.850% Senior Notes due 2033)] (incorporated by reference to Exhibit 4.1 to SLB’s Current Report on Form 8-K filed on [removed: June 26, 2020)](http://www.sec.gov/Archives/edgar/data/87347/000119312520180957/d925505dex41.htm)] [added: May 15, 2023)](https://www.sec.gov/Archives/edgar/data/87347/000119312523145038/d289147dex41.htm)] | | 4.4 |

| [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 SLB’s Current Report on Form 8-K filed on August 11, [removed: 2020)](http://www.sec.gov/Archives/edgar/data/87347/000119312520216304/d926535dex41.htm)] [added: 2020)](https://www.sec.gov/Archives/edgar/data/87347/000119312520216304/d926535dex41.htm)] | | 4.5 |

| [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 SLB’s Current Report on Form 8-K filed on September 18, [removed: 2020)](http://www.sec.gov/Archives/edgar/data/87347/000119312520248823/d75000dex41.htm)] [added: 2020)](https://www.sec.gov/Archives/edgar/data/87347/000119312520248823/d75000dex41.htm)] | | 4.6 |

| [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 SLB’s Current Report on Form 8-K filed on September 18, [removed: 2020)](http://www.sec.gov/Archives/edgar/data/87347/000119312520248823/d75000dex42.htm)] [added: 2020)](https://www.sec.gov/Archives/edgar/data/87347/000119312520248823/d75000dex42.htm)] | | 4.7 |

| [Schlumberger Limited Supplementary Benefit Plan, as [removed: established] [added: amended and restated] effective [removed: June] [added: November] 1, [removed: 1995] [added: 2020] and conformed to include amendments [added: effective] through January 1, [removed: 2019] [added: 2023] (incorporated by reference to Exhibit 10.1 to SLB’s [removed: Annual] [added: Quarterly] Report on Form [removed: 10-K] [added: 10-Q] for the [removed: year] [added: quarter] ended [removed: December 31, 2018) (+)](http://www.sec.gov/Archives/edgar/data/87347/000156459019000928/slb-ex101_817.htm)] [added: September 30, 2023) (+)](https://www.sec.gov/Archives/edgar/data/87347/000095017023055042/slb-ex10_1.htm)] | | 10.1 |

| [Schlumberger Limited Restoration Savings Plan, as [removed: established effective June 1, 1995] [added: amended] and [removed: conformed to include amendments through] [added: restated effective] January 1, [removed: 2019] [added: 2023] (incorporated by reference to Exhibit 10.2 to SLB’s [removed: Annual] [added: Quarterly] Report on Form [removed: 10-K] [added: 10-Q] for the [removed: year] [added: quarter] ended [removed: December 31, 2018) (+)](http://www.sec.gov/Archives/edgar/data/87347/000156459019000928/slb-ex102_998.htm)] [added: September 30, 2023) (+)](https://www.sec.gov/Archives/edgar/data/87347/000095017023055042/slb-ex10_2.htm)] | | 10.2 |

| [Schlumberger Technology Corporation Supplementary Benefit Plan, as established effective January 1, 1995 and conformed to include amendments through January 1, [removed: 2019 (incorporated by reference to Exhibit 10.3 to 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)] [added: 2023 (*) (+)](https://www.sec.gov/Archives/edgar/data/87347/000095017024006884/slb-ex10_3.htm)] | | 10.3 |

| [2010 Omnibus Stock Incentive Plan, as amended and restated as of July 19, 2017 (incorporated by reference to Exhibit 10.8 to SLB’s Annual Report on Form 10-K for the year ended December 31, 2018) [removed: (+)](http://www.sec.gov/Archives/edgar/data/87347/000156459019000928/slb-ex108_547.htm)] [added: (+)](https://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 SLB’s 2010 Omnibus Stock Incentive Plan (incorporated by reference to Exhibit 10.10 to SLB’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2013) [removed: (+)](http://www.sec.gov/Archives/edgar/data/87347/000119312513299983/d550034dex1010.htm)] [added: (+)](https://www.sec.gov/Archives/edgar/data/87347/000119312513299983/d550034dex1010.htm)] | | 10.5 |

| [Form of Option Agreement (Employees in France), Non-Qualified Stock Option, under SLB’s 2010 Omnibus Stock Incentive Plan (incorporated by reference to Exhibit 10.11 to SLB’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2013) [removed: (+)](http://www.sec.gov/Archives/edgar/data/87347/000119312513299983/d550034dex1011.htm)] [added: (+)](https://www.sec.gov/Archives/edgar/data/87347/000119312513299983/d550034dex1011.htm)] | | 10.6 |

| [2018 Rules of SLB’s 2010, 2013 and 2017 Omnibus Incentive Plans for Employees in France (incorporated by reference to Appendix B to SLB’s Definitive Proxy Statement on Schedule 14A filed with the SEC on March 2, 2018) [removed: (+)](http://www.sec.gov/Archives/edgar/data/87347/000130817918000016/lslb2018_def14a.htm)] [added: (+)](https://www.sec.gov/Archives/edgar/data/87347/000130817918000016/lslb2018_def14a.htm)] | | 10.7 |

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

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

| [Form of Restricted Stock Unit Award Agreement under SLB’s [removed: 2013] [added: 2017] Omnibus Stock Incentive Plan [removed: (three-year vesting)] (incorporated by reference to Exhibit [removed: 10.2] [added: 10.4] to SLB’s Quarterly Report on Form 10-Q for the quarter ended [removed: June 30, 2015) (+)](http://www.sec.gov/Archives/edgar/data/87347/000156459015005555/slb-ex102_624.htm)] [added: March 31, 2017) (+)](https://www.sec.gov/Archives/edgar/data/87347/000156459017007214/slb-ex104_112.htm)] | | [removed: 10.10] [added: 10.11] |

| [Form of Restricted Stock Unit Award Agreement under SLB’s 2013 Omnibus Stock Incentive Plan (ratable vesting) (incorporated by reference to Exhibit 10.15 to SLB’s Annual Report on Form 10-K filed on January 27, 2021) [removed: (+)](http://www.sec.gov/Archives/edgar/data/87347/000156459021002477/slb-ex1015_106.htm)] [added: (+)](https://www.sec.gov/Archives/edgar/data/87347/000156459021002477/slb-ex1015_106.htm)] | | [removed: 10.11] [added: 10.10] |

| [Form of [removed: Restricted Stock] [added: Performance Share] Unit Award Agreement [added: (Based on Return on Capital Employed Performance)] under SLB’s 2017 Omnibus Stock Incentive Plan (incorporated by reference to Exhibit 10.4 to SLB’s Quarterly Report on Form 10-Q for the quarter ended March 31, [removed: 2017) (+)](http://www.sec.gov/Archives/edgar/data/87347/000156459017007214/slb-ex104_112.htm)] [added: 2022) (+)](https://www.sec.gov/Archives/edgar/data/87347/000156459022015889/slb-ex104_143.htm)] | | [removed: 10.12] [added: 10.14] |

| [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 SLB’s Annual Report on Form 10-K for the year ended December 31, 2018) [removed: (+)](http://www.sec.gov/Archives/edgar/data/87347/000156459019000928/slb-ex1027_1834.htm)] [added: (+)](https://www.sec.gov/Archives/edgar/data/87347/000156459019000928/slb-ex1027_1834.htm)] | | [removed: 10.13] [added: 10.12] |

| [Form of [removed: 2020 Two-Year] Performance Share Unit Award Agreement [removed: (with relative] [added: (Based on Relative] TSR [removed: modifier)] [added: Performance)] under SLB’s 2017 Omnibus Stock Incentive Plan (incorporated by reference to Exhibit [removed: 10.2] [added: 10.5] to SLB’s Quarterly Report on Form 10-Q for the quarter ended March 31, [removed: 2020) (+)](http://www.sec.gov/Archives/edgar/data/87347/000156459020017823/slb-ex102_231.htm)] [added: 2022) (+)](https://www.sec.gov/Archives/edgar/data/87347/000156459022015889/slb-ex105_144.htm)] | | [removed: 10.14] [added: 10.15] |

| [Form of [removed: 2020 Three-Year] Performance Share Unit Award Agreement [removed: (with relative TSR modifier)] [added: (Based on Free Cash Flow Margin Performance)] under SLB’s 2017 Omnibus Stock Incentive Plan (incorporated by reference to Exhibit [removed: 10.1] [added: 10.3] to SLB’s Quarterly Report on Form 10-Q for the quarter ended March 31, [removed: 2020) (+)](http://www.sec.gov/Archives/edgar/data/87347/000156459020017823/slb-ex101_230.htm)] [added: 2022) (+)](https://www.sec.gov/Archives/edgar/data/87347/000156459022015889/slb-ex103_142.htm)] | | [removed: 10.15] [added: 10.13] |

| [2017 Omnibus Stock Incentive Plan, as amended and restated effective January 21, 2021 (incorporated by reference to Exhibit 10.1 to SLB’s Current Report on Form 8-K filed on April 7, 2021) [removed: (+)](http://www.sec.gov/Archives/edgar/data/87347/000119312521109039/d128317dex101.htm)] [added: (+)](https://www.sec.gov/Archives/edgar/data/87347/000119312521109039/d128317dex101.htm)] | | [removed: 10.19] [added: 10.16] |

| [Discounted Stock Purchase Plan, as amended and restated effective July 1, 2022 (incorporated by reference to Exhibit 10.1 to SLB’s Current Report on Form 10-Q filed on July 27, 2022) [removed: (+)](http://www.sec.gov/Archives/edgar/data/87347/000156459022026594/slb-ex101_61.htm)] [added: (+)](https://www.sec.gov/Archives/edgar/data/87347/000156459022026594/slb-ex101_61.htm)] | | [removed: 10.20] [added: 10.17] |

| [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 SLB’s Current Report on Form 8-K filed on April 7, 2021) [removed: (+)](http://www.sec.gov/Archives/edgar/data/87347/000119312521109039/d128317dex103.htm)] [added: (+)](https://www.sec.gov/Archives/edgar/data/87347/000119312521109039/d128317dex103.htm)] | | [removed: 10.21] [added: 10.18] |

| [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) [removed: (+)](http://www.sec.gov/Archives/edgar/data/87347/000156459022015889/slb-ex101_140.htm)] [added: (+)](https://www.sec.gov/Archives/edgar/data/87347/000156459022015889/slb-ex101_140.htm)] | | [removed: 10.23] [added: 10.20] |

| [Significant [removed: Subsidiaries](https://www.sec.gov/Archives/edgar/data/87347/000156459023000762/slb-ex21_9.htm) (*)] [added: Subsidiaries (*)](https://www.sec.gov/Archives/edgar/data/87347/000095017024006884/slb-ex21.htm)] | | 21 |

| | | Exhibit |

| [Form of Indemnification Agreement (*) (+)](https://www.sec.gov/Archives/edgar/data/87347/000095017024006884/slb-ex10_19.htm) | | 10.19 |

| | | Exhibit |

| [Policy for Recovery of Performance-Based Incentive Compensation from Executive Officers (*)](https://www.sec.gov/Archives/edgar/data/87347/000095017024006884/slb-ex97.htm) | | 97 |

| | | |

| | | |

| --- | --- |

| [Form of Performance Share Unit Award Agreement (Based on Free Cash Flow Margin Performance) under SLB’s 2017 Omnibus Stock Incentive Plan (incorporated by reference to Exhibit 10.3 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-ex103_142.htm) | | 10.16 |

| [Form of Performance Share Unit Award Agreement (Based on Return on Capital Employed Performance) under SLB’s 2017 Omnibus Stock Incentive Plan (incorporated by reference to Exhibit 10.4 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-ex104_143.htm) | | 10.17 |

| [Form of Performance Share Unit Award Agreement (Based on Relative TSR Performance) under SLB’s 2017 Omnibus Stock Incentive Plan (incorporated by reference to Exhibit 10.5 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-ex105_144.htm) | | 10.18 |

| [Form of Indemnification Agreement (incorporated by reference to Exhibit 10 to 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 |

| [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 |

| Date: | | January [removed: 25, 2023] [added: 24, 2024] | | | SCHLUMBERGER LIMITED |

| | | | | | [removed: Howard Guild] [added: Howard Guild] |

| | | | | | [removed: Chief] [added: Chief] Accounting [removed: Officer] [added: Officer] |

| [removed: Name] [added: Name] | | [removed: Title] [added: Title] |

| /s/ Dianne B. Ralston | | January [removed: 25, 2023] [added: 24, 2024] |

SIGNATURES

| | | | | | |

| James Hackett | | |

SIGNATURES

| Mark G. Papa | | |

None.

PART III