SLB (SLB) 10-K risk factor changes: FY2025 vs FY2024

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

We are a global technology company, and our non-US operations accounted for approximately [removed: 85%] [added: 82%] of our consolidated revenue in [added: 2025, 85% in] 2024, and 84% in [removed: 2023 and 2022.][added: 2023.]

Russia represented approximately 4% of our worldwide revenue during [removed: 2024.][added: 2025.]

The carrying value of our net assets in Russia was approximately [removed: $0.6] [added: $0.7] billion as of December 31, [removed: 2024.][added: 2025.]

This consisted of [removed: $0.1] [added: $0.2] billion of cash and short-term investments, [removed: $0.3] [added: $0.4] billion of receivables, [removed: $0.2] [added: $0.3] billion of fixed assets, [removed: $0.3] [added: $0.2] billion of other assets, and [removed: $0.3] [added: $0.4] billion of current liabilities.

The extent to which our reputation, operations, financial results and cash flows, including the ability to repatriate cash, 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 [removed: the ruble.]

Unauthorized access to or modification of, or actions disabling our ability to obtain authorized access to, our customers’ data, other external data, personal data, or our own data, as a result of a cyber incident, attack or exploitation of a security vulnerability, or loss of [added: control of our clients’ operations could result in significant damage to our reputation or disruption of the services we provide to our customers or of our customers’ businesses.]

We may fail to realize the anticipated benefits of the [removed: proposed acquisition of ChampionX.][added: ChampionX acquisition.]

[removed: If the acquisition is completed, the] [added: The] success of the [added: ChampionX] acquisition will depend on, among other things, our ability to combine our business with that of ChampionX in a manner that facilitates growth opportunities and realizes anticipated synergies.

changes to tariff policies;

the ruble.

control of our clients’ operations could result in significant damage to our reputation or disruption of the services we provide to our customers or of our customers’ businesses.

Risks Related to the Proposed Acquisition of ChampionX

We may be unable to complete the proposed acquisition of ChampionX.

We or ChampionX may terminate the merger agreement between the parties (the “merger agreement”) in certain circumstances as described in our Current Report on Form 8-K filed with the SEC on April 2, 2024.

If the proposed acquisition is not completed for any reason, including as a result of failure to obtain required regulatory approvals, the market price of our common stock may be adversely affected; we may experience negative reactions from the financial markets, customers, suppliers and other constituencies; we will be required to pay certain costs relating to the acquisition; and we may be required to pay a termination fee under certain circumstances set forth in the merger agreement.

[removed: 2024] [added: 2025] Executive Overview

2024 was a strong year for SLB as [removed: we] [added: it] successfully navigated evolving market conditions [removed: to deliver] [added: as full year] revenue [removed: growth, margin expansion, and solid free cash flow.][added: of $36.3 billion increased 10% year on year.]

[removed: Our full-year] [added: Full-year] results were highlighted by 12% international revenue growth.

The Middle East & Asia achieved record revenues, while growth in Europe & Africa was bolstered by the [added: acquisition of the] Aker subsea [removed: business, which was acquired in the fourth quarter of 2023.][added: business.]

Excluding this acquired business, international revenue increased 7% year over [removed: year, outperforming the rig count over the same period.]

[removed: Our] [added: SLB’s] Core divisions — Reservoir Performance, Well Construction and Production Systems — delivered 9% revenue growth compared to the prior year, led by [removed: 24%] [added: 21%] growth in Production Systems, largely due to the subsea acquisition.

Digital [removed: & Integration revenue increased 10% year on year, driven by 20% growth in digital,] [added: revenue,] which reached $2.44 billion for the [added: year, increased 20% year on] year.

Accelerated adoption of [removed: our] digital technologies marked a milestone year, highlighted by strategic collaborations with cross-industry leaders, the launch of the Lumi™ data and AI platform, new Performance Live™ centers to enable remote operations, and the achievement of fully autonomous drilling operations.

Fourth Quarter [removed: 2024] [added: 2025] Results

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

| | Fourth Quarter [removed: 2024] [added: 2025] | | | | | | | | Third Quarter [removed: 2024] [added: 2025] | | | | | | |

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

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

| Interest income (2) | | | | | | [removed: 36] [added: 31] | | | | | | | | [removed: 36] [added: 37] | |

Excludes interest income included in the segments’ income (fourth quarter [removed: 2024: $10] [added: 2025: $-] million; third quarter [removed: 2024: $16] [added: 2025: $-] million).

Excludes interest expense included in the segments’ income (fourth quarter [removed: 2024: $3] [added: 2025: $-] million; third quarter [removed: 2024: $4] [added: 2025: $-] million).

[removed: Fourth-quarter] [added: Reservoir Performance] revenue of [removed: $9.3] [added: $1.7] billion increased [removed: 1%] [added: 4%] sequentially, [added: primarily] driven by [removed: digital sales in North America and] higher [added: stimulation] activity in the Middle [removed: East, Europe] [added: East & Asia] and [removed: North] [added: higher intervention activity in Europe &] Africa.

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

Digital [removed: & Integration] revenue of [removed: $1.2] [added: $2.4] billion increased [removed: 6% sequentially] [added: 20% year on year] driven by [removed: 10% growth in digital revenue, supported by greater] [added: the accelerated] adoption of digital technologies and higher sales of exploration [removed: data, particularly in the U.S. Gulf of Mexico.][added: data.]

Digital [removed: & Integration] pretax operating margin [removed: of 38%] expanded [removed: 274] [added: 557] basis points [removed: (“bps”) sequentially,] [added: sequentially to 34%,] reflecting improved profitability [removed: in digital] from [removed: higher sales] [added: strong Digital Exploration activity, robust growth in Digital Operations,] and [removed: cost efficiencies.][added: higher Platforms & Applications revenue.]

Well Construction pretax operating margin of [removed: 21%] [added: 19%] declined [removed: 70] [added: 220] bps [removed: sequentially due to] [added: year on year driven by] the [removed: reduced activity.][added: widespread activity reductions.]

| | [removed: 2024 | | | |] [added: 2024] | | | | 2023 | | | [removed: | | | |]

| Reservoir Performance | [removed: | 7,177 | | | | 1,452] [added: 7,177] | | [added: 1,452] | | 6,561 | | [removed: | |] 1,263 | [removed: |]

| Well Construction | [removed: | 13,357 | | | | 2,826] [added: 13,357] | | [added: 2,826] | | 13,478 | | [removed: | |] 2,932 | [removed: |]

| Production Systems | [removed: | 12,143 | | | | 1,898] [added: 11,935] | | [added: 1,900] | | 9,831 | | [removed: | |] 1,245 | [removed: |]

| Corporate & other (1) | | | [removed: | | | (744 | ) | | | |] [added: (744)] | | | [removed: (729] | [removed: )] [added: (729)] |

| Interest income (2) | | | [removed: | | |] 134 | | | | [removed: | | | | 87 |] [added: 134] |

| Interest expense (3) | | | [removed: | | | (498 | ) | | | |] [added: (498)] | | | [removed: (489] | [removed: )] [added: (489)] |

| Charges & credits (4) | | | [removed: | | | (541 | ) | | | |] [added: (541)] | | | [removed: (110] | [removed: )] [added: (110)] |

| | [removed: $ | 36,289 | | | $ | 5,672 | | | $] [added: $36,289] | [removed: 33,135] | [added: $5,672] | | [removed: $] [added: $33,135] | [removed: 5,282] | [added: $5,282] |

Approximately 46% of [removed: the year-on-year revenue] [added: this] increase came from the acquisition of the Aker Solutions subsea business [removed: ("Aker")] [added: (“Aker”)] in the fourth quarter of [removed: 2023 (see Note 6 to the *Consolidated Financial Statements*).][added: 2023.]

[removed: Digital & Integration pretax] [added: Pretax] operating [removed: margin of 33% increased 67 bps] [added: income decreased $117 million] year on year primarily due to the [removed: growth in digital revenue partially offset by] effects of [removed: higher] [added: high] APS amortization expense and lower gas prices.

Production Systems revenue of [removed: $12.1] [added: $11.9] billion increased [removed: 24%] [added: 21%] year on year mainly due to the acquisition of the Aker subsea business.

Production Systems pretax operating margin of 16% expanded [removed: 297] [added: 325] bps year on year driven by a favorable activity mix, execution efficiency, and conversion of improved-price backlog.

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

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

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

| | [removed: 2024] [added: 2025] | | | | [added: 2024 | | | |] 2023 | | |

| Earnings of equity method investments | $ | [removed: 182] [added: 196] | | | $ | [added: 182 | | | $ |] 206 | |

| Interest income | | [removed: 174] [added: 136] | | | | [added: 174 | | | |] 100 | |

SLB previously reported its results on the basis of four Divisions: Digital & Integration, Reservoir Performance, Well Construction, and Production Systems.

Commencing the third quarter of 2025, SLB's Digital business is reported as a separate Division.

Additionally, SLB's Asset Performance Solutions ("APS"), Data Center Solutions, and SLB Capturi businesses are now reported in the All Other category.

The acquired ChampionX businesses are predominantly reported in SLB's Production Systems Division, with the exception of its digital business, which is reported in SLB's Digital Division.

Prior periods have been recast to conform to the current presentation.

Although 2025 presented a challenging backdrop for the industry—with lower commodity prices, geopolitical uncertainty and an oversupplied oil market—we continued to build resilience across our portfolio by accelerating our strategy.

We completed the acquisition of ChampionX during the third quarter in an all-stock transaction valued at $4.9 billion.

The combined portfolio, technology capabilities and digital leadership positions SLB to create value for its customers and stakeholders by increasing its exposure to the growing production and recovery market while delivering best-in-class workflow integration across production chemicals and artificial lift.

In addition to growing our emphasis on production and recovery, we also increased deployment of AI solutions and the rapid expansion of our Data Center Solutions business.

Amidst lower upstream spending, global revenue of $35.7 billion declined 2% year on year, while we generated $6.5 billion of cash flow from operations and $4.1 billion of free cash flow, enabling us to return $4.0 billion to shareholders.

Excluding the $1.5 billion of revenue from the acquisition of ChampionX, revenue declined 6% year on year as growth in our Digital and Data Center Solutions businesses were more than offset by declines in Saudi Arabia, Mexico and offshore Sub-Saharan Africa.

International revenue declined 5% year on year due to the lower activity in Saudi Arabia, Mexico and Sub-Saharan Africa while North America revenue grew 12% driven by the ChampionX acquisition.

Excluding the impact of this transaction, North American revenue declined 2% despite a 5% drop in upstream spending, supported by growth in Data Center Solutions which grew 121% year on year.

This business is expanding rapidly as we strengthen strategic partnerships with hyperscalers to leverage our modular data center manufacturing capabilities.

Digital revenue increased 9% on a full-year basis driven by significant uptake in Digital Operations as well as steady growth in Platforms & Applications as customers continued to invest in automated solutions to improve performance and efficiency.

SLB concluded the year with a very strong fourth quarter driven by Production Systems, Digital and Reservoir Performance.

Notably, fourth quarter revenue increased sequentially across each of our four geographies for the first time since the second quarter of 2024, reflecting stabilized global upstream activity.

We experienced sequential organic revenue growth both in North America and in the international markets, driven by higher offshore activity and strong year-end product and digital sales in Latin America, the Middle East and Asia, across Sub-Saharan Africa and in North America Offshore.

As we move into 2026, we believe the headwinds we experienced in key regions in 2025 are behind us.

In particular, we expect rig activity in the Middle East, to increase compared to today’s level, and our footprint in the region puts us in a strong position to benefit from this recovery.

As economics remain challenged, production and recovery activity is becoming a strategic priority for our customers to unlock incremental barrels at the lowest cost.

This is translating into higher demand particularly for intervention services, artificial lift, production chemicals and SLB OneSubsea.

We expect that Data Center Solutions will be our fastest growing business for years to come, and Digital will continue to grow at highly accretive margins.

Both present differentiated growth opportunities for SLB in 2026 and beyond.

SLB has consistently proven that the unique strengths of our portfolio enable us to create differentiated value and generate significant cash flows in varied market conditions.

As we move through the year, we anticipate that activity will gradually improve in the key markets where we operate, giving us the confidence that we will generate strong cash flows, once again, in 2026.

Aligned with our clear priority to create value for investors, we are committed to returning more than $4 billion to shareholders in 2026 through dividends and share repurchases.

| Digital | $ | 825 | | | $ | 280 | | | $ | 658 | | | $ | 187 | |

| Reservoir Performance | | 1,748 | | | | 342 | | | | 1,682 | | | | 312 | |

| Well Construction | | 2,949 | | | | 550 | | | | 2,967 | | | | 558 | |

| Production Systems | | 4,078 | | | | 664 | | | | 3,474 | | | | 559 | |

| All Other | | 445 | | | | 85 | | | | 397 | | | | 96 | |

| Eliminations & other | | (300 | ) | | | (114 | ) | | | (250 | ) | | | (86 | ) |

| Corporate & other (1) | | | | | | (208 | ) | | | | | | | (203 | ) |

| Interest expense (3) | | | | | | (126 | ) | | | | | | | (142 | ) |

| Charges & credits (4) | | | | | | (561 | ) | | | | | | | (318 | ) |

| | $ | 9,745 | | | $ | 943 | | | $ | 8,928 | | | $ | 1,000 | |

Fourth-quarter revenue of $9.7 billion increased 9% sequentially with international revenue increasing 8% and North America revenue increasing 15%.

These results reflect a full quarter of activity from the acquired ChampionX businesses which contributed $879 million of revenue, consisting of $583 million in North America and $266 million in the international markets.

Third-quarter 2025 revenue reflected two months of activity from ChampionX, which contributed revenue of $579 million, consisting of $387 million in North America and $171 million in the international markets.

This section of the Form 10-K generally discusses 2024 and 2023 items and year-to-year comparisons between 2024 and 2023.

Discussions of 2022 items and year-to-year comparison between 2023 and 2022 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, 2023.

Year on year, revenue increased by 10% and pretax segment operating income grew by 12%, while we generated $6.6 billion in cash flow from operations and $4.0 billion in free cash flow, enabling us to return $3.3 billion to shareholders and reduce net debt by $571 million.

These results demonstrate SLB’s ability to deliver consistent financial performance despite moderating upstream investment growth, driven by our global scale, unmatched digital offerings and ongoing focus on cost optimization.

Our fit-for-basin approach, domain expertise and integration capabilities have established us as the performance partner of choice for addressing the operating challenges our customers face throughout the life cycle of their assets.

As operators across the industry increasingly prioritize production and recovery, our strengths are more critical than ever.

With the anticipated completion of our announced acquisition of ChampionX, we are set to further strengthen our production and recovery capabilities, enabling us to deliver even greater value to our customers.

This strategic acquisition will also enhance the resilience of the SLB portfolio, providing some stability against the cycles in the years to come.

While upstream investment growth will remain subdued in the short term due to global oversupply, we anticipate that the oil supply imbalance will gradually abate.

Global economic growth and a heightened focus on energy security, coupled with rising energy demand from AI and data centers will support the investment outlook for the oil and gas industry throughout the rest of the decade.

In our Core business, we are making unmatched contributions to the discovery, development and extraction of oil and gas reserves, fueling global energy supply.

We have the leading offering in digital.

And we are pursuing a meaningful opportunity in New Energy and decarbonization, where we have established a differentiated market position.

Together, this is laying a strong foundation for our business.

Given our confidence in the business outlook and our ability to continue generating strong cash flows, in January 2025 our Board of Directors approved a 3.6% increase to our quarterly dividend.

Additionally, we entered into accelerated share repurchase transactions to repurchase $2.3 billion of SLB common stock.

This positions us to increase total return to shareholders, in the form of dividends and share repurchases, from $3.3 billion in 2024 to at least $4 billion in 2025.

| Digital & Integration | $ | 1,156 | | | $ | 442 | | | $ | 1,088 | | | $ | 386 | |

| Reservoir Performance | | 1,810 | | | | 370 | | | | 1,823 | | | | 367 | |

| Well Construction | | 3,267 | | | | 681 | | | | 3,312 | | | | 714 | |

| Production Systems | | 3,197 | | | | 506 | | | | 3,103 | | | | 519 | |

| Eliminations & other | | (146 | ) | | | (81 | ) | | | (167 | ) | | | (84 | ) |

| Pretax segment operating income | | | | | | 1,918 | | | | | | | | 1,902 | |

| Corporate & other (1) | | | | | | (177 | ) | | | | | | | (187 | ) |

| Interest expense (3) | | | | | | (128 | ) | | | | | | | (132 | ) |

| Charges & credits (4) | | | | | | (262 | ) | | | | | | | (112 | ) |

| | $ | 9,284 | | | $ | 1,387 | | | $ | 9,159 | | | $ | 1,507 | |

On a divisional basis, Digital & Integration led the growth, driven by increased demand for digital products and solutions, while Production Systems benefited from strong backlog conversion as customers continued to invest in maximizing recovery from existing assets.

International revenue of $7.5 billion increased 1% sequentially driven by the Middle East & Asia and Europe & Africa.

The Middle East & Asia grew 2% sequentially driven by strong activity in the United Arab Emirates, higher drilling in Egypt, and increased stimulation, intervention, and evaluation activity in Qatar.

These gains were offset by weaker performance in Saudi Arabia and Australia.

Europe & Africa also grew 2% sequentially largely driven by increased activity in Europe and North Africa.

Revenue in Latin America declined 3% sequentially primarily due to reduced drilling activity in Mexico.

North America revenue of $1.8 billion increased 4% sequentially due to higher digital sales, increased sales of production systems, and increased drilling activity in U.S. land and Canada.

Asset Performance Solutions (“APS”) revenue was flat sequentially.

Reservoir Performance revenue of $1.8 billion declined 1% sequentially driven by reduced intervention and stimulation activity, partially offset by stronger evaluation activity.

Revenue was impacted by lower stimulation and intervention work in Saudi Arabia, which was offset by increased activity in the rest of the Middle East & Asia and North America.

Reservoir Performance pretax operating margin of 20% expanded 35 bps sequentially, primarily reflecting improved profitability in evaluation services.

Well Construction revenue of $3.3 billion declined 1% sequentially due to reduced drilling activity in Mexico and Saudi Arabia, partially mitigated by higher activity across the rest of the Middle East & Asia.

Production Systems revenue of $3.2 billion increased 3% sequentially with growth led by higher international sales of artificial lift, midstream production systems and completions, partially offset by reduced sales of subsea production systems.

Approximately 70% of SLB’s revenue in [removed: 2024] [added: 2025] was denominated in US dollars.

A 10% appreciation in the US dollar from the December 31, [removed: 2024] [added: 2025] market rates would decrease the unrealized value of SLB’s forward contracts by [removed: $121] [added: $154] million.

Conversely, a 10% depreciation in the US dollar from the December 31, [removed: 2024] [added: 2025] market rates would increase the unrealized value of SLB’s forward contracts by [removed: $133] [added: $166] million.

At December 31, [removed: 2024,] [added: 2025,] forward contracts for the US dollar equivalent of [removed: $10.0] [added: $10.8] billion in various foreign currencies were outstanding, of which $4.5 billion related to hedges of debt balances denominated in currencies other than the functional currency.

This Form 10-K, as well as other statements we make, [removed: contains] [added: contain] “forward-looking statements” within the meaning of the federal securities laws, which include any statements that are not historical facts.

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 [removed: areas] [added: areas,] or technologies within each Division); [added: the benefits of the ChampionX acquisition, including the ability of SLB to integrate the ChampionX business successfully and to achieve anticipated synergies and value creation from the acquisition;] 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 capital allocation plans, including dividend plans and share repurchase programs; SLB’s APS projects, joint ventures, and other alliances; the impact of [removed: the] ongoing [removed: conflict in Ukraine] [added: or escalating conflicts] on global energy supply; access to raw materials; future global economic and geopolitical conditions; future liquidity, including free cash flow; and future results of operations, such as margin levels.

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

Statements in this Form 10-K are made as of January [removed: 22, 2025,] [added: 23, 2026,] and SLB disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future [removed: events] [added: events,] or otherwise.

This Form 10-K also includes forward-looking statements relating to the proposed transaction between SLB and ChampionX, including statements regarding the benefits of the transaction and the anticipated timing of the transaction.

Factors and risks that may impact future results and performance include, but are not limited to, and in each case as a possible result of the proposed transaction on each of SLB and ChampionX: the ultimate outcome of the proposed transaction between SLB and ChampionX; the ability to operate the SLB and ChampionX respective businesses, including business disruptions; difficulties in retaining and hiring key personnel and employees; the ability to maintain favorable business relationships with customers, suppliers and other business partners; the terms and timing of the proposed transaction; the occurrence of any event, change or other circumstance that could give rise to the termination of the proposed transaction; the anticipated or actual tax treatment of the proposed transaction; the ability to satisfy closing conditions to the completion of the proposed transaction; other risks related to the completion of the proposed transaction and actions related thereto; the ability of SLB and ChampionX to integrate the business successfully and to achieve anticipated synergies and value creation from the proposed transaction; the ability to secure government regulatory approvals on the terms expected, at all or in a timely manner; litigation and regulatory proceedings, including any proceedings that may be instituted against SLB or ChampionX related to the proposed transaction,

as well as the risk factors discussed in SLB’s and ChampionX’s most recent Forms 10-K, 10-Q, and 8-K filed with or furnished to the SEC.

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

[removed: We are SLB,] [added: SLB is] a global technology company driving energy innovation for a balanced planet.

[removed: Today, the] [added: The] world faces the challenge of providing secure and affordable energy to meet growing demand, while rapidly decarbonizing for a sustainable future.

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

Digital [removed: & Integration]

[removed: *Digital Solutions:* Includes products, services, and] [added: Digital – Comprised of SLB’s industry-leading digital] solutions [added: and data products] 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.

As of December 31, [removed: 2024,] [added: 2025,] SLB’s [removed: APS] [added: Asset Performance Solutions] portfolio primarily consisted of three field production projects in [removed: Ecuador and one in Canada.][added: Ecuador.]

*Evaluation:* Provides the measurement, interpretation, and insights necessary to understand the subsurface geology and fluids through wireline logging, downhole [removed: testing] [added: testing,] and rock and fluid analysis services.

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

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

Production Systems – Develops technologies and provides expertise that enhances production and recovery [added: of oil and gas assets] from subsurface reservoirs to the surface, into pipelines, and to refineries.

*Subsea Production Systems:* Through its [removed: *OneSubsea*™] [added: SLB OneSubsea™] joint venture, [removed: provides] [added: offers] integrated solutions, products, systems, and services for the subsea market, including wellheads, subsea trees, [removed: manifolds and] [added: manifolds,] flowline connectors, control [removed: systems, connectors and services designed] [added: systems] to maximize reservoir recovery and [removed: extend the life of each field.][added: extending field life.]

*Artificial Lift:* Provides lifting solutions using electrical submersible pumps, gas lift equipment, progressing cavity pumps, [added: rod lift pumps, plunger lift pumps, jet lift pumps,] and surface horizontal pumping systems.

*Completions:* Supplies well completion services and equipment that [removed: includes] [added: include] packers, safety valves, and sand control technology, as well as a range of intelligent systems that enable real-time visibility and performance monitoring.

*Surface Production Systems:* Designs and manufactures [removed: onshore and offshore systems including wellheads,] [added: a portfolio of wellhead systems,] valves, chokes, actuators, [removed: and] surface trees, and provides fracturing and [removed: flow back services to operators.][added: flowback services.]

[removed: *Valves:* Serves] [added: *Valves: S*erves] the upstream, midstream, and downstream markets with a broad portfolio of valves that are primarily used to control and direct the flow of hydrocarbons as they are moved from wellheads through flow lines, gathering lines, and transmission systems to refineries, petrochemical plants, and industrial centers for processing.

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

[removed: On April 2, 2024,] [added: During 2025,] SLB [removed: announced a definitive agreement to purchase] [added: acquired] ChampionX Corporation ("ChampionX") in an all-stock transaction.

With a balanced energy transition in mind, our strategy is focused on three engines of growth: Core, Digital, and New [removed: Energy.][added: Horizons of Growth.]

Building on decades of [removed: technology] [added: technological] advancement, we will continue innovating new products, services and technologies that make the exploration, [removed: development and] [added: drilling,] production [added: and recovery] of oil and gas assets [removed: cleaner,] more cost [removed: effective,] [added: effective] and [removed: more] efficient, with lower carbon [removed: emissions and less impact on the environment.][added: emissions.]

Digital capabilities continue to grow throughout the energy industry as a key element of the complex systems required to meet current energy [removed: demand, improve efficiency] [added: demand] and [removed: to harness the promise of a lower-carbon future.][added: improve efficiency.]

SLB is uniquely positioned to support customers on their digital journeys by providing an offering which spans planning and operational workflows, underpinned by [removed: a] data [removed: platform] [added: platforms and agentic AI orchestration] which [removed: allows] [added: not only allow] customers to realize efficiency gains [added: but also transforms industry workflows] through AI.

Our software products sold directly to customers, which are agnostic to equipment provider, enable automation and autonomy to reduce [removed: cost] [added: costs] and improve performance.

[removed: However, we] [added: We] also provide digital services to enhance the [removed: SLB] equipment and service [removed: offering] [added: offerings] in our Core Divisions.

We are building a broad, diverse portfolio across [removed: New Energy] [added: new energy and industrial] sectors, selected for their materiality and adjacency to [added: our] existing [removed: SLB strengths] [added: business] and [added: technical capabilities and] our ability to offer differentiated technology.

[removed: Our New Energy portfolio builds on several fundamental] [added: Within those horizons of growth, we will build upon the strengths that have made possible the century of success that] SLB [removed: strengths:] [added: will celebrate in 2026:] our unique subsurface domain expertise, applicable beyond oil and gas; our ability to design and deploy complex processing and production systems as an original equipment manufacturer; our differentiated track record for innovation and [removed: industrialization;] [added: manufacturing of industrial solutions with rapid lead times;] and our ability to deploy at scale in any region of the world with local knowledge and talent.

[removed: *Sustainability*][added: Sustainability]

SLB’s [removed: emissions reduction strategy is at the center of our identity and vision, and our] commitment to a sustainable future is underscored by [removed: bold] science-backed targets aligned with the Paris Agreement.

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

By setting targets [removed: based on SLB’s total 2019 baseline GHG footprint—inclusive] [added: inclusive] of Scope 3 emissions (which accounted for approximately 95% of [removed: SLB’s] [added: SLB's] baseline)—and not just its Scope 1 and 2 footprint, SLB’s [removed: comprehensive] emissions reduction roadmap addresses the entire energy value chain.

As a leading global technology company that operates in more than 100 countries with a workforce of approximately [removed: 110,000] [added: 109,000] people from diverse backgrounds, cultures, and nationalities, one of SLB’s greatest strengths is the diversity of our people.

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

SLB [removed: also] recognizes the importance of [added: accessing the best available talent and sees] gender diversity as a source of creativity, innovation, and competitive advantage.

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

a 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; [added: and]

a mobility program that enables employees to gain international exposure and experience and develop cross-cultural [removed: competencies.][added: competencies;]

No single customer exceeded 10% of SLB's consolidated revenue during each of [added: 2025,] 2024, [removed: 2023,] and [removed: 2022.][added: 2023.]

For additional [removed: details,] [added: details] see “Item 1(a).

[removed: Schlumberger Limited, the NYSE-listed parent of the] SLB [removed: family of companies,] is incorporated under the laws of Curaçao [removed: and has] [added: with] executive offices in Paris, Houston, [removed: London,] and The Hague.

The Company changed its brand name to SLB in 2022 [removed: but did not change] [added: and] the legal name of its listed parent [removed: company, which remains Schlumberger Limited.][added: company in 2025.]

Revenue is generated from four key solutions — Platforms & Applications, Digital Operations, Digital Exploration and Professional Services.

*Platforms & Applications:* Includes SLB’s cloud technologies such as the Delfi™ and Lumi™ platforms, along with a suite of specialized, domain-focused applications such as Petrel™ and Techlog™ offered as SaaS subscription or perpetual licenses.

These platforms and applications automate complex models to simulate the impact of reservoir development plans and aid in the planning of key operations such as drilling, completion, and production designs.

Additionally, they unlock data and utilize artificial intelligence (“AI”) and machine learning to reduce cycle time and improve efficiency of workflows to allow customers to make better, faster decisions to improve their project economics and reservoir performance.

*Digital Operations:* Combines the strengths of SLB’s oilfield services with advanced digital technologies to deliver more reliable, efficient, and autonomous field operations.

By integrating connected solutions with Performance Live™ digital service delivery centers, customers gain real-time monitoring, remote decision making and automated execution across their workflows from autonomous drilling to automated well intervention, all while reducing costs and improving project economics.

Revenue is generated from the same customer base as SLB’s Core divisions of Well Construction, Reservoir Performance, and Production Systems.

To incentivize the Core divisions and Digital to develop and promote digital operations, the resulting revenue is recognized in both the respective Core division as well as in the Digital Division.

This effect is eliminated in consolidation.

*Digital Exploration:* Represents SLB’s exploration data business.

The exploration data library is a differentiated asset library of seismic surveys and other subsurface data that customers rely on for better exploration and development decisions.

These licensed datasets also support carbon storage design and monitoring.

The library covers key exploration and producing basins worldwide and datasets are refreshed and reprocessed to benefit from the latest imaging algorithms and AI technologies, enabled by high performance cloud computing.

*Professional Services:* Includes consulting and other services required to support customers’ digital transformations.

These services include transition support from on-prem to cloud-based digital solutions, data clean-up and migration, workflow automation — including deployment of workflow solutions built within SLB’s global network of Innovation Factori workspaces — and training to further enable customers’ digital transformations.

Production Systems provides a comprehensive portfolio of equipment and services across the entire production system that optimizes performance.

SLB owns 70% of the joint venture, while Aker Solutions ASA owns 20% and Subsea7 S.A. owns 10%.

*Process Technologies and Solutions:* Delivers processing modules covering oil and gas and treatment packages for produced water and seawater.

Also provides fit-for-purpose integrated production facilities that accelerate first production, as well as a broad portfolio of emissions management solutions.

*Production Chemical Technologies:* Supplies chemistry technologies and solutions that optimize production and processing, support asset integrity, and extend asset life.

The portfolio includes production chemicals for flow assurance and production optimization, systems for gas and liquid stream purification, chemical injection systems, and autonomous digital surveillance solutions.

All Other – This category primarily consists of the following:

*Data Center Solutions:* Designs and manufactures critical infrastructure components — such as modular data center enclosures, cooling systems, and other hardware — for hyperscalers and enterprises.

By leveraging scalable, standardized production with rapid lead times, and rigorous quality assurance, Data Center Solutions provides configurable solutions that balance cost efficiency, reliability, and customization to meet accelerating data center demand.

*SLB Capturi:* A joint venture between SLB and Aker Carbon Capture that combines the strengths and capabilities of both companies to accelerate industrial decarbonization at a global scale.

SLB Capturi, which is 80% owned by SLB, is a dedicated carbon capture company with solutions, services, and technologies servicing a range of hard-to-abate industries, including the cement, waste-to-energy, gas-to-power, and biogenic emissions segments.

The acquisition strengthens SLB's leadership in the production and recovery space.

SLB issued 141 million shares of its common stock valued at $4.9 billion in connection with this transaction.

*New Horizons of Growth*

SLB recognizes that its future will keep expanding beyond oil and gas and is positioning for long term growth in markets that offer a significant opportunity to utilize SLB’s expertise and scale to drive innovation and performance.

SLB continues building businesses and forging partnerships in New Energy to harness the promise of a lower carbon future.

This includes fostering industrial decarbonization, including carbon capture and sequestration (CCS) and low-carbon hydrogen for hard-to-abate industries, scaling new energy systems—particularly geothermal—as well as innovating in critical minerals.

New horizons of growth also include our fast-growing Data Center Solutions business.

As AI-driven data demand continues to fuel rapid growth, this business is expected to be a material contributor to SLB’s portfolio in the future.

Women represented approximately 26% of our salaried workforce as of December 31, 2025.

a culture framework that codifies SLB's history on including diverse perspectives;

employee resource groups that provide peer mentoring and management feedback.

SLB, formerly known as Schlumberger, was founded in 1926 and is the NYSE-listed parent of the SLB family of companies.

Section 16 Officers

| Steve Gassen | 51 | Executive Vice President of Geographies, since May 2025; President, Production Systems, August 2022 to May 2025; Senior Vice President, Carbon Capture, March 2022 to August 2022; Senior Vice President, Marketing, December 2021 to March 2022; and Vice President, Marketing, July 2020 to December 2021. |

In October 2022, we changed our brand name to SLB and unveiled a new logo that underscores our vision for a decarbonized energy future.

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.

Our 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.

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

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

The primary offerings comprising this Division are:

Offerings are founded upon proprietary and open-source data platform technologies, industry-leading simulators, and workflow tools, and include domain-specific application of innovative digital capabilities, such as artificial intelligence ("AI") and machine learning.

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

Digital Solutions also provides comprehensive reservoir interpretation and data processing services, enabled by a scientifically advanced platform and innovative subsurface imaging techniques for exploration data, and includes one of the industry’s most extensive exploration data libraries.

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

*Midstream Production Systems:* Enables efficient monetization of subsurface assets using standard and custom-designed onshore, offshore, and downstream processing and chemical treatment systems, as well as unique, reservoir-driven, fit-for-purpose integrated production systems for accelerating first production and maximizing project economics.

Under the terms of the agreement, ChampionX shareholders will receive 0.735 shares of SLB common stock in exchange for each ChampionX share.

At the closing of the transaction ChampionX shareholders will own approximately 9% of SLB's outstanding shares of common stock.

ChampionX reported revenue of approximately $2.7 billion for the nine months ended September 30, 2024.

The transaction, which is subject to regulatory approvals and other customary closing conditions, received the approval of the ChampionX stockholders at a special meeting held on June 18, 2024.

It is anticipated that the transaction will close in the first quarter of 2025.

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

With the continued growth of digitally enabled technologies that improve efficiency and performance, including our Transition Technologies™ portfolio and our SLB End-to-end Emissions Solutions (SEES) methane elimination business, SLB provides solutions that enable customers to increase production from their reserves at a competitive cost and at a lower carbon intensity per barrel equivalent.

SLB’s customers have access to leading digital products that help to meet their sustainability goals by driving transparency, better measurement, more effective planning, and more impactful and reliable outcomes.

To continue elevating customer offerings, we are accelerating the adoption of our proprietary Delfi™ offering, an open, scalable, and secure cloud-based software environment.

Our cloud-based solutions allow our customers to transition from our established software applications to our Delfi digital platform, and shift from a user-based license model to software-as-a-service (SaaS) subscriptions.

This enables customers to evolve from legacy infrastructure and deliver new levels of value creation, with access to key resources such as storage and increased computing power from our cloud partners and our industry-leading simulators.

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.

Through our LumiTM data and AI platform, we also enable data-driven decision making for our customers across the energy industry.

Data from a wide variety of sources across the subsurface and operations value chain can be accessed, facilitating AI-driven decision making at scale.

The platform can connect diverse industry data sources, inclusive of on-premises data platforms and customer data infrastructure.

*New Energy*

New Energy offers a significant opportunity to use SLB’s experience and scale to drive innovation for a low-carbon economy spanning industries beyond oil and gas.

SLB will continue building businesses and forging partnerships across various industries to focus on three key areas: Industrial Decarbonization, Renewables and Energy Efficiency, and Critical Minerals.

Industrial Decarbonization focuses on providing technology and business solutions in the field of carbon capture and sequestration (“CCS”) and low-carbon hydrogen for hard-to-abate industries.

SLB has been in the CCS business for more than three decades and is actively progressing technologies to enable widespread adoption of CCS at scale.

Our expertise extends beyond subsurface characterization and well construction to include capture technology, project economics, technology selection, and permitting.

This includes the recent establishment of SLB Capturi, offering a modular product platform of industrial-scale carbon capture solutions.

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.

SLB has also invested in Genvia, a unique private-public partnership that combines SLB’s expertise and experience with that of the French Atomic Energy and Alternative Energies Commission and partners.

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.

Renewables and Energy Efficiency refers to our technology and business solutions designed to enable renewable energy expansion and greater energy efficiency, with a focus on geothermal, geoenergy, and energy storage.

Geothermal power leverages the heat of the earth to generate electricity or provide heat directly, by tapping into subsurface hot water and steam zones.

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, driving both efficiency and decarbonization.

For the fiscal year ended December 31, [removed: 2024][added: 2025]

[removed: ][added: ]

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

As of June 30, [removed: 2024,] [added: 2025,] the aggregate market value of the common stock of the registrant held by non-affiliates of the registrant was approximately [removed: $66.86] [added: $45.58] billion.

As of December 31, [removed: 2024,] [added: 2025,] the number of shares of common stock outstanding was [removed: 1,400,850,420.][added: 1,495,331,485.]

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: 2025] [added: 2026] Annual General Meeting of 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: 2024] [added: 2025] (the [removed: “2025] [added: “2026] Proxy Statement”).

| Item 1A. | [Risk Factors](#item_1a_risk_factors) | [removed: 10] [added: 8] |

| Item 1B. | [Unresolved Staff Comments](#item_1b_unresolved_staff_comments) | [removed: 14] [added: 13] |

| Item 1C. | [Cybersecurity](#item_1c_cybersecurity) | [removed: 14] [added: 13] |

| Item 2. | [Properties](#item_2_properties) | [removed: 15] [added: 13] |

| Item 3. | [Legal Proceedings](#item_3_legal_proceedings) | [removed: 15] [added: 13] |

| Item 4. | [Mine Safety Disclosures](#item_4_mine_safety_disclosures) | [removed: 15] [added: 13] |

| Item 5. | [Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](#item_5_market_for_schlumbergers_common_s) | [removed: 16] [added: 14] |

| Item 6. | [\[Reserved\]](#item_6_reserved) | [removed: 17] [added: 14] |

| Item 7. | [Management’s Discussion and Analysis of Financial Condition and Results of Operations](#item_7_managements_discussion_analysis_f) | [removed: 18] [added: 15] |

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

SLB LIMITED

| | | |

| 62 Buckingham Gate London, United Kingdom | | SW1E 6AJ |

SCHLUMBERGER LIMITED

As of December 31, [removed: 2024,] [added: 2025,] there were [removed: 20,762] [added: 21,139] stockholders of record.

It assumes $100 was invested on December 31, [removed: 2019] [added: 2020] 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.

[removed: ][added: ]

SLB cumulatively repurchased [removed: $3.5] [added: $5.9] billion of its common stock under this program as of December 31, [removed: 2024.][added: 2025.]

No shares were repurchased during the three months ended December 31, 2025.

SLB's common stock repurchase program activity for the three months ended December 31, 2024 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 2024 | | 5,545.1 | | | $ | 42.80 | | | | 5,545.1 | | | $ | 6,805,195 | |

| November 2024 | | 2,992.6 | | | $ | 42.47 | | | | 2,992.6 | | | $ | 6,678,093 | |

| December 2024 | | 3,221.6 | | | $ | 42.45 | | | | 3,221.6 | | | $ | 6,541,326 | |

| | | 11,759.3 | | | $ | 42.62 | | | | 11,759.3 | | | | | |

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

| Year Ended December 31, | [removed: 2024] [added: 2025] | | | | [removed: 2023] [added: 2024] | | | | [removed: 2022] [added: 2023] | | |

| Services | $ | [removed: 23,297] [added: 21,200] | | | $ | [removed: 22,439] [added: 23,297] | | | $ | [removed: 19,552] [added: 22,439] | |

| Product sales | | [removed: 12,992] [added: 14,508] | | | | [removed: 10,696] [added: 12,992] | | | | [removed: 8,539] [added: 10,696] | |

| *Total Revenue* | | [removed: 36,289] [added: 35,708] | | | | [removed: 33,135] [added: 36,289] | | | | [removed: 28,091] [added: 33,135] | |

| *Interest & other [removed: income, net*] [added: income*] | | [removed: 380] [added: 481] | | | | [removed: 342] [added: 380] | | | | [removed: 610] [added: 342] | |

| Cost of services | | [removed: 17,847] [added: 16,764] | | | | [removed: 17,231] [added: 17,847] | | | | [removed: 15,233] [added: 17,231] | |

| Cost of sales | | [removed: 10,982] [added: 12,437] | | | | [removed: 9,341] [added: 10,982] | | | | [removed: 7,697] [added: 9,341] | |

| Research & engineering | | [removed: 749] [added: 709] | | | | [removed: 711] [added: 749] | | | | [removed: 634] [added: 711] | |

| General & administrative | | [removed: 385] [added: 340] | | | | [removed: 364] [added: 385] | | | | [removed: 376] [added: 364] | |

| Restructuring & other | | [removed: 399] [added: 457] | | | | [removed: \-] [added: 237] | | | | \- | |

| Merger & integration | | [removed: 123] [added: 302] | | | | [removed: 45] [added: 123] | | | | [removed: \-] [added: 45] | |

| Interest | | [removed: 512] [added: 558] | | | | [removed: 503] [added: 512] | | | | [removed: 490] [added: 503] | |

| *Income before taxes* | | [removed: 5,672] [added: 4,291] | | | | [removed: 5,282] [added: 5,672] | | | | [removed: 4,271] [added: 5,282] | |

| Tax expense | | [removed: 1,093] [added: 840] | | | | [removed: 1,007] [added: 1,093] | | | | [removed: 779] [added: 1,007] | |

| *Net income* | | [removed: 4,579] [added: 3,451] | | | | [removed: 4,275] [added: 4,579] | | | | [removed: 3,492] [added: 4,275] | |

| Net income attributable to noncontrolling interests | | [removed: 118] [added: 77] | | | | [removed: 72] [added: 118] | | | | [removed: 51] [added: 72] | |

| *Net income attributable to SLB* | $ | [removed: 4,461] [added: 3,374] | | | $ | [removed: 4,203] [added: 4,461] | | | $ | [removed: 3,441] [added: 4,203] | |

| Basic earnings per share of SLB | $ | [removed: 3.14] [added: 2.38] | | | $ | [removed: 2.95] [added: 3.14] | | | $ | [removed: 2.43] [added: 2.95] | |

| Diluted earnings per share of SLB | $ | [removed: 3.11] [added: 2.35] | | | $ | [removed: 2.91] [added: 3.11] | | | $ | [removed: 2.39] [added: 2.91] | |

| Basic | | 1,421 | | | | [removed: 1,425] [added: 1,421] | | | | [removed: 1,416] [added: 1,425] | |

| Assuming dilution | | [removed: 1,436] [added: 1,437] | | | | [removed: 1,443] [added: 1,436] | | | | [removed: 1,437] [added: 1,443] | |

| *Net income* | $ | [removed: 4,579] [added: 3,451] | | | $ | [removed: 4,275] [added: 4,579] | | | $ | [removed: 3,492] [added: 4,275] | |

| Net change arising during the period | | [removed: (138] [added: 299] | [removed: )] | | | [removed: (113] [added: (138] | ) | | | [removed: (26] [added: (113] | ) |

| Net [removed: gain] (loss) [added: gain] on cash flow hedges | | [removed: 8] [added: (15] | [added: )] | | | [removed: 177] [added: 8] | | | | [removed: (148] [added: 177] | [removed: )] |

| Reclassification to net income of net realized [removed: (gain)] loss | | [removed: (4] [added: (74] | ) | | | [removed: (19] [added: (4] | ) | | | [removed: 117] [added: (19] | [added: )] |

| Actuarial loss arising during the period | | [removed: (582] [added: (28] | ) | | | [removed: (437] [added: (582] | ) | | | [removed: (305] [added: (437] | ) |

| Amortization to net income of net actuarial losses | | [removed: (3] [added: 34] | [removed: )] | | | [removed: (12] [added: (3] | ) | | | [removed: 75] [added: (12] | [added: )] |

| Amortization to net income of net prior service credit | | [removed: (23] [added: (13] | ) | | | (23 | ) | | | (23 | ) |

| Income taxes on pension and other postretirement benefit plans | | [removed: 42] [added: (1] | [added: )] | | | [removed: 58] [added: 42] | | | | [removed: 24] [added: 58] | |

| Other | | [removed: 4] [added: 12] | | | | [removed: (30] [added: 4] | [removed: )] | | | [removed: 1] [added: (30] | [added: )] |

| Comprehensive income | | [removed: 3,883] [added: 3,665] | | | | [removed: 3,876] [added: 3,883] | | | | [removed: 3,207] [added: 3,876] | |

| Comprehensive income attributable to noncontrolling interests | | [removed: 118] [added: 77] | | | | [removed: 72] [added: 118] | | | | [removed: 51] [added: 72] | |

| *Comprehensive income attributable to SLB* | $ | [removed: 3,765] [added: 3,588] | | | $ | [removed: 3,804] [added: 3,765] | | | $ | [removed: 3,156] [added: 3,804] | |

| [removed: December] [added: Year Ended December] 31, | [added: 2025] | [removed: 2024] | | | [added: 2024] | [added: | | |] 2023 | | |

| Cash | | $ | [removed: 3,544] [added: 3,036] | | | $ | [removed: 2,900] [added: 3,544] | |

| Short-term investments | | | [removed: 1,125] [added: 1,176] | | | | [removed: 1,089] [added: 1,125] | |

| Receivables less allowance for doubtful accounts [removed: (2024] [added: (2025] - [removed: $325; 2023] [added: $335; 2024] - [removed: $337)] [added: $325)] | | | [removed: 8,011] [added: 8,689] | | | | [removed: 7,812] [added: 8,011] | |

| Inventories | | | [removed: 4,375] [added: 5,032] | | | | [removed: 4,387] [added: 4,375] | |

| Other current assets | | | [removed: 1,515] [added: 1,580] | | | | [removed: 1,530] [added: 1,515] | |

| Impairments | | 331 | | | | 162 | | | | \- | |

SLB LIMITED AND SUBSIDIARIES

SLB LIMITED AND SUBSIDIARIES

| December 31, | | 2025 | | | | 2024 | | |

| | | | 19,513 | | | | 18,570 | |

| | | $ | 54,868 | | | $ | 48,935 | |

| | | | 14,721 | | | | 12,811 | |

| | | | 27,577 | | | | 26,585 | |

| | | | 27,291 | | | | 22,350 | |

| | | $ | 54,868 | | | $ | 48,935 | |

SLB LIMITED AND SUBSIDIARIES

| Year Ended December 31, | 2025 | | | | 2024 | | | | 2023 | | |

| Impairments | | 331 | | | | 162 | | | | \- | |

| Amortization of inventory purchase accounting adjustment | | 166 | | | | 43 | | | | 11 | |

| Gains on sales of investments | | \- | | | | (24 | ) | | | (36 | ) |

| Gain on sale of APS project | | (149 | ) | | | \- | | | | \- | |

| Cash acquired in ChampionX Corporation acquisition | | 479 | | | | \- | | | | \- | |

| Proceeds from sale of APS project | | 338 | | | | \- | | | | \- | |

| Proceeds from sale of ChampionX Drilling Technologies business | | 286 | | | | \- | | | | \- | |

SLB LIMITED AND SUBSIDIARIES

| Net income | | | | | | | | | | | 3,374 | | | | | | | | 77 | | | | 3,451 | |

| Stock repurchase program | | | | | | | (2,414 | ) | | | | | | | | | | | | | | | (2,414 | ) |

| Dividends paid to noncontrolling interest | | | | | | | | | | | | | | | | | | | (207 | ) | | | (207 | ) |

| Acquisition of ChampionX Corporation | | | 5,005 | | | | | | | | | | | | (2 | ) | | | 19 | | | | 5,022 | |

| Balance, December 31, 2025 | | $ | 16,354 | | | $ | (3,576 | ) | | $ | 18,067 | | | $ | (4,736 | ) | | $ | 1,182 | | | $ | 27,291 | |

SLB LIMITED AND SUBSIDIARIES

| Stock repurchase program | | \- | | | | (60 | ) | | | (60 | ) |

| Acquisition of ChampionX Corporation | | 141 | | | | \- | | | | 141 | |

| Balance, December 31, 2025 | | 1,580 | | | | (85 | ) | | | 1,495 | |

| Basic | | $ | 3,374 | | | | 1,421 | | | $ | 2.38 | |

| Diluted | | $ | 3,374 | | | | 1,437 | | | $ | 2.35 | |

| Workforce reductions | $ | 158 | | | $ | 10 | | | $ | \- | | | $ | 148 | |

| Other merger and integration | | 49 | | | | 1 | | | | 4 | | | | 44 | |

| Impairment of equity method investment | | 69 | | | | 12 | | | | \- | | | | 57 | |

| Workforce reductions | | 66 | | | | 3 | | | | \- | | | | 63 | |

| Other merger and integration | | 35 | | | | 4 | | | | 4 | | | | 27 | |

| Gain on sale of Palliser APS project | | (149 | ) | | | (4 | ) | | | \- | | | | (145 | ) |

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

| Amortization of inventory purchase accounting adjustment | | 66 | | | | 15 | | | | \- | | | | 51 | |

| Acquisition-related professional fees | | 61 | | | | \- | | | | \- | | | | 61 | |

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

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

| | | | 18,570 | | | | 17,718 | |

| | | $ | 48,935 | | | $ | 47,957 | |

| | | | 12,811 | | | | 13,395 | |

| | | | 26,585 | | | | 26,598 | |

| | | | 22,350 | | | | 21,359 | |

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

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

| Balance, January 1, 2022 | | $ | 12,608 | | | $ | (2,233 | ) | | $ | 8,199 | | | $ | (3,570 | ) | | $ | 282 | | | $ | 15,286 | |

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

| Balance, December 31, 2022 | | 1,434 | | | | (14 | ) | | | 1,420 | |

*Recently Announced Transaction*

On April 2, 2024, SLB announced a definitive agreement to purchase ChampionX Corporation ("ChampionX") in an all-stock transaction.

At the closing of the transaction ChampionX shareholders will own approximately 9% of SLB's outstanding shares of common stock.

The transaction, which is subject to regulatory approvals and other customary closing conditions, received the approval of the ChampionX stockholders at a special meeting held on June 18, 2024.

It is anticipated that the transaction will close in the first quarter of 2025.

See Note 10 - *Derivative Instruments and Hedging Activities* for details regarding outstanding credit default swaps that SLB has issued to certain financial institutions.

| 2022: | | | | | | | | | | | | |

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

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

SLB may record additional charges relating to workforce reductions in 2025 as it continues to realign and optimize its structure.

2022

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

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

| *Fourth quarter:* | | | | | | | | | | | |

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

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

| Gain on repurchase of bonds | | (11 | ) | | | (2 | ) | | | (9 | ) |

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

During 2022, SLB sold 47.8 million of its shares of Liberty and received proceeds of $730 million.

These transactions resulted in gains of $325 million.

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 operations in Argentina.

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.

During the fourth quarter of 2022, SLB entered into Blue Chip Swap transactions that resulted in a loss of $139 million.

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

SLB accounts for its investment in the Arabian Drilling Company (“ADC”), an onshore and offshore gas and oil rig drilling company in Saudi Arabia, 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%.

There has been no change in SLB’s internal control over financial reporting that occurred during the fourth quarter of [removed: 2024] [added: 2025] that has materially affected, or is reasonably likely to materially affect, SLB’s internal control over financial reporting.

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

SLB’s residual transactions or dealings with the government of Iran [removed: in 2024] [added: during 2025] consisted of payments of taxes and other typical governmental charges.

Certain non-US subsidiaries of SLB [removed: maintained] [added: maintain] depository accounts at [removed: the Dubai branch of] Bank Saderat Iran [removed: (“Saderat”),] [added: (“Saderat”)] and at Bank Tejarat (“Tejarat”) [removed: in Tehran and in Kish] for the deposit by NIOC of amounts owed to non-US subsidiaries of SLB for [added: prior] services [removed: rendered] in Iran [removed: prior to the wind-down] and for [removed: the maintenance of such amounts] [added: maintaining] previously [removed: received.][added: received amounts.]

One non-US subsidiary also maintained an account at Tejarat for payment of local [removed: expenses such as taxes.][added: expenses.]

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

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: 2025] [added: 2026] 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: 2025] [added: 2026] Proxy Statement is incorporated herein by reference to the extent any disclosure is required.

| Miguel M. Galuccio | Chairman and Chief Executive Officer, Vista [added: Energy] |

| Samuel Leupold | [removed: Former] Chief Executive Officer, [removed: Ørsted Wind Power A/S] [added: Corio Generation] |

| Tatiana A. Mitrova | Director, New Energy Advancement Hub |

| Ulrich Spiesshofer | Senior Advisor, The Blackstone Group |

The information set forth under the captions “Compensation Committee Report,” “Compensation Discussion and Analysis,” “Executive Compensation Tables,” “Pay vs. Performance Comparison,” and “Director Compensation” in SLB’s [removed: 2025] [added: 2026] 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: 2025] [added: 2026] 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: 2025] [added: 2026] Proxy Statement is incorporated herein by reference.

The information under the caption “Ratification of Appointment of Independent Auditors for [removed: 2025”] [added: 2026”] in SLB’s [removed: 2025] [added: 2026] Proxy Statement is incorporated herein by reference.

| | [Consolidated Statement of Income for the three years ended December 31, [removed: 2024](#consolidated_statement_income_loss)] [added: 2025](#consolidated_statement_income_loss)] | 29 |

| | [Consolidated Statement of Comprehensive Income for the three years ended December 31, [removed: 2024](#consolidated_statement_comprehensive_inc)] [added: 2025](#consolidated_statement_comprehensive_inc)] | 30 |

| | [Consolidated Balance Sheet at December 31, [removed: 2024] [added: 2025] and [removed: 2023](#consolidated_balance_sheet)] [added: 2024](#consolidated_balance_sheet)] | 31 |

| | [Consolidated Statement of Cash Flows for the three years ended December 31, [removed: 2024](#consolidated_statement_cash_flows)] [added: 2025](#consolidated_statement_cash_flows)] | 32 |

| | [Consolidated Statement of Stockholders’ Equity for the three years ended December 31, [removed: 2024](#consolidated_statement_stockholders_equi)] [added: 2025](#consolidated_statement_stockholders_equi)] | 33 and 34 |

| | [Notes to Consolidated Financial Statements](#notes_to_financial_statements) | 35 to [removed: 58] [added: 59] |

| [Articles of Incorporation of [removed: Schlumberger] [added: SLB] Limited [removed: (Schlumberger] [added: (SLB] N.V.) (incorporated by reference to Exhibit 3.1 to SLB’s [removed: Current] [added: Quarterly] Report on Form [removed: 8-K filed on April 6, 2016)](https://www.sec.gov/Archives/edgar/data/87347/000119312516532046/d176097dex31.htm)] [added: 10-Q for the quarter ended September 30, 2025)](https://www.sec.gov/Archives/edgar/data/87347/000119312525246028/slb-ex3_1.htm)] | | 3.1 |

| [Amended and Restated By-Laws of [removed: Schlumberger] [added: SLB] Limited [removed: (Schlumberger] [added: (SLB] N.V.) (incorporated by reference to Exhibit [removed: 3] [added: 3.2] to SLB’s [removed: Current] [added: Quarterly] Report on Form [removed: 8-K filed on April 21, 2023)](https://www.sec.gov/Archives/edgar/data/87347/000119312523110532/d470769dex3.htm)] [added: 10-Q for the quarter ended September 30, 2025)](https://www.sec.gov/Archives/edgar/data/87347/000119312525246028/slb-ex3_2.htm)] | | 3.2 |

| [Description of Common Stock of [removed: Schlumberger] [added: SLB] Limited [removed: (incorporated by reference to Exhibit 4.1 to SLB’s Annual Report on Form 10-K filed on January 27, 2021)](https://www.sec.gov/Archives/edgar/data/87347/000156459021002477/slb-ex41_56.htm)] [added: (*)](https://www.sec.gov/Archives/edgar/data/87347/000119312526021017/slb-ex4_1.htm)] | | 4.1 |

| [Officers’ Certificate dated as of August 11, 2020, executed by Schlumberger Investment S](https://www.sec.gov/Archives/edgar/data/87347/000119312520216304/d926535dex41.htm).A., 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, 2020) | | [removed: 4.6] [added: 4.7] |

| [removed: [Indenture] [added: [Fifth Supplemental Indenture] dated as of [removed: September 18, 2020, by and] [added: March 13, 2025,] among Schlumberger [removed: Finance Canada Ltd.,] [added: Investment S.A.,] as issuer, Schlumberger Limited, as guarantor, and The Bank of New York Mellon, as trustee (incorporated by reference to Exhibit [removed: 4.1] [added: 4.4] to SLB’s [removed: Current] [added: Quarterly] Report on Form [removed: 8-K filed on September 18, 2020)](https://www.sec.gov/Archives/edgar/data/87347/000119312520248823/d75000dex41.htm)] [added: 10-Q for the quarter ended March 31, 2025)](https://www.sec.gov/Archives/edgar/data/87347/000095017025058413/slb-ex4_4.htm)] | | [removed: 4.7] [added: 4.6] |

| [Form of [removed: Restricted Stock] [added: Performance Share] Unit Award Agreement [added: (Based on Relative 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) (+)](https://www.sec.gov/Archives/edgar/data/87347/000156459017007214/slb-ex104_112.htm)] [added: 2025) (+)](https://www.sec.gov/Archives/edgar/data/87347/000095017025058413/slb-ex10_4.htm)] | | [removed: 10.11] [added: 10.15] |

| [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) (+)](https://www.sec.gov/Archives/edgar/data/87347/000156459019000928/slb-ex1027_1834.htm) | | [removed: 10.12] [added: 10.13] |

| [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, [removed: 2022) (+)](https://www.sec.gov/Archives/edgar/data/87347/000156459022015889/slb-ex103_142.htm)] [added: 2025) (+)](https://www.sec.gov/Archives/edgar/data/87347/000095017025058413/slb-ex10_3.htm)] | | [removed: 10.13] [added: 10.14] |

| [Form of Performance Share Unit Award Agreement (Based on [removed: Return on Capital Employed] [added: Relative TSR] Performance) under SLB’s 2017 Omnibus Stock Incentive Plan (incorporated by reference to Exhibit [removed: 10.4] [added: 10.5] to SLB’s Quarterly Report on Form 10-Q for the quarter ended March 31, [removed: 2022) (+)](https://www.sec.gov/Archives/edgar/data/87347/000156459022015889/slb-ex104_143.htm)] [added: 2025) (+)](https://www.sec.gov/Archives/edgar/data/87347/000095017025058413/slb-ex10_5.htm)] | | [removed: 10.14] [added: 10.16] |

| [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) (+)](https://www.sec.gov/Archives/edgar/data/87347/000119312521109039/d128317dex101.htm) | | [removed: 10.16] [added: 10.17] |

| [removed: [Discounted] [added: [2004] Stock [removed: Purchase Plan,] [added: and Deferral Plan for Non-Employee Directors,] as amended and restated effective [removed: July 1, 2022] [added: January 21, 2021] (incorporated by reference to Exhibit [removed: 10.1] [added: 10.3] to SLB’s Current Report on Form [removed: 10-Q] [added: 8-K] filed on [removed: July 27, 2022) (+)](https://www.sec.gov/Archives/edgar/data/87347/000156459022026594/slb-ex101_61.htm)] [added: April 7, 2021) (+)](https://www.sec.gov/Archives/edgar/data/87347/000119312521109039/d128317dex103.htm)] | | [removed: 10.17] [added: 10.19] |

| [Form of Indemnification Agreement (incorporated by reference to Exhibit 10.19 to SLB’s Annual Report on Form 10-K for the year ended December 31, 2023) (+)](https://www.sec.gov/Archives/edgar/data/87347/000095017024006884/slb-ex10_19.htm) | | [removed: 10.19] [added: 10.20] |

| [Securities Transactions Policy [removed: (*)](https://www.sec.gov/Archives/edgar/data/87347/000095017025007638/slb-ex19.htm)] [added: (*)](https://www.sec.gov/Archives/edgar/data/87347/000119312526021017/slb-ex19.htm)] | | 19 |

| [Significant Subsidiaries [removed: (*)](https://www.sec.gov/Archives/edgar/data/87347/000095017025007638/slb-ex21.htm)] [added: (*)](https://www.sec.gov/Archives/edgar/data/87347/000119312526021017/slb-ex21.htm)] | | 21 |

| [Issuers of Registered Guaranteed Debt Securities [removed: (*)](https://www.sec.gov/Archives/edgar/data/87347/000095017025007638/slb-ex22.htm)] [added: (*)](https://www.sec.gov/Archives/edgar/data/87347/000119312526021017/slb-ex22.htm)] | | 22 |

| [Consent of Independent Registered Public Accounting Firm [removed: (*)](https://www.sec.gov/Archives/edgar/data/87347/000095017025007638/slb-ex23.htm)] [added: (*)](https://www.sec.gov/Archives/edgar/data/87347/000119312526021017/slb-ex23.htm)] | | 23 |

| [Powers of Attorney [removed: (*)](https://www.sec.gov/Archives/edgar/data/87347/000095017025007638/slb-ex24.htm)] [added: (*)](https://www.sec.gov/Archives/edgar/data/87347/000119312526021017/slb-ex24.htm)] | | 24 |

| [Certification of Chief Executive Officer pursuant to Rule 13a-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 [removed: (*)](https://www.sec.gov/Archives/edgar/data/87347/000095017025007638/slb-ex31_1.htm)] [added: (*)](https://www.sec.gov/Archives/edgar/data/87347/000119312526021017/slb-ex31_1.htm)] | | 31.1 |

| [Certification of Chief Financial Officer pursuant to Rule 13a-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 [removed: (*)](https://www.sec.gov/Archives/edgar/data/87347/000095017025007638/slb-ex31_2.htm)] [added: (*)](https://www.sec.gov/Archives/edgar/data/87347/000119312526021017/slb-ex31_2.htm)] | | 31.2 |

| [Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 [removed: ()](https://www.sec.gov/Archives/edgar/data/87347/000095017025007638/slb-ex32_1.htm)] [added: ()](https://www.sec.gov/Archives/edgar/data/87347/000119312526021017/slb-ex32_1.htm)] | | 32.1 |

| [Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 [removed: ()](https://www.sec.gov/Archives/edgar/data/87347/000095017025007638/slb-ex32_2.htm)] [added: ()](https://www.sec.gov/Archives/edgar/data/87347/000119312526021017/slb-ex32_2.htm)] | | 32.2 |

| [Mine Safety Disclosure [removed: (*)](https://www.sec.gov/Archives/edgar/data/87347/000095017025007638/slb-ex95.htm)] [added: (*)](https://www.sec.gov/Archives/edgar/data/87347/000119312526021017/slb-ex95.htm)] | | 95 |

| [Policy for Recovery of Performance-Based [removed: Incentive] Compensation from [removed: Executive] [added: Senior] Officers [removed: (incorporated by reference to Exhibit 97 to SLB’s Annual Report on Form 10-K for the year ended December 31, 2023)](https://www.sec.gov/Archives/edgar/data/87347/000095017024006884/slb-ex97.htm)] [added: (*)](https://www.sec.gov/Archives/edgar/data/87347/000119312526021017/slb-ex97.htm)] | | 97 |

| The Exhibits filed herewith do not include certain instruments with respect to long-term debt of [removed: Schlumberger] [added: SLB] Limited and its subsidiaries, inasmuch as the total amount of debt authorized under any such instrument does not exceed 10 percent of the total assets of [removed: Schlumberger] [added: SLB] Limited and its [removed: subsidiaries on a consolidated basis. SLB agrees, pursuant to Item 601(b)(4)(iii) of Regulation S-K, that it will furnish a copy of any such instrument to the SEC upon request.] | | |

| Date: | | January [removed: 22, 2025] [added: 23, 2026] | | | [removed: SCHLUMBERGER] [added: SLB] LIMITED |

| /s/ Dianne B. Ralston | | January [removed: 22, 2025] [added: 23, 2026] |

| [Form of Restricted Stock Unit Award Agreement under SLB’s 2017 Omnibus Stock Incentive Plan (cliff vesting) (*) (+)](https://www.sec.gov/Archives/edgar/data/87347/000119312526021017/slb-ex10_11.htm) | | 10.11 |

| [Form of Restricted Stock Unit Award Agreement under SLB’s 2017 Omnibus Stock Incentive Plan (ratable vesting) (*) (+)](https://www.sec.gov/Archives/edgar/data/87347/000119312526021017/slb-ex10_12.htm) | | 10.12 |

| [Discounted Stock Purchase Plan, as amended and restated effective January 16, 2025 (incorporated by reference to Appendix B to SLB’s Definitive Proxy Statement on Schedule 14A filed on February 20, 2025) (+)](https://www.sec.gov/Archives/edgar/data/87347/000130817925000029/slb012574-def14a.htm#lslba053) | | 10.18 |

| [Employment, Non-Competition and Non-Solicitation Agreement effective as of May 1, 2025, by and between SLB and Khaled Al Mogharbel (incorporated by reference to Exhibit 10.1 to SLB’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2025) (+)](https://www.sec.gov/Archives/edgar/data/87347/000095017025098217/slb-ex10_1.htm) | | 10.21 |

| subsidiaries on a consolidated basis. SLB agrees, pursuant to Item 601(b)(4)(iii) of Regulation S-K, that it will furnish a copy of any such instrument to the SEC upon request. | | |

| | | |

| [Agreement and Plan of Merger among Schlumberger Limited, Sodium Holdco, Inc., Sodium Merger Sub, Inc., and ChampionX Corporation, dated April 2, 2024 (incorporated by reference to Exhibit 2 to SLB’s Current Report on Form 8-K/A filed on April 2, 2024) (*)](https://www.sec.gov/Archives/edgar/data/87347/000119312524085160/d735749dex2.htm) | | 2 |

| [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, 2020)](https://www.sec.gov/Archives/edgar/data/87347/000119312520248823/d75000dex42.htm) | | 4.8 |

| [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) (+)](https://www.sec.gov/Archives/edgar/data/87347/000156459022015889/slb-ex105_144.htm) | | 10.15 |

| [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) (+)](https://www.sec.gov/Archives/edgar/data/87347/000119312521109039/d128317dex103.htm) | | 10.18 |

| (*) Certain of the exhibits and schedules to this exhibit have been omitted in accordance with Regulation S-K Item 601(b)(2). SLB agrees to furnish supplementally a copy of all omitted exhibits and schedules to the SEC upon its request. | | |

| * | | Director |

| Tatiana A. Mitrova | | |

| Ulrich Spiesshofer | | |