\n| n\/m = not meaningful<\/td>\n<\/tr>\n<\/table>\n Adjusted EBITDA Margin Protected Despite Market Softness<\/b><\/p>\n \n\u201cFirst-quarter adjusted EBITDA margin was slightly up year on year despite softer revenue as we continued to navigate the evolving market dynamics,\u201d said SLB Chief Executive Officer, Olivier Le Peuch.\n<\/p>\n \n\u201cIt was a subdued start to the year as revenue declined 3% year on year. Higher activity in parts of the Middle East, North Africa, Argentina and offshore U.S., along with strong growth in our data center infrastructure solutions and digital businesses in North America, were more than offset by a sharper-than-expected slowdown in Mexico, a slow start to the year in Saudi Arabia and offshore Africa, and steep decline in Russia.\n<\/p>\n \n\u201cThe expansion of our accretive margin digital business and the strength of our Production Systems division, combined with our cost reduction initiatives, have driven another consecutive quarter of year-on-year adjusted EBITDA margin growth.\n<\/p>\n \n\u201cThese results demonstrate SLB’s resilience in changing market conditions. We are continuously exercising cost discipline and aligning our resources with activity levels, leveraging our global reach and industry-leading innovation capabilities, expanding our differentiated digital offerings, and strategically diversifying the portfolio beyond oil and gas,\u201d Le Peuch said.\n<\/p>\n Core Benefiting from Late-Cycle Customer Spend and Growth in International Unconventional Markets<\/b><\/p>\n \n\u201cIn the Core, we continue to see rising demand for production solutions as customers seek to offset declines and maintain or grow production from maturing assets. This is an area that will continue to present strong opportunities for SLB. As a result, Production Systems revenue grew 4% and expanded pretax operating margins by 197 bps year on year, with strong demand for surface production systems, completions, and artificial lift. In addition, Reservoir Performance was supported by strong international unconventional stimulation and intervention activity although it was offset by lower evaluation activity.\n<\/p>\n \n\u201cOverall, the combined revenue of the Core divisions was down 4% year on year, as growth in Production Systems was more than offset by declines in Reservoir Performance and Well Construction. Despite the year-on-year decline, our diversified portfolio and broad market position helped to offset lower rig activity,\u201d Le Peuch said.\n<\/p>\n Digital and AI Growth Increasingly Decoupled from Upstream Cycle Dynamics<\/b><\/p>\n \n\u201cThe energy industry is focused on efficiency and performance, and our customers are recognizing the opportunity to unlock value from their data. As a result, operators are increasing their digital capabilities, strengthening partnerships with technology companies, and investing in digital and AI solutions.\n<\/p>\n \n\u201cThis is translating into highly accretive revenue growth, and as a result, our quarterly digital revenue grew 17% year on year, contributing to a 6% increase in Digital & Integration revenue over that same period.\n<\/p>\n \n\u201cWhen we designed our strategy around three engines of growth, we envisioned digital leading the second phase of revenue expansion, complementing our leading offering in the Core. Today, that vision is materializing, and we will continue to enhance our leadership in AI, cloud computing and digital operations,\u201d Le Peuch said.\n<\/p>\n Committing to Return a Minimum of $4 Billion to Shareholders in 2025<\/b><\/p>\n \n\u201cSLB is committed to returning more than 50% of its free cash flow to our shareholders, and we will materially exceed this target in 2025. We continue to have confidence in our ability to generate strong cash flow in the current environment and will return a minimum of $4 billion to shareholders through dividends and share repurchases this year.\n<\/p>\n \n\u201cThe industry may experience a potential shift of priorities driven by changes in the global economy, fluctuating commodity prices and evolving tariffs \u2014 all of which could impact upstream oil and gas investment and, in turn, affect demand for our products and services. In this uncertain environment, we remain committed to protecting our margins, generating strong cash flow and delivering consistent value to our customers and shareholders in 2025,\u201d Le Peuch concluded.\n<\/p>\n Other Events<\/b><\/p>\n \nOn February 2, 2025, SLB entered into an agreement to purchase the operations of Interactive Network Technologies, Inc. (INT), a global leader in energy data visualization. INT provides data visualization technology that empowers geoscientists, engineers and data scientists with the desktop and web-based domain data visualization required to make business and operational decisions. Incorporating this technology directly into the Delfi\u2122 digital platform and Lumi\u2122 data and AI platform will further enhance the ability of asset teams to accelerate data driven insights via a single, unified interface.\n<\/p>\n \nUnder the previously announced accelerated share repurchase (ASR) transaction, SLB entered into agreements to repurchase $2.3 billion of its common stock commencing on January 13, 2025, and ending no later than May 31, 2025. The ASR was completed on April 7, 2025, and SLB received a total of 56.8 million shares of its common stock, of which 47.6 million were received in January and the remaining 9.2 million shares were received in April. These shares were repurchased by SLB at an average price of $40.51, representing the volume-weighted average price of SLB’s common stock during this period less a discount.\n<\/p>\n \nIn April 2024, SLB and ChampionX announced that they entered into a definitive agreement for SLB to purchase ChampionX. The combined portfolios will drive customer value through deep industry expertise and digital integration, as well as enhanced equipment life and production optimization. On April 10, 2025, SLB announced that the United Kingdom Competition and Markets Authority (CMA) has agreed to consider SLB\u2019s proposed actions to address concerns around the ChampionX acquisition as part of the CMA’s Phase 1 review. SLB is pleased with this further progress and will continue its collaboration with the CMA and other regulators toward an anticipated closing in the second quarter or early third quarter of 2025.\n<\/p>\n \nOn April 17, 2025, SLB\u2019s Board of Directors approved a quarterly cash dividend of $0.285 per share of outstanding common stock, payable on July 10, 2025, to stockholders of record on June 4, 2025.\n<\/p>\n First-Quarter Revenue by Geographical Area<\/b><\/p>\n\n\n| \n \n(Stated in millions)\n<\/p>\n<\/td>\n<\/tr>\n | \n | \nThree Months Ended<\/b><\/td>\n | | \nChange<\/b><\/td>\n<\/tr>\n\n | \n\n Mar. 31,<\/b><\/p>\n 2025<\/b><\/p>\n<\/td>\n | | \n\n \nDec. 31,\n<\/p>\n \n2024\n<\/p>\n<\/td>\n | | \n\n \nMar. 31,\n<\/p>\n \n2024\n<\/p>\n<\/td>\n | | \nSequential<\/b><\/td>\n | | \nYear-on-year<\/td>\n<\/tr>\n | \n| North America<\/td>\n | \n $1,719<\/b><\/p>\n<\/td>\n | | \n\n \n$1,752\n<\/p>\n<\/td>\n | | \n\n \n$1,598\n<\/p>\n<\/td>\n | | \n\n -2%<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n8%\n<\/p>\n<\/td>\n<\/tr>\n | \n| Latin America<\/td>\n | \n 1,495<\/b><\/p>\n<\/td>\n | | \n\n \n1,634\n<\/p>\n<\/td>\n | | \n\n \n1,654\n<\/p>\n<\/td>\n | | \n\n -9%<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n-10%\n<\/p>\n<\/td>\n<\/tr>\n | \n| Europe & Africa*<\/td>\n | \n 2,235<\/b><\/p>\n<\/td>\n | | \n\n \n2,473\n<\/p>\n<\/td>\n | | \n\n \n2,322\n<\/p>\n<\/td>\n | | \n\n -10%<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n-4%\n<\/p>\n<\/td>\n<\/tr>\n | \n| Middle East & Asia<\/td>\n | \n 2,997<\/b><\/p>\n<\/td>\n | | \n\n \n3,376\n<\/p>\n<\/td>\n | | \n\n \n3,080\n<\/p>\n<\/td>\n | | \n\n -11%<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n-3%\n<\/p>\n<\/td>\n<\/tr>\n | \n| Eliminations & other<\/td>\n | \n 44<\/b><\/p>\n<\/td>\n | | \n\n \n49\n<\/p>\n<\/td>\n | | \n\n \n53\n<\/p>\n<\/td>\n | | \n\n n\/m<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nn\/m\n<\/p>\n<\/td>\n<\/tr>\n | \n | \n\n $8,490<\/b><\/p>\n<\/td>\n | | \n\n \n$9,284\n<\/p>\n<\/td>\n | | \n\n \n$8,707\n<\/p>\n<\/td>\n | | \n\n -9%<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n-3%\n<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| International<\/td>\n | \n $6,727<\/b><\/p>\n<\/td>\n | | \n\n \n$7,483\n<\/p>\n<\/td>\n | | \n\n \n$7,056\n<\/p>\n<\/td>\n | | \n\n -10%<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n-5%\n<\/p>\n<\/td>\n<\/tr>\n | \n| North America<\/td>\n | \n $1,719<\/b><\/p>\n<\/td>\n | | \n\n \n$1,752\n<\/p>\n<\/td>\n | | \n\n \n$1,598\n<\/p>\n<\/td>\n | | \n\n -2%<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n8%\n<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| *Includes Russia and the Caspian region<\/td>\n<\/tr>\n | \n| n\/m = not meaningful<\/td>\n<\/tr>\n<\/table>\n International<\/b><\/p>\n \nRevenue in Latin America<\/b> of $1.49 billion declined 10% year on year primarily due to a significant reduction in drilling activity in Mexico. The decline was also driven by a temporary production interruption in our Asset Performance Solutions (APS) project in Ecuador due to pipeline disruption, partially offset by higher stimulation activity in Argentina.\n<\/p>\n \nSequentially, revenue decreased 9% due to lower drilling activity in Mexico, reduced APS revenue in Ecuador and seasonally lower revenue in Brazil following strong year-end production systems sales last quarter. These declines were partially offset by increased revenue in Argentina due to higher stimulation activity.\n<\/p>\n Europe & Africa<\/b> revenue of $2.23 billion decreased 4% year on year due to reduced offshore exploration, drilling and production activity in West Africa and lower activity in Russia. This decline was partially offset by increased revenue in North Africa and the North Sea.\n<\/p>\n \nSequentially, revenue declined 10% due to seasonally lower activity following strong year-end product and digital sales across the area in the fourth quarter of 2024.\n<\/p>\n \nRevenue in the Middle East & Asia<\/b> of $3.00 billion declined 3% year on year due to a meaningful reduction in drilling and stimulation activity in Saudi Arabia, lower production systems sales in Egypt and Australia, and reduced drilling activity in India. These declines were partially offset by significantly higher revenue in the United Arab Emirates and Kuwait.\n<\/p>\n \nSequentially, revenue declined 11% due to seasonally lower activity following strong year-end product and digital sales across the area in the fourth quarter of 2024.\n<\/p>\n North America<\/b><\/p>\n North America<\/b> revenue of $1.72 billion increased 8% year on year due to higher digital sales and sales of subsea production systems offshore U.S., strong growth in data center infrastructure solutions, and increased intervention activity. These increases were partially offset by lower drilling revenue in U.S. land.\n<\/p>\n \nSequentially, revenue declined 2% due to lower drilling activity both on land and offshore North America, partially offset by higher revenue from data center infrastructure solutions.\n<\/p>\n First-Quarter Results by Division<\/b><\/p>\n Digital & Integration<\/b><\/p>\n\n\n| \n \n(Stated in millions)\n<\/p>\n<\/td>\n<\/tr>\n | \n | \nThree Months Ended<\/b><\/td>\n | | \nChange<\/b><\/td>\n<\/tr>\n\n | \n\n Mar. 31,<\/b><\/p>\n 2025<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nDec. 31,\n<\/p>\n \n2024\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nMar. 31,\n<\/p>\n \n2024\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n Sequential<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nYear-on-year\n<\/p>\n<\/td>\n<\/tr>\n | \n| Revenue<\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| International<\/td>\n | \n $717<\/b><\/p>\n<\/td>\n | | \n\n \n$824\n<\/p>\n<\/td>\n | | \n\n \n$717\n<\/p>\n<\/td>\n | | \n\n -13%<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n<\/tr>\n | \n| North America<\/td>\n | \n 289<\/b><\/p>\n<\/td>\n | | \n\n \n331\n<\/p>\n<\/td>\n | | \n\n \n236\n<\/p>\n<\/td>\n | | \n\n -13%<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n22%\n<\/p>\n<\/td>\n<\/tr>\n | \n| Other<\/td>\n | \n –<\/b><\/p>\n<\/td>\n | | \n\n \n1\n<\/p>\n<\/td>\n | | \n\n –<\/b><\/p>\n<\/td>\n | | \n\n n\/m<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nn\/m\n<\/p>\n<\/td>\n<\/tr>\n | \n | \n\n $1,006<\/b><\/p>\n<\/td>\n | | \n\n \n$1,156\n<\/p>\n<\/td>\n | | \n\n \n$953\n<\/p>\n<\/td>\n | | \n\n -13%<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n6%\n<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| Pretax operating income<\/td>\n | \n $306<\/b><\/p>\n<\/td>\n | | \n\n \n$442\n<\/p>\n<\/td>\n | | \n\n \n$254\n<\/p>\n<\/td>\n | | \n\n -31%<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n21%\n<\/p>\n<\/td>\n<\/tr>\n | \n| Pretax operating margin<\/td>\n | \n 30.4%<\/b><\/p>\n<\/td>\n | | \n\n \n38.3%\n<\/p>\n<\/td>\n | | \n\n \n26.6%\n<\/p>\n<\/td>\n | | \n\n -784 bps<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n380 bps\n<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| n\/m = not meaningful<\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n<\/table>\n\nDigital & Integration revenue of $1.01 billion increased 6% year on year driven by 17% growth in digital revenue, supported by greater adoption of digital technologies and higher sales of exploration data, particularly offshore U.S. This increase was partially offset by lower APS revenue due to a temporary pipeline disruption on an APS project in Ecuador.\n<\/p>\n \nSequentially, revenue experienced a seasonal decline of 13% following strong year-end digital sales while APS revenue was lower in Ecuador due to the pipeline disruption.\n<\/p>\n \nDigital & Integration pretax operating margin of 30% expanded 380 bps year on year, mostly due to improved profitability in digital, following higher uptake of digital technologies and higher sales of exploration data, and cost efficiency benefits.\n<\/p>\n \nSequentially, pretax operating margin decreased 784 bps due to seasonally lower sales of digital and exploration data as well as lower APS revenue.\n<\/p>\n Reservoir Performance<\/b><\/p>\n\n\n| \n \n(Stated in millions)\n<\/p>\n<\/td>\n<\/tr>\n | \n | \nThree Months Ended<\/b><\/td>\n | | \nChange<\/b><\/td>\n<\/tr>\n\n | \n\n Mar. 31,<\/b><\/p>\n 2025<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nDec. 31,\n<\/p>\n \n2024\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nMar. 31,\n<\/p>\n \n2024\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n Sequential<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nYear-on-year\n<\/p>\n<\/td>\n<\/tr>\n | \n| Revenue<\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| International<\/td>\n | \n $1,557<\/b><\/p>\n<\/td>\n | | \n\n \n$1,669\n<\/p>\n<\/td>\n | | \n\n \n$1,592\n<\/p>\n<\/td>\n | | \n\n -7%<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n-2%\n<\/p>\n<\/td>\n<\/tr>\n | \n| North America<\/td>\n | \n 142<\/b><\/p>\n<\/td>\n | | \n\n \n139\n<\/p>\n<\/td>\n | | \n\n \n130\n<\/p>\n<\/td>\n | | \n\n 2%<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n9%\n<\/p>\n<\/td>\n<\/tr>\n | \n| Other<\/td>\n | \n 1<\/b><\/p>\n<\/td>\n | | \n\n \n2\n<\/p>\n<\/td>\n | | \n\n \n3\n<\/p>\n<\/td>\n | | \n\n n\/m<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nn\/m\n<\/p>\n<\/td>\n<\/tr>\n | \n | \n\n $1,700<\/b><\/p>\n<\/td>\n | | \n\n \n$1,810\n<\/p>\n<\/td>\n | | \n\n \n$1,725\n<\/p>\n<\/td>\n | | \n\n -6%<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n-1%\n<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| Pretax operating income<\/td>\n | \n $282<\/b><\/p>\n<\/td>\n | | \n\n \n$370\n<\/p>\n<\/td>\n | | \n\n \n$339\n<\/p>\n<\/td>\n | | \n\n -24%<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n-17%\n<\/p>\n<\/td>\n<\/tr>\n | \n| Pretax operating margin<\/td>\n | \n 16.6%<\/b><\/p>\n<\/td>\n | | \n\n \n20.5%\n<\/p>\n<\/td>\n | | \n\n \n19.7%\n<\/p>\n<\/td>\n | | \n\n -391 bps<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n-311 bps\n<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| n\/m = not meaningful<\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n<\/table>\n\nReservoir Performance revenue of $1.70 billion declined 1% year on year with strong unconventional stimulation and intervention activity offset by lower evaluation and exploration activity across the international markets. Revenue was supported by increased stimulation and intervention activity in United Arab Emirates and Argentina, offset by lower revenue in Saudi Arabia, Russia, West Africa and East Asia.\n<\/p>\n \nSequentially, revenue declined 6% due to seasonal activity reductions in Europe & Africa and the Middle East & Asia. These declines were partially offset by strong stimulation activity in Latin America, mainly in Argentina, while North America revenue was essentially flat.\n<\/p>\n \nReservoir Performance pretax operating margin of 17% decreased 311 bps year on year and 391 bps sequentially due to reduced profitability from lower evaluation activity and project startup costs.\n<\/p>\n Well Construction<\/b><\/p>\n\n\n| \n \n(Stated in millions)\n<\/p>\n<\/td>\n<\/tr>\n | \n | \nThree Months Ended<\/b><\/td>\n | | \nChange<\/b><\/td>\n<\/tr>\n\n | \n\n Mar. 31,<\/b><\/p>\n 2025<\/b><\/p>\n<\/td>\n | | \n\n \nDec. 31,\n<\/p>\n \n2024\n<\/p>\n<\/td>\n | | \n\n \nMar. 31,\n<\/p>\n \n2024\n<\/p>\n<\/td>\n | | \nSequential<\/b><\/td>\n | | \nYear-on-year<\/td>\n<\/tr>\n | \n| Revenue<\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| International<\/td>\n | \n $2,381<\/b><\/p>\n<\/td>\n | | \n\n \n$2,625\n<\/p>\n<\/td>\n | | \n\n \n$2,707\n<\/p>\n<\/td>\n | | \n\n -9%<\/b><\/p>\n<\/td>\n | | \n\n \n-12%\n<\/p>\n<\/td>\n<\/tr>\n | \n| North America<\/td>\n | \n 541<\/b><\/p>\n<\/td>\n | | \n\n \n583\n<\/p>\n<\/td>\n | | \n\n \n604\n<\/p>\n<\/td>\n | | \n\n -7%<\/b><\/p>\n<\/td>\n | | \n\n \n-10%\n<\/p>\n<\/td>\n<\/tr>\n | \n| Other<\/td>\n | \n 55<\/b><\/p>\n<\/td>\n | | \n\n \n59\n<\/p>\n<\/td>\n | | \n\n \n57\n<\/p>\n<\/td>\n | | \n\n n\/m<\/b><\/p>\n<\/td>\n | | \n\n \nn\/m\n<\/p>\n<\/td>\n<\/tr>\n | \n | \n\n $2,977<\/b><\/p>\n<\/td>\n | | \n\n \n$3,267\n<\/p>\n<\/td>\n | | \n\n \n$3,368\n<\/p>\n<\/td>\n | | \n\n -9%<\/b><\/p>\n<\/td>\n | | \n\n \n-12%\n<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| Pretax operating income<\/td>\n | \n $589<\/b><\/p>\n<\/td>\n | | \n\n \n$681\n<\/p>\n<\/td>\n | | \n\n \n$690\n<\/p>\n<\/td>\n | | \n\n -14%<\/b><\/p>\n<\/td>\n | | \n\n \n-15%\n<\/p>\n<\/td>\n<\/tr>\n | \n| Pretax operating margin<\/td>\n | \n 19.8%<\/b><\/p>\n<\/td>\n | | \n\n \n20.8%\n<\/p>\n<\/td>\n | | \n\n \n20.5%\n<\/p>\n<\/td>\n | | \n\n -106 bps<\/b><\/p>\n<\/td>\n | | \n\n \n-71 bps\n<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| n\/m = not meaningful<\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n<\/table>\n\nWell Construction revenue of $2.98 billion declined 12% year on year reflecting lower drilling activity in Mexico, Saudi Arabia, U.S. land, India and offshore West Africa, partially offset by improved performance in United Arab Emirates, Kuwait, Argentina, North Africa and China.\n<\/p>\n \nSequentially, revenue was 9% lower due to seasonal activity reductions across all areas.\n<\/p>\n \nWell Construction pretax operating margin of 20% declined 71 bps year on year and 106 bps sequentially. Reduced activity across North America and international markets contributed to the margin contraction, partially mitigated by the effects of cost efficiencies.\n<\/p>\n Production Systems<\/b><\/p>\n\n\n| \n \n(Stated in millions)\n<\/p>\n<\/td>\n<\/tr>\n | \n | \nThree Months Ended<\/b><\/td>\n | | \nChange<\/b><\/td>\n<\/tr>\n\n | \n\n Mar. 31,<\/b><\/p>\n 2025<\/b><\/p>\n<\/td>\n | | \n\n \nDec. 31,\n<\/p>\n \n2024\n<\/p>\n<\/td>\n | | \n\n \nMar. 31,\n<\/p>\n \n2024\n<\/p>\n<\/td>\n | | \nSequential<\/b><\/td>\n | | \nYear-on-year<\/td>\n<\/tr>\n | \n| Revenue<\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| International<\/td>\n | \n $2,166<\/b><\/p>\n<\/td>\n | | \n\n \n$2,471\n<\/p>\n<\/td>\n | | \n\n \n$2,164\n<\/p>\n<\/td>\n | | \n\n -12%<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n<\/tr>\n | \n| North America<\/td>\n | \n 768<\/b><\/p>\n<\/td>\n | | \n\n \n716\n<\/p>\n<\/td>\n | | \n\n \n647\n<\/p>\n<\/td>\n | | \n\n 7%<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n19%\n<\/p>\n<\/td>\n<\/tr>\n | \n| Other<\/td>\n | \n 4<\/b><\/p>\n<\/td>\n | | \n\n \n10\n<\/p>\n<\/td>\n | | \n\n \n7\n<\/p>\n<\/td>\n | | \n\n n\/m<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nn\/m\n<\/p>\n<\/td>\n<\/tr>\n | \n | \n\n $2,938<\/b><\/p>\n<\/td>\n | | \n\n \n$3,197\n<\/p>\n<\/td>\n | | \n\n \n$2,818\n<\/p>\n<\/td>\n | | \n\n -8%<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n4%\n<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| Pretax operating income<\/td>\n | \n $475<\/b><\/p>\n<\/td>\n | | \n\n \n$506\n<\/p>\n<\/td>\n | | \n\n \n$400\n<\/p>\n<\/td>\n | | \n\n -6%<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n19%\n<\/p>\n<\/td>\n<\/tr>\n | \n| Pretax operating margin<\/td>\n | \n 16.2%<\/b><\/p>\n<\/td>\n | | \n\n \n15.8%\n<\/p>\n<\/td>\n | | \n\n \n14.2%\n<\/p>\n<\/td>\n | | \n\n 34 bps<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n197 bps\n<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| n\/m = not meaningful<\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n<\/table>\n\nProduction Systems revenue of $2.94 billion increased 4% year on year due to strong demand for surface production systems, completions and artificial lift along with strong growth in data center infrastructure solutions in North America.\n<\/p>\n \nSequentially, revenue declined 8% driven by seasonally lower sales of artificial lift, midstream and surface production systems and completions, partially offset by higher revenue from data center infrastructure solutions.\n<\/p>\n \nProduction Systems pretax operating margin of 16% increased 197 bps year on year due to improved profitability across a number of business lines driven by activity mix, execution efficiency and conversion of improved-price backlog.\n<\/p>\n \nSequentially, pretax operating margin increased by 34 bps due to cost efficiencies and improved profitability particularly in subsea production systems despite seasonally lower sales.\n<\/p>\n Quarterly Highlights<\/b><\/p>\n CORE<\/b><\/p>\n \nContract Awards\n<\/p>\n \nSLB continues to win new contract awards that align with SLB\u2019s strengths in the Core. Notable highlights include the following:\n<\/p>\n \n- \nIn Mexico, SLB has been awarded a major drilling contract by Australian independent Woodside Energy for its ultra-deepwater Trion development project. SLB will oversee the delivery of 18 ultra-deepwater wells using an integrated services approach and AI-enabled drilling capabilities to improve operational efficiency and well quality. The full scope of the contract includes digital directional drilling services and hardware, logging while drilling (LWD), surface logging, cementing, drilling and completions fluids, completions, and wireline services. Services will begin in early 2026 and will be managed through SLB\u2019s Performance Live\u2122 digital service delivery centers.\n<\/li>\n<\/ul>\n
\n- \nIn Norway, SLB has announced an agreement between its OneSubsea\u2122 joint venture and V\u00e5r Energi to deliver a sizeable subsea production systems work scope. This award leverages the existing strategic subsea partnership agreement between the two companies for standardized subsea equipment, supporting multiple upcoming oil and gas developments on the Norwegian Continental Shelf.\n<\/li>\n<\/ul>\n
\n- \nAlso in Norway, SLB, Aker BP, and StimWell Services have extended the Well Intervention and Stimulation Alliance for another five years. Formed in 2019 with the goal of boosting production in the Norwegian Continental Shelf, the alliance has set new benchmarks for safer, more efficient and cost-effective operations. Moving forward, the alliance aims to scale up digital transformation through deeper integration between subsurface and operational domains, expand the use of remote operations, and accelerate the deployment of new technologies.\n<\/li>\n<\/ul>\n
\n- \nIn Azerbaijan, bp awarded SLB a two-year contract extension for well construction measurements, fluids and well integrity services. This extension follows a previous three-year award and will run through April 2027.\n<\/li>\n<\/ul>\n
\n- \nIn the Kingdom of Saudi Arabia, Aramco awarded SLB a significant corporate purchase agreement for drilling fluid chemicals. The award covers a comprehensive portfolio, including innovative drilling fluid technologies and pioneering sustainable practices, such as transitioning from wooden pallets to reusable plastic pallets and introducing reusable bags for materials.\n<\/li>\n<\/ul>\n
| | | | | | |
![\"The](\"https:\/\/mms.businesswire.com\/media\/20250423635499\/en\/2447853\/4\/SLB_Signage_San_Filipe2663.jpg\")
<\/p>\n