| Segment Information |
12. Segment Information 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's 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. Financial information by segment is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Stated in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter 2025 |
|
|
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
Income |
|
|
and |
|
|
Capital |
|
|
Revenue |
|
|
Before Taxes |
|
|
Amortization |
|
|
Investments (5) |
|
Digital |
$ |
658 |
|
|
$ |
187 |
|
|
$ |
28 |
|
|
$ |
86 |
|
Reservoir Performance |
|
1,682 |
|
|
|
312 |
|
|
|
110 |
|
|
|
105 |
|
Well Construction |
|
2,967 |
|
|
|
558 |
|
|
|
170 |
|
|
|
110 |
|
Production Systems |
|
3,474 |
|
|
|
559 |
|
|
|
131 |
|
|
|
121 |
|
All Other |
|
397 |
|
|
|
96 |
|
|
|
62 |
|
|
|
94 |
|
Eliminations & other |
|
(250 |
) |
|
|
(86 |
) |
|
|
73 |
|
|
|
65 |
|
Corporate & other (1) |
|
|
|
|
(203 |
) |
|
|
64 |
|
|
|
|
Interest income (2) |
|
|
|
|
37 |
|
|
|
|
|
|
|
Interest expense (3) |
|
|
|
|
(142 |
) |
|
|
|
|
|
|
Charges and credits (4) |
|
|
|
|
(318 |
) |
|
|
|
|
|
|
|
$ |
8,928 |
|
|
$ |
1,000 |
|
|
$ |
638 |
|
|
$ |
581 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Stated in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter 2024 |
|
|
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
Income |
|
|
and |
|
|
Capital |
|
|
Revenue |
|
|
Before Taxes |
|
|
Amortization |
|
|
Investments (5) |
|
Digital |
$ |
638 |
|
|
$ |
190 |
|
|
$ |
39 |
|
|
$ |
50 |
|
Reservoir Performance |
|
1,823 |
|
|
|
367 |
|
|
|
102 |
|
|
|
151 |
|
Well Construction |
|
3,312 |
|
|
|
714 |
|
|
|
166 |
|
|
|
165 |
|
Production Systems |
|
3,037 |
|
|
|
518 |
|
|
|
92 |
|
|
|
106 |
|
All Other |
|
554 |
|
|
|
188 |
|
|
|
124 |
|
|
|
140 |
|
Eliminations & other |
|
(205 |
) |
|
|
(75 |
) |
|
|
72 |
|
|
|
32 |
|
Corporate & other (1) |
|
|
|
|
(187 |
) |
|
|
45 |
|
|
|
|
Interest income (2) |
|
|
|
|
36 |
|
|
|
|
|
|
|
Interest expense (3) |
|
|
|
|
(132 |
) |
|
|
|
|
|
|
Charges and credits (4) |
|
|
|
|
(112 |
) |
|
|
|
|
|
|
|
$ |
9,159 |
|
|
$ |
1,507 |
|
|
$ |
640 |
|
|
$ |
644 |
|
(1)Comprised principally of certain corporate expenses not allocated to the segments, stock-based compensation costs, amortization expense associated with certain intangible assets, certain centrally managed initiatives and other nonoperating items. (2)Interest income excludes amounts that are included in the segments’ income ($- million in 2025; $16 million in 2024). (3)Interest expense excludes amounts that are included in the segments’ income ($- million in 2025; $4 million in 2024). (4)See Note 2 – Charges and Credits. (5)Capital investments included capital expenditures, APS investments, and exploration data costs capitalized.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Stated in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months 2025 |
|
|
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
Income |
|
|
and |
|
|
Capital |
|
|
Revenue |
|
|
Before Taxes |
|
|
Amortization |
|
|
Investments (5) |
|
Digital |
$ |
1,836 |
|
|
$ |
465 |
|
|
$ |
117 |
|
|
$ |
172 |
|
Reservoir Performance |
|
5,072 |
|
|
|
908 |
|
|
|
321 |
|
|
|
366 |
|
Well Construction |
|
8,908 |
|
|
|
1,698 |
|
|
|
502 |
|
|
|
358 |
|
Production Systems |
|
9,247 |
|
|
|
1,520 |
|
|
|
312 |
|
|
|
322 |
|
All Other |
|
1,542 |
|
|
|
414 |
|
|
|
290 |
|
|
|
323 |
|
Eliminations & other |
|
(642 |
) |
|
|
(239 |
) |
|
|
215 |
|
|
|
117 |
|
Corporate & other (1) |
|
|
|
|
(550 |
) |
|
|
154 |
|
|
|
|
Interest income (2) |
|
|
|
|
103 |
|
|
|
|
|
|
|
Interest expense (3) |
|
|
|
|
(425 |
) |
|
|
|
|
|
|
Charges and credits (4) |
|
|
|
|
(546 |
) |
|
|
|
|
|
|
|
$ |
25,963 |
|
|
$ |
3,348 |
|
|
$ |
1,911 |
|
|
$ |
1,658 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Stated in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months 2024 |
|
|
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
Income |
|
|
and |
|
|
Capital |
|
|
Revenue |
|
|
Before Taxes |
|
|
Amortization |
|
|
Investments (5) |
|
Digital |
$ |
1,734 |
|
|
$ |
370 |
|
|
$ |
126 |
|
|
$ |
142 |
|
Reservoir Performance |
|
5,368 |
|
|
|
1,082 |
|
|
|
302 |
|
|
|
403 |
|
Well Construction |
|
10,090 |
|
|
|
2,145 |
|
|
|
484 |
|
|
|
555 |
|
Production Systems |
|
8,808 |
|
|
|
1,390 |
|
|
|
257 |
|
|
|
275 |
|
All Other |
|
1,535 |
|
|
|
588 |
|
|
|
355 |
|
|
|
403 |
|
Eliminations & other |
|
(530 |
) |
|
|
(171 |
) |
|
|
214 |
|
|
|
75 |
|
Corporate & other (1) |
|
|
|
|
(568 |
) |
|
|
133 |
|
|
|
|
Interest income (2) |
|
|
|
|
98 |
|
|
|
|
|
|
|
Interest expense (3) |
|
|
|
|
(370 |
) |
|
|
|
|
|
|
Charges and credits (4) |
|
|
|
|
(279 |
) |
|
|
|
|
|
|
|
$ |
27,005 |
|
|
$ |
4,285 |
|
|
$ |
1,871 |
|
|
$ |
1,853 |
|
(1)Comprised principally of certain corporate expenses not allocated to the segments, stock-based compensation costs, amortization expense associated with certain intangible assets, certain centrally managed initiatives and other nonoperating items. (2)Interest income excludes amounts that are included in the segments’ income ($1 million in 2025; $31 million in 2024). (3)Interest expense excludes amounts that are included in the segments’ income ($6 million in 2025; $13 million in 2024). (4)See Note 2 – Charges and Credits. (5)Capital investments included capital expenditures, APS investments, and exploration data costs capitalized. Total assets by segment are as follows:
|
|
|
|
|
|
|
|
|
|
(Stated in millions) |
|
|
|
|
|
|
|
|
|
|
Sept. 30, |
|
|
Dec. 31, |
|
|
|
2025 |
|
|
2024 |
|
Digital |
|
$ |
754 |
|
|
$ |
768 |
|
Reservoir Performance |
|
|
4,110 |
|
|
|
3,802 |
|
Well Construction |
|
|
6,690 |
|
|
|
6,741 |
|
Production Systems |
|
|
9,420 |
|
|
|
7,049 |
|
All Other |
|
|
2,257 |
|
|
|
2,511 |
|
Eliminations and other |
|
|
1,216 |
|
|
|
1,152 |
|
Goodwill and intangibles |
|
|
22,096 |
|
|
|
17,605 |
|
Cash and short-term investments |
|
|
3,585 |
|
|
|
4,669 |
|
All other assets |
|
|
4,965 |
|
|
|
4,638 |
|
|
|
$ |
55,093 |
|
|
$ |
48,935 |
|
Segment assets consist of receivables, inventories, fixed assets, exploration data costs capitalized, and APS investments. Revenue by geographic area was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Stated in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter |
|
|
Nine Months |
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
North America |
$ |
1,930 |
|
|
$ |
1,687 |
|
|
$ |
5,303 |
|
|
$ |
4,929 |
|
Latin America |
|
1,482 |
|
|
|
1,689 |
|
|
|
4,469 |
|
|
|
5,084 |
|
Europe & Africa (1) |
|
2,434 |
|
|
|
2,434 |
|
|
|
7,038 |
|
|
|
7,199 |
|
Middle East & Asia |
|
3,000 |
|
|
|
3,302 |
|
|
|
8,983 |
|
|
|
9,650 |
|
Other |
|
82 |
|
|
|
47 |
|
|
|
170 |
|
|
|
143 |
|
|
$ |
8,928 |
|
|
$ |
9,159 |
|
|
$ |
25,963 |
|
|
$ |
27,005 |
|
(1)Includes Russia and the Caspian region. North America and International revenue disaggregated by segment was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Stated in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter 2025 |
|
|
North |
|
|
|
|
|
|
|
|
|
|
|
America |
|
|
International |
|
|
Other |
|
|
Total |
|
Digital |
$ |
156 |
|
|
$ |
500 |
|
|
$ |
2 |
|
|
$ |
658 |
|
Reservoir Performance |
|
143 |
|
|
|
1,536 |
|
|
|
3 |
|
|
|
1,682 |
|
Well Construction |
|
527 |
|
|
|
2,371 |
|
|
|
69 |
|
|
|
2,967 |
|
Production Systems |
|
1,008 |
|
|
|
2,440 |
|
|
|
26 |
|
|
|
3,474 |
|
All Other |
|
132 |
|
|
|
264 |
|
|
|
1 |
|
|
|
397 |
|
Eliminations & other |
|
(36 |
) |
|
|
(195 |
) |
|
|
(19 |
) |
|
|
(250 |
) |
|
$ |
1,930 |
|
|
$ |
6,916 |
|
|
$ |
82 |
|
|
$ |
8,928 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Stated in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter 2024 |
|
|
North |
|
|
|
|
|
|
|
|
|
|
|
America |
|
|
International |
|
|
Other |
|
|
Total |
|
Digital |
$ |
128 |
|
|
$ |
509 |
|
|
$ |
1 |
|
|
$ |
638 |
|
Reservoir Performance |
|
145 |
|
|
|
1,676 |
|
|
|
2 |
|
|
|
1,823 |
|
Well Construction |
|
581 |
|
|
|
2,675 |
|
|
|
56 |
|
|
|
3,312 |
|
Production Systems |
|
657 |
|
|
|
2,373 |
|
|
|
7 |
|
|
|
3,037 |
|
All Other |
|
357 |
|
|
|
197 |
|
|
|
- |
|
|
|
554 |
|
Eliminations & other |
|
(181 |
) |
|
|
(5 |
) |
|
|
(19 |
) |
|
|
(205 |
) |
|
$ |
1,687 |
|
|
$ |
7,425 |
|
|
$ |
47 |
|
|
$ |
9,159 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Stated in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months 2025 |
|
|
North |
|
|
|
|
|
|
|
|
|
|
|
America |
|
|
International |
|
|
Other |
|
|
Total |
|
Digital |
$ |
453 |
|
|
$ |
1,377 |
|
|
$ |
6 |
|
|
$ |
1,836 |
|
Reservoir Performance |
|
433 |
|
|
|
4,633 |
|
|
|
6 |
|
|
|
5,072 |
|
Well Construction |
|
1,581 |
|
|
|
7,146 |
|
|
|
181 |
|
|
|
8,908 |
|
Production Systems |
|
2,365 |
|
|
|
6,850 |
|
|
|
32 |
|
|
|
9,247 |
|
All Other |
|
990 |
|
|
|
550 |
|
|
|
2 |
|
|
|
1,542 |
|
Eliminations & other |
|
(519 |
) |
|
|
(66 |
) |
|
|
(57 |
) |
|
|
(642 |
) |
|
$ |
5,303 |
|
|
$ |
20,490 |
|
|
$ |
170 |
|
|
$ |
25,963 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Stated in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months 2024 |
|
|
North |
|
|
|
|
|
|
|
|
|
|
|
America |
|
|
International |
|
|
Other |
|
|
Total |
|
Digital |
$ |
413 |
|
|
$ |
1,318 |
|
|
$ |
3 |
|
|
$ |
1,734 |
|
Reservoir Performance |
|
409 |
|
|
|
4,952 |
|
|
|
7 |
|
|
|
5,368 |
|
Well Construction |
|
1,776 |
|
|
|
8,151 |
|
|
|
163 |
|
|
|
10,090 |
|
Production Systems |
|
1,871 |
|
|
|
6,915 |
|
|
|
22 |
|
|
|
8,808 |
|
All Other |
|
1,022 |
|
|
|
513 |
|
|
|
- |
|
|
|
1,535 |
|
Eliminations & other |
|
(562 |
) |
|
|
84 |
|
|
|
(52 |
) |
|
|
(530 |
) |
|
$ |
4,929 |
|
|
$ |
21,933 |
|
|
$ |
143 |
|
|
$ |
27,005 |
|
Significant segment expenses, which represent the difference between segment revenue and pretax segment income, consist of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Stated in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter 2025 |
|
|
|
|
|
Reservoir |
|
|
Well |
|
|
Production |
|
|
Digital |
|
|
Performance |
|
|
Construction |
|
|
Systems |
|
Compensation |
$ |
185 |
|
|
$ |
393 |
|
|
$ |
586 |
|
|
$ |
404 |
|
Cost of products, materials, and supplies |
|
- |
|
|
|
292 |
|
|
|
807 |
|
|
|
2,005 |
|
Depreciation and amortization |
|
28 |
|
|
|
110 |
|
|
|
170 |
|
|
|
131 |
|
Allocations |
|
82 |
|
|
|
160 |
|
|
|
230 |
|
|
|
130 |
|
Other |
|
176 |
|
|
|
415 |
|
|
|
616 |
|
|
|
245 |
|
|
$ |
471 |
|
|
$ |
1,370 |
|
|
$ |
2,409 |
|
|
$ |
2,915 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Stated in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter 2024 |
|
|
|
|
|
Reservoir |
|
|
Well |
|
|
Production |
|
|
Digital |
|
|
Performance |
|
|
Construction |
|
|
Systems |
|
Compensation |
$ |
180 |
|
|
$ |
417 |
|
|
$ |
647 |
|
|
$ |
238 |
|
Cost of products, materials, and supplies |
|
- |
|
|
|
314 |
|
|
|
869 |
|
|
|
1,867 |
|
Depreciation and amortization |
|
39 |
|
|
|
102 |
|
|
|
166 |
|
|
|
92 |
|
Allocations |
|
78 |
|
|
|
169 |
|
|
|
254 |
|
|
|
134 |
|
Other |
|
151 |
|
|
|
454 |
|
|
|
662 |
|
|
|
188 |
|
|
$ |
448 |
|
|
$ |
1,456 |
|
|
$ |
2,598 |
|
|
$ |
2,519 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Stated in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months 2025 |
|
|
|
|
|
Reservoir |
|
|
Well |
|
|
Production |
|
|
Digital |
|
|
Performance |
|
|
Construction |
|
|
Systems |
|
Compensation |
$ |
557 |
|
|
$ |
1,207 |
|
|
$ |
1,781 |
|
|
$ |
877 |
|
Cost of products, materials, and supplies |
|
- |
|
|
|
879 |
|
|
|
2,427 |
|
|
|
5,526 |
|
Depreciation and amortization |
|
117 |
|
|
|
321 |
|
|
|
502 |
|
|
|
312 |
|
Allocations |
|
244 |
|
|
|
487 |
|
|
|
720 |
|
|
|
406 |
|
Other |
|
453 |
|
|
|
1,270 |
|
|
|
1,780 |
|
|
|
606 |
|
|
$ |
1,371 |
|
|
$ |
4,164 |
|
|
$ |
7,210 |
|
|
$ |
7,727 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Stated in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months 2024 |
|
|
|
|
|
Reservoir |
|
|
Well |
|
|
Production |
|
|
Digital |
|
|
Performance |
|
|
Construction |
|
|
Systems |
|
Compensation |
$ |
577 |
|
|
$ |
1,231 |
|
|
$ |
1,965 |
|
|
$ |
797 |
|
Cost of products, materials, and supplies |
|
- |
|
|
|
922 |
|
|
|
2,695 |
|
|
|
5,467 |
|
Depreciation and amortization |
|
126 |
|
|
|
302 |
|
|
|
484 |
|
|
|
257 |
|
Allocations |
|
236 |
|
|
|
497 |
|
|
|
758 |
|
|
|
396 |
|
Other |
|
425 |
|
|
|
1,334 |
|
|
|
2,043 |
|
|
|
501 |
|
|
$ |
1,364 |
|
|
$ |
4,286 |
|
|
$ |
7,945 |
|
|
$ |
7,418 |
|
Other segment expenses include transportation, mobilization, lease, professional fees, and other costs. Revenue in excess of billings related to contracts where revenue is recognized over time was $0.5 billion at both September 30, 2025 and December 31, 2024. Such amounts are included within Receivables less allowance for doubtful accounts in the Consolidated Balance Sheet. Total backlog was $5.6 billion at September 30, 2025, of which approximately 60% is expected to be recognized as revenue over the next 12 months. Billings and cash collections in excess of revenue was $2.2 billion at September 30, 2025 and $2.0 billion at December 31, 2024. Such amounts are included within Accounts payable and accrued liabilities in the Consolidated Balance Sheet.
|