SLB has released its 2022 Sustainability Report highlighting its actions to deliver innovation at speed and scale across the energy landscape to pave a path to net zero and beyond. The report includes key performance data, as well as an overview of how it is delivering on its climate action, people and nature priorities.

“Throughout the last century, the energy industry fueled growth, ideas and progress for all of humanity; now it must fuel change,” said Oliver Le Peuch, Chief Executive Officer and Katharina Beumelberg, Chief Strategy and Sustainability Officer in a joint message to stakeholders. “Together, we will pave the way to a balanced planet through better practices, innovative technology and the commitment to help others across the globe on their sustainability journey. We are proud of the success we have achieved and look forward to continuing our strong momentum in the years ahead.”

SLB advanced its sustainability commitments in 2022 in many focus areas including:

• Reducing Scope 1 and 2 emissions intensity compared to the 2019 baseline. In 2022, SLB worked with teams across its geographies to build detailed roadmaps to net zero and focused on reducing Scope 1 and 2 emissions generated in operations and facilities, ensuring steady progress and consistent measurement. Through its internal digital platform, operations teams tracked key sources of Scope 1 and 2 emissions and took action to reduce them. The visibility and associated actions are key reasons why Scope 1 and 2 emissions intensity per U.S. dollar of revenue decreased by 16 percent from 2021 to 2022.
• Advancing technology to decarbonize customer operations. Along with work to decarbonize the activities of existing customers, decarbonization technology is also a leading area that is taking SLB beyond oil and gas, including adjacent industries, such as steel and cement processing. Using an impact quantification methodology, the Transition Technologies™ portfolio saved more than 700,000 metric tons of carbon dioxide equivalent (CO₂e) emissions for customer operations in 2022.
• Scaling a diversified portfolio of businesses focused on decarbonization and clean energy technology. The diverse SLB New Energy portfolio includes ventures in carbon capture, utilization and sequestration (CCUS), energy storage, geothermal power, geoenergy for heating and cooling, sustainable battery-grade lithium, and low-carbon hydrogen. In the U.K. and U.S. research centers, 50 percent of the research budget was dedicated to CCUS, New Energy and oil and gas decarbonization.
• Prioritizing Health, Safety and the Environment. In 2022, there was a 45 percent improvement in the injury frequency rate from 2019.
• Strengthening a culture of diversity, equity and inclusion (DEI) in the workplace, supply chain and host communities. In 2022, SLB built on its strong DEI foundation, continuing to improve performance in inclusion, women and pay equity, and leveraging employee resource groups. Women comprised 30 percent of the executive team at year-end 2022 and represented 23.8 percent of all salaried positions.
• Respecting human rights. In 2022, SLB strengthened its risk management and assurance processes, further embedding human rights due diligence requirements into internal controls, focusing on its supply chain and facilities. 100 percent of SLB facilities underwent third-party assessments of human rights risks.
• Expanding the water stewardship strategy. A water-stressed areas analysis was performed for all SLB locations worldwide. In addition, SLB estimated water savings of over 220,000 m³, a 100-fold increase when compared to the company’s 2021 water savings.
• Contributing to communities. SLB’s 2022 focus was on enabling and accelerating action; going beyond local content to create in-country value, with the consideration of sustainable development; designing and delivering innovative, scalable and replicable projects; and conducting activities aimed at creating sustainable local impact. In 2022 there were 91 countries with active sustainability projects. A further 55 in-country value projects have been awarded funding for 2023 via SLB’s Sustainability Impact Awards, the company’s platform created to educate and validate investment integrity.

SLB’s sustainability reporting is guided by stakeholders and third-party frameworks including Sustainability Accounting Standards Board (SASB) Standards, Task Force on Climate-Related Financial Disclosure (TCFD) Recommendations, U.N. Sustainable Development Goals, U.N. Guiding Principles on Business and Human Rights Reporting Framework.

Learn more about SLB’s commitment to sustainability and view performance results in the 2022 Sustainability Report.