Delivering value today and tomorrow

When we rebranded in 2022 to become SLB, it was with the bold vision to drive energy innovation for a balanced planet. Since then, our belief that the energy industry must play a leading role in addressing the global energy trilemma—ensuring security, affordability, and sustainability—has only strengthened. To solve it, we are redefining the role that a global technology company can play in the energy transition, and this continues to inspire new levels of innovation across our three engines of growth: Core, Digital, and New Energy.

In our Core, we are leveraging nearly a century of subsurface expertise to drive the future of energy operations, developing and deploying innovative technologies to produce energy more efficiently with fewer emissions. In Digital, we are unleashing the power of data and AI to help customers achieve new levels of productivity and performance while ushering in a new era of automation. And in New Energy, we are fast-tracking breakthroughs in the critical areas of carbon capture and storage as well as geothermal energy.

Our achievements in each of these areas are driving our impressive financial performance, and we concluded the year by achieving widespread revenue growth, margin expansion, and exceptional free cash flow. These strong results enabled us to return $2 billion to shareholders through dividends and share repurchases in 2023. With continued growth in earnings, our proven ability to generate cash, and confidence in the long-term outlook, we are targeting to return at least $2.5 billion to shareholders in 2024.

The common thread that weaves between these accomplishments is that we are growing our business by embedding sustainability in everything that we do. This year, we reduced our emissions intensity–the amount of carbon emissions produced per dollar of revenue–across Scope 1, 2, and 3, and we helped our customers avoid more than 830,000 tons of CO₂e emissions through our portfolio of Transition Technologies. These results highlight the influence of our low-carbon solutions in accelerating our positive environmental impact as we enable new levels of efficiency and performance. As the energy transition progresses, our ability to deliver value while supporting our sustainability focus areas of climate action, people, and nature will be a defining factor for our growth.

Reflecting on 2023, the early impact of our transformation is evident. Our impressive full-year results reflect the performance of our teams, the support of our partners, and the loyalty of our customers. And our ongoing success underscores the differentiated technology we deliver and the trust our stakeholders place in us.

With a clear vision and firm strategy in place, we remain committed to the global energy transition and unlocking access to energy for the benefit of all. Moving forward, we will continue to seize new growth opportunities, diversify our offerings, strengthen our market position, and uphold our sustainability commitments—all in support of a balanced planet.

Olivier Le Peuch
Chief Executive Officer