SLB NV (NYSE: SLB) is an oilfield services company that provides technology, services, and equipment to oil and gas operators across the full well lifecycle, from drilling and reservoir evaluation through production and recovery. Revenue is generated on a transactional and project basis across four reporting divisions: Digital, Reservoir Performance, Well Construction, and Production Systems. In FY2025, total revenue across those four divisions plus All Other was approximately $35.7 billion, with Production Systems the largest at $13.3 billion, Well Construction at $11.9 billion, Reservoir Performance at $6.8 billion, and Digital at $2.7 billion (per the 10-K filed 2026-01-23). SLB operates across four geographies: North America, Latin America, the Middle East and Asia, and Europe and Africa. The 2025 acquisition of ChampionX added production chemicals and artificial lift businesses, contributing $1.45 billion to Production Systems revenue in FY2025. SLB OneSubsea, a joint venture, serves the subsea production market.

Revenue model

SLB earns revenue on a transactional and project-services basis. Customers pay for discrete oilfield services such as wireline logging, hydraulic fracturing, directional drilling, and coiled-tubing interventions, as well as for equipment and systems including subsea trees, artificial lift, valves, and production chemicals. Digital revenue of $2.7 billion in FY2025 is generated from Platforms and Applications software and from Digital Operations services delivered through Performance Live service centers. Digital pretax operating margin was 28% in FY2025, the highest of any division.

Products and services

Well Construction: roller cone and fixed cutter drill bits, bottomhole assembly tools, borehole enlargement technology, and integrated well construction including autonomous drilling and rig management. Reservoir Performance: wireline logging, downhole testing, rock and fluid analysis, hydraulic fracturing, matrix stimulation, water treatment, coiled-tubing interventions, slickline, and cased hole perforations. Production Systems: subsea wellheads, trees, manifolds, and control systems via SLB OneSubsea; artificial lift; production chemicals for flow assurance and production optimization; chemical injection systems; and valves for upstream, midstream, and downstream flow control. Digital: Platforms and Applications software and Digital Operations services combining real-time monitoring with automated field execution.

Customers and end markets

Primary customers are oil and gas operators requiring upstream services across exploration, drilling, completion, and production. End markets include offshore and onshore upstream activity internationally and in North America. The filing identifies Mexico, Saudi Arabia, and offshore Africa as regions where drilling activity declined in FY2025. Latin America, the Middle East and Asia, Sub-Saharan Africa, and North America Offshore drove sequential growth in Q4 FY2025. Data Center Solutions is disclosed as a separate and growing end market within the All Other category.

Value-chain role

SLB sits between equipment manufacturers and oil and gas operators as a services and technology provider covering subsurface evaluation, well construction, reservoir stimulation, and surface-to-pipeline production systems. It also operates as an integrated project manager through Integrated Well Construction, contracting third parties and managing drilling rigs on behalf of operators.

Geographic exposure

SLB operates across four geographic segments: North America, Latin America, Middle East and Asia, and Europe and Africa. The filing notes sequential organic revenue growth in both North America and international markets in Q4 FY2025, with specific activity in Latin America, the Middle East and Asia, Sub-Saharan Africa, and North America Offshore.

Source: SEC 10-K, filed 2026-01-23

Industry: Oil & Gas Field Services, NEC Peers: ChampionX Corp Baker Hughes Co Cactus Inc Halliburton Co NEXTIER OILFIELD SOLUTIONS INC. Liberty Energy Inc Nov Inc ProFrac Holding Corp Weatherford International PLC