SLB N.V.
SLB N.V. engages in the provision of technology for the energy industry worldwide. The company operates through four divisions: Digital & Integration, Reservoir Performance, Well Construction, and Production Systems. The company provides field development and hydrocarbon production, carbon management, and integration of adjacent energy systems; reservoir interpretation and data processing services for exploration data; and well construction and production improvement services and products. It also offers subsurface geology and fluids evaluation information; stimulation services to restore or enhance well productivity through hydraulic fracturing, matrix stimulation, and water treatment; and intervention services to oil and gas operators. In addition, the company offers mud logging, directional drilling, measurement-while-drilling, and logging-while-drilling services, as well as engineering support services; supplies drilling fluid systems; designs, manufactures, and markets roller cone and fixed cutter drill bits; bottom-hole-assembly and borehole enlargement technologies; well planning, well drilling, engineering, supervision, logistics, procurement, and contracting of third parties, as well as drilling rig management solutions; and drilling equipment and services, as well as land drilling rigs and related services. Further, it provides artificial lift; supplies packers, safety valves, sand control technology, and various intelligent systems; midstream production systems; valves, chokes, actuators, and surface trees; and OneSubsea, an integrated solutions, products, systems, and services, including wellheads, subsea trees, manifolds and flowline connectors, control systems, connectors, and services. SLB N.V. was formerly known as Schlumberger Limited and change its name to SLB N.V. in October 2025. The company was founded in 1926 and is based in Houston, Texas.
What does it do?
SLB (formerly Schlumberger) is the world's largest oilfield services company — think of them as the contractors that oil companies like ExxonMobil or Saudi Aramco hire to actually drill wells and extract oil. They don't own the oil itself; they provide the tools, technology, and expertise to get it out of the ground. For example, if an oil company discovers a new reservoir deep underwater, SLB would supply the drilling equipment, sensors, and engineers to tap into it. They operate in over 100 countries, making them truly global.
SLB sits at the center of global energy supply — when oil companies spend money to find and produce more oil, SLB is one of the first to benefit. Right now, the energy industry is navigating a tricky balance between continued fossil fuel demand and pressure to transition to cleaner energy, and SLB is trying to play both sides by investing in carbon capture and digital energy tools. With oil prices volatile and geopolitical tensions affecting supply chains, what SLB earns tells investors a lot about where the broader energy industry is heading.
How does it make money?
SLB makes money across four business divisions. Well Construction is their biggest earner — they charge oil companies for drilling services and the equipment to build wells. Reservoir Performance covers the technology used to analyze and squeeze more oil out of existing fields. Production Systems sells physical hardware like pumps and valves that keep oil flowing once a well is active. Digital & Integration is their fastest-growing segment, selling software and data analytics — basically helping oil companies make smarter decisions using AI and real-time data. Total revenue last year was $35.7 billion, generating $3.4 billion in net profit.
Why do investors care?
The bull case for SLB rests on two ideas: a multi-year upcycle in oil and gas investment, and a pivot toward higher-margin digital services. International oil companies and national oil companies (government-owned energy giants) have been underinvesting in new supply for years, and analysts expect a long runway of increased drilling activity. SLB's digital division is particularly exciting because software contracts carry much higher profit margins than physical drilling work. For the thesis to work, oil prices need to stay high enough that customers keep spending, and SLB's technology push needs to win market share.
Deep Dive
MemberA full investor briefing on SLB N.V. — history, leadership, risks, and outlook.