Schlumberger Becomes SLB, a Technology Company Driving the Future of Energy

Schlumberger (NYSE: SLB) immediately introduced its new identify—SLB—underscoring the firm’s imaginative and prescient for a decarbonized vitality future and affirming its transformation from the world’s largest oilfield companies firm to a international expertise firm targeted on driving vitality innovation for a balanced planet. Beginning immediately, the legacy Schlumberger model and almost all of its affiliated manufacturers will turn out to be one beneath the new SLB model, which introduces a refreshed visible identification, together with a new emblem for the firm—a image of the place it’s immediately and the place it’s heading.

“Today we face the world’s greatest balancing act—providing reliable, accessible and affordable energy to meet growing demand, while rapidly decarbonizing for a sustainable future,” mentioned Olivier Le Peuch, chief govt officer, SLB. “This dual challenge requires a balance of energy affordability, energy security and sustainability. It requires a balance of innovation and decarbonization in the oil and gas industry as well as clean energy solutions. It requires a balanced energy mix for a balanced planet. Our new identity symbolizes SLB’s commitment to moving farther and faster in facilitating the world’s energy needs today and forging the road ahead for the energy transition. It’s a bold challenge. But the legacy of our people, technology and performance are unmatched, and we are ready to answer this challenge.”

Brand evolution

The SLB model builds on almost a century of expertise innovation and industrialization experience in the vitality companies business. The firm has spent the final three years laying the groundwork for its rising give attention to low- and zero-carbon vitality expertise options whereas persevering with to drive innovation, decarbonization and efficiency for the oil and gasoline business:

• In 2020, SLB launched its New Energy business to discover partnerships and alternatives in low-carbon and carbon-neutral applied sciences. This set in movement a years-long journey for the firm to broaden its position in the new vitality future by way of the growth of new applied sciences and partnerships.
• In 2021, SLB grew to become the first firm in the vitality companies business to decide to a net-zero goal inclusive of complete Scope 3 emissions from the use of its applied sciences.
• In tandem with this dedication, SLB launched a portfolio of Transition Technologies™ with a quantifiable, science-based emissions discount profit. One instance is SLB’s Zero-Flaring Well Test and Cleanup method, which has been utilized by clients to scale back as much as 80,000 tons of CO₂ emissions—the equal of taking almost 18,000 vehicles off the highway for a yr.
• Earlier this yr, the firm introduced SLB End-to-end Emissions Solutions (SEES), a devoted business for eliminating methane emissions from oil and gasoline operations. Methane is a crucial business goal as a result of its warming impact is 84 occasions larger than CO₂ over a 20-year interval and 28 occasions over a century. SLB lately joined the Oil and Gas Climate Initiative’s “Aiming for Zero Methane Emissions Initiative” to help vitality firms’ efforts to curb the warming influence of their operational methane emissions.

SLB immediately

Leveraging this progress and guided by its model promise to drive vitality innovation for a balanced planet, SLB will give attention to delivering results-driven options for its clients in 4 areas:

• New vitality programs—SLB is specializing in creating and scaling the new vitality programs of tomorrow. With its New Energy business evolving to a strategic driver for the firm, SLB will proceed forging partnerships throughout numerous industries to develop applied sciences throughout 5 areas: carbon options, hydrogen, geothermal and geoenergy, vitality storage and demanding minerals. This consists of the firm’s Celsius Energy business, which reduces the carbon footprint of buildings by making vitality accessible from the earth, in addition to Genvia, a clear hydrogen expertise firm fashioned as a public/non-public partnership with France’s renewables analysis company, CEA, and different companions.

• Industrial decarbonization—Reducing emissions, significantly from hard-to-abate industries, is essential to reaching web zero targets. SLB is already working to make an influence on this space. Last month, it introduced plans to develop a digital sustainability platform that can present sustainability options for hard-to-abate industrial sectors. SLB can be targeted on increasing applied sciences and alternatives for carbon seize, utilization and sequestration (CCUS), which is one of the most important levers for decarbonizing a number of industries.

• Digital at scale—Digital capabilities proceed to develop all through the vitality business and have turn out to be a key efficiency and effectivity driver. SLB’s clients will be capable to use the firm’s digital services and products to assist meet their sustainability targets by driving transparency, higher measurement, simpler planning and rather more impactful outcomes with integrity. SLB lately introduced the industrial launch of its Enterprise Data Solution, which helps speed up superior workflows. This newest innovation was inbuilt alignment with the rising necessities of the OSDU™ Technical Standard, the open business normal for vitality information.

• Oil and gasoline innovation—Building on its many years of expertise development, SLB will proceed innovating new merchandise, companies and applied sciences that make the exploration and growth of oil and gasoline property cleaner, extra resilient and extra environment friendly, with decrease carbon and fewer influence on the surroundings. The firm will proceed to construct on its fit-for-basin strategy, creating bespoke and customized applied sciences tailor-made for the areas and environments through which they function. Through the continued progress of digitally enabled applied sciences that enhance effectivity and efficiency, its Transition Technologies portfolio and its SEES methane elimination business, SLB will present options that allow its clients to extend manufacturing from their reserves at a aggressive price and low carbon depth per barrel equal.

“Our new identity boldly symbolizes our ambition to accelerate the energy transition with sustainability at the center of everything we do,” mentioned Dr. Katharina Beumelburg, chief technique and sustainability officer, SLB. “Our new brand and strategy are built for this moment in our history. A moment that demands the need for a balanced energy system for our planet and the need to achieve and go beyond net zero to address the climate challenge. Everything we have chosen, from the shape of the logo to our new, bright blue color, symbolizes the boldness of our ambitions and ingenuity of our team to make the new energy future a reality. ’For a balanced planet’ is more than just our new tagline. It’s central to our purpose and our culture. It takes the incredible history of this world-class company, enhances it and moves it forward toward a more sustainable and net zero future.”

About SLB

SLB (NYSE: SLB) is a international expertise firm that drives vitality innovation for a balanced planet. With a international footprint in additional than 100 international locations and workers representing virtually twice as many nationalities, we work every day to decarbonize oil and gasoline and develop scalable new vitality applied sciences to speed up the vitality transition. Find out extra at slb.com.

Access the SLB Media Kit right here.

Cautionary Statement Regarding Forward-Looking Statements

This press launch accommodates “forward-looking statements” inside the which means of the U.S. federal securities legal guidelines — that’s, statements about the future, not about previous occasions. Such statements typically include phrases corresponding to “expect,” “may,” “can,” “estimate,” “intend,” “anticipate,” “will,” “potential,” “projected” and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain, such as statements about our financial and performance targets and other forecasts or expectations regarding, or dependent on, our business outlook; growth for SLB as a whole and for each of its Divisions (and for specified business lines, geographic areas, or technologies within each Division); oil and natural gas demand and production growth; oil and natural gas prices; forecasts or expectations regarding energy transition and global climate change; improvements in operating procedures and technology; and our business strategies, including digital and “fit for basin,” in addition to the methods of our clients. These statements are topic to dangers and uncertainties, together with, however not restricted to, the incapability to attain monetary and efficiency targets and different forecasts and expectations; the incapability to attain net-negative carbon emissions targets; the incapability to acknowledge meant advantages of our partnerships; legislative and regulatory initiatives addressing environmental considerations, together with initiatives addressing the influence of international local weather change; and different dangers and uncertainties detailed in SLB’s most up-to-date Forms 10-Okay, 10-Q and 8-Okay filed with or furnished to the U.S. Securities and Exchange Commission. If a number of of these or different dangers or uncertainties materialize (or the penalties of such a growth modifications), or ought to underlying assumptions show incorrect, precise outcomes could differ materially from these mirrored in our forward-looking statements. The forward-looking statements converse solely as of the date of this press launch, SLB disclaims any intention or obligation to replace publicly or revise such statements, whether or not as a outcome of new data, future occasions or in any other case.

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