Slb N.V. SLB

The business

SLB sells the equipment and the expertise that gets oil out of the ground for somebody else. Well Construction is drilling: bits, fluids, measurement while drilling. Production Systems is the hardware left behind, the valves and subsea trees and artificial lift. Reservoir Performance is the science, the logging and stimulation work. Digital is software and data sold on top of all three.

Roughly three quarters of revenue is international. That matters more than any other fact here, because the international business is national oil companies on multi-year programmes, while North America is shale operators who cut activity the week the oil price moves. In July 2025 the company bought ChampionX, a production chemicals business, which is why the revenue line and the underlying business now say different things.