SLB: Schlumberger : 2024 Sustainability Report (sustainability report 2024)

For a balanced planet 2024 Sustainability Report SLB 2024 Sustainability Report Contents Executive summary Governance Climate Action People Nature Cybersecurity Stakeholder Engagement Data SLB Overview 07 Climate Action 11 People 21 Nature 29 02 Executive Summary → About Us → CEO Letter → Our Approach to Sustainability → Highlights and Awards → Our Year in Review Governance 10 → Governance Climate Action → Climate Action Introduction → Our Roadmap to Net Zero → Driving Industry-wide Decarbonization → Supply Chain Decarbonization → Scaling New Energy Systems People → People Introduction → Keeping People Safe → Our People → Our Inclusive Culture → Our Communities and Partnerships → Human Rights Nature 29 → Nature Introduction → Championing Water Stewardship → Enabling Circularity → Safeguarding Biodiversity Cybersecurity 36 → Data Privacy and Cybersecurity Stakeholder Engagement 37 → Stakeholder Engagement Data → Sustainability Accounting Standards Board (SASB) Index → Global Reporting Initiative (GRI) → Task Force on Climate-related Financial Disclosures (TCFD) → 2024 Performance Data SLB 2024 Sustainability Report Contents Executive summary Governance Climate Action People Nature Cybersecurity Stakeholder Engagement Data 03 Executive Summary About Us "In our Core business, we are making unmatched contributions to the discovery, development, and production of oil and gas reserves, fueling global energy supply. We have the lead offering in Digital and we are pursuing meaningful opportunities in New Energy and decarbonization, where we have established a differentiated market position. Together, this is laying a strong foundation for our business, and SLB is poised to create enduring value for our customers and shareholders." Olivier Le Peuch Chief Executive Officer ACTive multicycle system for actuated response (MSAR) ACTive MSAR enhances downhole tool efficiency with remote actuation. 2024 Financial Highlights $ 36.29 B Revenue (10% increase year on year) $ 4.46 B Net income attributable to SLB (6% increase year on year) $ 9.07 B † Adjusted EBITDA (12% increase year on year) $ 6.60 B Cash flow from operations AccuStrike The short-makeup drill bit for optimal steering and directional performance. Core In 2024, our Core business grew 9% led by Production Systems and Reservoir Performance as operators across the industry increasingly prioritize production and recovery to maximize their producing assets. Across our Core divisions, SLB's technology leadership, domain expertise, and global scale enable us to continue innovating tailored solutions for our customers in every region. Overall, the fundamentals for oil and gas remain strong and we expect accelerating energy consumption from AI and data centers together with global economic growth and the ever growing imperative for energy security to drive increased demand for both oil and gas throughout the rest of the decade. Digital Digital revenue grew 20% to $2.44 billion in 2024 as customers continue to embrace the power of cloud computing, AI, and digital operations to shorten cycle times and improve operating efficiencies. In a milestone year for Digital, we expanded our strategic partnerships with industry leaders to include NVIDIA, Amazon Web Services, and Palo Alto Networks, launched our Lumi data and AI platform, and made significant strides in enabling remote operations and the achievement of fully autonomous drilling operations. New Energy We continue to expand our exposure beyond oil and gas with significant growth momentum in the low-carbon markets, where SLB will continue building businesses and forging partnerships across three key areas: industrial decarbonization, with a focus on carbon capture and sequestration and low-carbon hydrogen for hard-to-abate industries; renewables and energy efficiency, with a focus on geothermal, geoenergy, and energy storage; and critical minerals, such as lithium from brine deposits, which will be required to support the energy transition. $ 3.99 B † Free cash flow $ 3.27 B Returned to shareholders through dividends and stock repurchases For definitions of adjusted EBITDA and free cash flow, as well as reconciliations of these non-GAAP measures to their most comparable GAAP measures, please see our fourth-quarter and full-year 2024 results earnings press release here . SLB 2024 Sustainability Report Contents Executive summary Governance Climate Action People Nature Cybersecurity Stakeholder Engagement Data 04 CEO Letter Positioned For Lasting Success Olivier Le Peuch Chief Executive Officer Driving Energy Innovation for a Balanced Planet We talk a lot about the idea of a balanced planet, but what does that mean? At SLB, we believe a balanced planet requires a balanced energy system-one that can meet growing demand while producing less emissions. This isn't about scaling back energy production; it's about embracing a broader mix of sources to produce energy more sustainably. Over the past few years, SLB has initiated a strategic transformation to align with this vision, becoming a global technology company driving energy innovation for a balanced planet. Today, we are creating technologies to unlock access to energy for the benefit of all, working across our three engines of growth to enable lower- carbon oil and gas production while scaling the renewable energy systems of tomorrow. In our Core, we are accelerating the deployment of Transition Technologies to produce lower- carbon barrels and reduce methane emissions. In Digital, we are harnessing the power of AI and machine learning for performance and efficiency. And in New Energy, we are scaling breakthrough technologies and extending our expertise to mitigate emissions in hard-to-abate industrial sectors. Across each of these areas, we are reimagining how we work, guided by our sustainability priorities of climate action, people, and nature. These actions are not only the right thing for the planet, they are also positioning our business for lasting success. We have a broad portfolio that will benefit from investment across many energy sources, and we believe that our values are a differentiator for our customers, partners, and employees. Combined, we have built a solid foundation for growth across all time horizons, but there is more work to do, and we are fully committed to achieving our sustainability goals. Reflecting on 2024, we continued to make strides on our journey to reduce Scope 1, 2, and 3 emissions, achieving our first interim target of reducing Scope 1 and 2 absolute emissions by 30% from our 2019 baseline. Additionally, we reached a key milestone in our long-term talent management strategy with women representing 25% of our global salaried workforce at the end of 2024. To our teams, customers, and partners, thank you for your collaboration and dedication. I look forward to building on this momentum and expanding our impact in the year ahead. SLB 2024 Sustainability Report Contents Executive summary Governance Climate Action People Nature Cybersecurity Stakeholder Engagement Data Our Approach to Sustainability We're Walking the Talk 05 Governance is a key enabler of our framework, as we operationalize sustainability across the company. Our comprehensive governance program includes: A balanced planet requires more energy with less carbon. As a global technology company driving energy innovation, we play an instrumental role in this balancing act: providing reliable, accessible, and affordable energy while reducing emissions for a more sustainable future. Our three engines of growth - Core, Digital, and New Energy - are helping our industry and customers achieve this balance. In Core we are deploying innovative technologies to produce more energy more efficiently and with fewer emissions. In Digital, we are transforming the energy sector to enhance operational efficiency and reach new heights of productivity. In New Energy, we are scaling the energy systems of tomorrow to accelerate the energy transition. We are taking action, delivering on our targets to reduce our emissions across Scope 1, 2, and 3. We reduced our Scope 1 and 2 emissions intensity by 11% and Scope 3 intensity by 18% in 2024 from 2023. Our sustainability strategy remains focused on three priorities with the greatest potential impact for SLB, our stakeholders, and society: climate action, people, and nature. Learn more about our sustainability strategy here. Our Sustainability Priorities Climate Action Our journey to lower emissions, decarbonizing customer operations, and scaling new energy systems. People We put people first by respecting human rights, building a more inclusive workplace, and driving positive socioeconomic outcomes. Nature We've identified three key areas that are significant for our operations: biodiversity, water, and circularity. Documented operating procedures with clearly defined roles and responsibilities Deployment of training programs Expansion of digital tools for informed decision-making and progress tracking Integration of emissions reduction objectives into employee key performance indicators Investment for sustainability projects through our Sustainability Impact Awards program Looking ahead, we are concentrating our efforts on: Building on our data integrity and accounting tools for emissions and water stewardship Operationalizing sustainability by further integrating it into our core processes, raising awareness of the environmental impact of our business decisions Investing in technology that positively impacts the decarbonization efforts of our customers and our supply chain SLB 2024 Sustainability Report Contents Executive summary Governance Climate Action People Nature Cybersecurity 2024 Highlights Stakeholder Engagement Data 06 Recognitions SLB listed on CDP's 2023 Supplier Engagement Leaderboard, announced in 2024 SLB highlighted at the World 50 2024 Inclusion and Diversity Impact Awards SLB listed as a top place to work by Glassdoor and LinkedIn