SLBSLB

SLBについて

SLB, formerly known as Schlumberger, is the world's largest provider of technology and services to the upstream oil and gas industry, serving exploration and production companies that drill and produce hydrocarbons on land and offshore. Its work spans the life of a well: reservoir characterization and seismic interpretation, drilling systems and drill bits, well construction fluids and cementing, wireline logging and measurement, artificial lift and completions, and production and midstream services. The company reports along divisional lines covering Digital & Integration, Reservoir Performance, Well Construction, and Production Systems, with Well Construction and Production Systems typically the largest by revenue while Digital & Integration carries the highest margins and contributes a disproportionate share of operating profit relative to its size.

Serious holders track the oil and gas capital spending cycle, since revenue tracks operator budgets that respond to commodity prices with a lag. International and offshore exposure matters more than North American land, because SLB is structurally weighted toward long-cycle deepwater and national oil company work rather than short-cycle U.S. shale. Customer concentration around a handful of national oil companies — notably in the Middle East, Latin America, and Asia — is a durable feature, as is sanctions and export-control exposure given historical operations in Russia. Investors also watch capital returns policy, the pace of the digital platform buildout, energy-transition investments in carbon capture and lithium extraction, and disciplined pricing across the services peer group.

The firm was founded in 1926 by brothers Conrad and Marcel Schlumberger, French physicists who commercialized electrical resistivity measurements to identify oil-bearing formations, effectively creating the wireline logging industry. Through the twentieth century it expanded from measurement into a full suite of oilfield services, acquired Dowell and other specialists, and built a globally distributed research and engineering footprint. In 2016 it acquired Cameron International, adding surface and subsea equipment. In 2022 the company rebranded from Schlumberger to SLB to signal a broader energy-technology identity. It is incorporated in Curaçao, headquartered in Houston with principal offices in Paris, London, and The Hague, and its shares are listed on the New York Stock Exchange.

Revenue comes from selling services, equipment, software, and integrated project management to operators that own the underlying reserves, under a mix of day-rate service contracts, equipment sales, long-term integrated well delivery agreements, and licensed software subscriptions. Contracts are typically awarded through competitive tenders, with pricing power tied to technology differentiation, safety record, and local content. Competitive position rests on scale, a deep patent and measurement portfolio, and unmatched international logistics; its principal peers are Halliburton, which is stronger in North American pressure pumping, and Baker Hughes, which carries a larger industrial equipment business. Geographically, international markets — the Middle East, Latin America, Europe and Africa, and Asia — generate the majority of revenue, with North America a smaller share than at most rivals.

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