By: Jon Costello
SLB, N.V. (SLB)—formerly Schlumberger, Ltd. before its name change in 2022—is a diversified international oilfield services company domiciled in Curacao that provides a suite of services across the life of an oil and gas field. The company’s customers include national oil companies, integrated oil and gas majors, and independent producers worldwide. It reported $35.7 billion in revenue in 2025 and employs 109,000 people in more than 100 countries.
Its operating segments are shown below.
SLB is positioned for the next 10 years to be better than the previous 10. However, the company’s long-term track record doesn’t inspire confidence. Over the past 20 years, SLB shares have returned 1.5%, including dividends, badly lagging the S&P 500’s 11.1% return over the same timeframe.
The stock’s performance is attributable to SLB’s repeatedly poor execution and capital allocation. At the moment, I see little reason for that to change, which dims my view of its prospects over a full cycle and its ability to sustainably grow intrinsic value per share.