SLB Announces Third-Quarter 2026 Results

• Revenue of $9.45 billion increased 5% sequentially and 6% year on year
• GAAP EPS of $0.49 decreased 6% sequentially and 2% year on year
• EPS, excluding charges and credits, of $0.64 increased 16% sequentially and decreased 7% year on year
• Net income attributable to SLB of $735 million decreased 6% sequentially and 1% year on year
• Adjusted EBITDA of $2.07 billion increased 9% sequentially and was essentially flat year on year
• Cash flow from operations was $1.51 billion and free cash flow was $828 million
• Board approved quarterly cash dividend of $0.295 per share

HOUSTON — SLB (NYSE: SLB) today announced results for the third-quarter 2026.

“SLB delivered solid third-quarter results with all regions growing sequentially — led by a gradual recovery in the Middle East, growth in North America land and broadening international activity in deepwater offshore basins,” said SLB Chief Executive Officer Olivier Le Peuch.

“In the Middle East, our business grew 13% sequentially despite late-quarter disruptions. Outside the region, growth was supported by higher activity in U.S. land, highlighted by ChampionX achieving its highest quarterly revenue since the acquisition. Strong SLB OneSubsea™ activity further supported growth with a steady flow of new contract awards in the international markets which increased backlog and enhanced revenue visibility into 2027,” Le Peuch said.

“Production Systems, Well Construction and Reservoir Performance revenue grew sequentially, reflecting increased activity across the exploration-to-production life cycle.

“Production Systems was supported by higher SLB OneSubsea activity and increased sales of production chemicals and artificial lift. This demonstrates the value of our production offering as customers increasingly prioritize production optimization, improved recovery and extended asset life.

“Well Construction and Reservoir Performance benefited from the rebound in the Middle East and increased international offshore activity, mainly in Europe & Africa, Latin America and Asia. Growth was driven by increased drilling fluids sales, higher drilling measurements revenue, and heightened evaluation and intervention activity as operators ramp up development efforts to restore production and bring new capacity online.”

“These results reflect broad-based sequential revenue growth across each of our geographical areas and Core divisions as the upcycle gains momentum,” Le Peuch said.

“Our Data Center Solutions business continued to accelerate, with revenue increasing 23% sequentially, driven by growing demand, a broadening scope of services and geographic expansion into Asia.

“AI is driving unprecedented investment in data center infrastructure, and customers are looking for partners who can deploy quickly, reliably and at scale. Our modular approach is meeting this need today, and the previously announced acquisition of Kelvion will further strengthen our technology portfolio and advance our ability to deliver more integrated solutions for customers.

“Overall, we continue to strengthen our position as an industrial technology partner to the data center industry and to expand our participation in this rapidly growing market,” Le Peuch said.

“Our view of supportive market fundamentals remains firmly intact. Energy security and supply shocks continue to drive a quest for international supply diversification, reserve replacement and sustained production — driving a distinct upcycle, despite near-term uncertainty in the Middle East.

“Our international outlook continues to strengthen, driven by deepwater momentum across Latin America, Europe, Sub-Saharan Africa and Asia, underscored by recent SLB OneSubsea contract awards. Furthermore, international diversification is accelerating as major U.S. shale operators expand abroad and partner with national oil companies across global basins.

“Combined with significant activity increases in Venezuela and expanding momentum across our Core, Digital and Data Center Solutions businesses, we see a very compelling outlook for 2027, with further upside as Middle East activity recovers,” Le Peuch concluded.

During the quarter, SLB repurchased 12.9 million shares of its common stock for a total purchase price of $656 million. During the first nine months of 2026, SLB repurchased a total of 34.0 million shares of its common stock for a total purchase price of $1.76 billion.

On August 31, 2026, SLB signed an agreement to acquire Kelvion, a global provider of thermal management and heat exchange technologies. The acquisition strengthens SLB’s Data Center Solutions business with critical thermal management technologies and expands the company’s role in data center infrastructure, which is one of the world’s fastest-growing industrial and technology markets. Under the terms of the agreement, SLB will acquire Kelvion from Apollo-managed funds — the majority owner — and funds advised by Triton, which holds a minority interest, for approximately $3.4 billion in cash and will assume approximately $0.7 billion of debt. The transaction is subject to customary closing conditions and regulatory approvals and is expected to close in the first half of 2027.

On September 1, 2026, SLB completed its acquisition of S&P Global Energy’s geoscience and petroleum engineering software business portfolio. The acquisition enhances SLB’s digital subsurface and planning portfolio, adding workflow-centric applications widely used by North American onshore and unconventional operators, and strengthening its ability to help customers improve efficiency, accelerate decision making and unlock greater value from subsurface data.

On October 22, 2026, SLB’s Board of Directors approved a quarterly cash dividend of $0.295 per share of outstanding common stock, payable on January 7, 2027, to stockholders of record on December 2, 2026.

Third-quarter revenue of $9.45 billion increased 5% sequentially, driven by 5% growth internationally and 7% growth in North America. International revenue growth was broad-based, led by a 13% increase in the Middle East as activity continued to recover despite late-quarter disruptions. Europe & Africa, Asia and Latin America also posted sequential growth, primarily driven by offshore activity.

In North America, sequential revenue growth was supported by strong U.S. unconventional activity, driven by robust demand for production chemicals and artificial lift solutions. Data Center Solutions also contributed to the sequential revenue increase.

The ChampionX businesses, acquired in July 2025, contributed $956 million of revenue in the third quarter of 2026, consisting of $662 million in North America and $263 million in the international markets. Third-quarter 2025 results included two months of ChampionX activity, which contributed $579 million in revenue, consisting of $387 million in North America and $171 million in the international markets.

Excluding the impact of this acquisition, third-quarter 2026 revenue increased 2% year on year as international revenue was essentially flat and North America revenue increased 13% year on year.

The following table and commentary are presented on a pro forma basis assuming that ChampionX was acquired on January 1, 2025.

Revenue in Latin America of $1.75 billion increased 2% sequentially, primarily driven by higher SLB OneSubsea sales and increased drilling activity in Guyana and Brazil. Growth was further supported by higher revenue from Asset Performance Solutions (APS) projects in Ecuador and stronger drilling activity in Argentina.

Year on year, revenue increased 16%, driven primarily by stronger offshore activity in Brazil, Guyana and Mexico. Higher revenue from APS projects in Ecuador also contributed to the increase, as the prior-year quarter was affected by pipeline-related disruptions.

Revenue in Europe & Africa of $2.44 billion increased 2% sequentially, driven by higher SLB OneSubsea revenue in Scandinavia and Angola and production and recovery activity in Nigeria. These increases were partially offset by lower revenue in Libya and reduced SLB Capturi™ revenue as project milestones were completed.

Year on year, revenue decreased 1%, primarily reflecting lower activity across North Africa. This decline was partially offset by strong growth in Nigeria from higher production systems sales and increased evaluation, intervention and stimulation activity as well as higher revenue in Kazakhstan, Azerbaijan and Turkmenistan.

Revenue in the Middle East & Asia of $2.81 billion increased 9% sequentially, driven by 13% growth in the Middle East and a 2% increase in Asia. The Middle East accounted for 67% of the area’s revenue in the third quarter of 2026.

Growth in the Middle East reflected the rebound in activity following operational disruptions related to the regional conflict in the prior quarter. Activity improved in Iraq, Kuwait, Oman, Saudi Arabia, Qatar and the United Arab Emirates, although certain countries experienced renewed disruptions during the final weeks of the quarter.

In Asia, sequential revenue growth was supported by continued strength in offshore activity, particularly in India, East Asia and Indonesia.

Year on year, revenue decreased 7%, primarily reflecting a 12% decline in the Middle East due to conflict-related disruptions, partially offset by strong growth across Asia, led by offshore markets.

Revenue in North America of $2.40 billion increased 7% sequentially, driven by higher sales of production chemicals, artificial lift and valves in U.S. land, along with a 23% increase in Data Center Solutions revenue. Growth was further supported by increased drilling activity in Canada following the spring breakup in the prior quarter. These gains were partially offset by lower digital exploration sales in the Gulf of America.

Year on year, revenue increased 13%, primarily reflecting stronger unconventional activity in U.S. land, as well as continued momentum in Data Center Solutions, where revenue grew 76%.

Digital revenue of $693 million decreased 1% sequentially, primarily reflecting lower Digital Exploration revenue following strong sales of exploration data licenses and transfer fees in Brazil and Indonesia in the prior quarter. This decline was largely offset by higher Platforms & Applications sales and continued growth in Digital Operations.

Year on year, revenue increased 5%, driven by continued growth in Digital Operations and higher Platforms & Applications sales, partially offset by lower revenue in Professional Services and Digital Exploration.

Annualized Recurring Revenue (ARR) for the Digital division was $1.04 billion as of September 30, 2026, representing a 13% increase year on year, compared with $926 million as of September 30, 2025.

Digital pretax operating margin of 28% increased 27 basis points (bps) sequentially, primarily due to improved profitability in Platforms & Applications and Digital Operations, partially offset by lower profitability in Digital Exploration following reduced sales of exploration data licenses and transfer fees.

Year on year, pretax operating margin contracted 36 bps, reflecting lower sales of exploration data licenses and transfer fees, partially offset by increased profitability in Digital Operations and Platforms & Applications.

For a description of the revenue categories comprising the Digital Division, please refer to Question 10 of the Supplementary Information. Revenue, pretax operating income and adjusted EBITDA for the Digital Division for the first nine months of 2026 and 2025 are provided in Question 11. For the definition of ARR, please refer to Question 12.

Reservoir Performance revenue of $1.63 billion increased 5% sequentially, driven by higher intervention, evaluation and stimulation services, particularly in the Middle East. Growth in Europe & Africa was led by stronger offshore activity in Nigeria and Kazakhstan, while Latin America benefited from double-digit growth in Mexico, Guyana and Brazil, partially offset by lower unconventional activity in Argentina. North America increased on stronger U.S. land evaluation and intervention services.

Year on year, revenue decreased 3%, reflecting the lingering impact of Middle East conflict-related disruptions and lower unconventional activity in Argentina. These effects were partially offset by growth in North America and stronger offshore markets in Europe & Africa and Asia.

Reservoir Performance pretax operating margin of 16% increased 140 bps sequentially, driven by improved profitability in the Middle East as operations recovered, particularly across evaluation, stimulation and intervention services. Higher offshore activity in Europe & Africa also contributed to margin expansion.

Year on year, pretax operating margin declined 223 bps, primarily due to lower profitability in the Middle East, where activity levels remained below those of the prior year despite the sequential recovery. This decline was partially offset by improved profitability in Europe & Africa, driven by stronger offshore activity.

Well Construction revenue of $2.89 billion increased 5% sequentially, driven by higher drilling activity in the Middle East, led by strong drilling fluids sales and increased drilling measurements activity. In Latin America, revenue benefited from double-digit growth in Argentina, Guyana and Brazil, partially offset by lower activity in Mexico. North America increased on stronger U.S. land activity and the seasonal recovery in Canada, while Asia continued to benefit from robust offshore drilling activity.

Year on year, revenue decreased 3%, reflecting the lingering impact of Middle East conflict-related disruptions. This decline was partially offset by strong offshore drilling activity across Latin America, Europe & Africa and the Gulf of America.

Well Construction pretax operating margin of 16% increased 122 bps sequentially, driven primarily by improved profitability in the Middle East as operations recovered during the quarter.

Year on year, pretax operating margin declined 239 bps, reflecting lower profitability in the Middle East, where activity levels remained below the prior year despite the sequential recovery.

Production Systems revenue of $4.00 billion increased 6% sequentially, driven by higher sales of completions, production chemicals and artificial lift in the Middle East, as well as stronger SLB OneSubsea revenue in Scandinavia and Angola. Additional growth came from increased SLB OneSubsea projects in Latin America and Asia, along with stronger U.S. land sales of artificial lift and production chemicals.

Year on year, revenue increased 15%, primarily reflecting the contribution of ChampionX production chemicals and artificial lift businesses. These businesses contributed $950 million of revenue in the third quarter of 2026, compared with $575 million in the third quarter of 2025, when results reflected only two months of ChampionX operations.

Excluding the impact of the acquisition, Production Systems revenue increased 5% year on year, driven by strong growth in SLB OneSubsea, valves and completions. This performance underscores the resilience of international and offshore markets despite the disruptions associated with the Middle East conflict.

Production Systems pretax operating margin was 16%, expanding 60 bps sequentially. Margin expansion was driven by improved profitability in SLB OneSubsea, artificial lift, completions and production chemicals, supported by the recovery in Middle East operations. Stronger offshore activity across Europe & Africa, Latin America and Asia also contributed to the improvement. In addition, margins benefited from the accretive contribution of ChampionX’s production chemicals and artificial lift businesses. Notably, ChampionX delivered sequential pretax operating margin expansion for the fourth consecutive quarter.

Year on year, pretax operating margin was essentially flat. Lower profitability in the Middle East was offset by improved profitability in Europe & Africa, Latin America and Asia, driven by higher SLB OneSubsea offshore activity. Profitability in North America also improved, reflecting the strong performance of ChampionX’s production chemicals and artificial lift businesses.

The following table and commentary are presented on a pro forma basis assuming that ChampionX was acquired on January 1, 2025.

Production Systems revenue of $4.00 billion increased 6% year on year. Revenue increase across Latin America, Europe & Africa, Asia and North America largely compensated for lower revenue in the Middle East.

All Other is comprised of APS, Data Center Solutions and SLB Capturi.

Revenue increased 8% sequentially, driven by strong growth in Data Center Solutions, where revenue increased 23%. Higher APS revenue also contributed to growth, partially offset by lower revenue in SLB Capturi.

Year on year, revenue increased 37%, primarily reflecting a 76% increase in Data Center Solutions revenue. Growth was further supported by higher APS revenue, as the prior-year period was affected by pipeline-related disruptions. These gains were partially offset by lower revenue in SLB Capturi following the completion of project milestones.

Pretax operating income decreased sequentially as ramp-up costs associated with new Data Center Solutions projects impacted profitability.

Year on year, pretax operating income increased driven by higher Data Center Solutions activity and improved profitability in APS projects.

SLB continues to win new contract awards that align with SLB’s strengths in the Core. Notable highlights include the following:

• SLB has been awarded four integrated well construction contracts by Aramco to support oil and gas development across the Kingdom of Saudi Arabia. Under the contracts, SLB will manage end-to-end well construction services, delivering more than 450 wells in the three-year term, with an optional extension of up to two years. SLB’s integrated well construction model brings together every aspect of well delivery through a technology-enabled operating model. It combines digital drilling workflows with automated drilling, evaluation, fluids, cementing and completions products and services to improve efficiency, consistency and well performance across diverse, large-scale drilling programs.

• The SLB OneSubsea joint venture has been awarded a contract by ExxonMobil Moçambique, Limitada, on behalf of its Area 4 partners, (ENH, CNPC, Eni, KOGAS and XRG), to deliver subsea production systems for the first phase of the offshore Rovuma LNG project in Mozambique. The contract scope includes the delivery of subsea trees, manifolds, umbilicals and associated control systems designed to support efficient production from the deepwater field. SLB OneSubsea will provide engineering, procurement and manufacturing, along with installation services, leveraging its experience in delivering subsea systems for complex deepwater developments worldwide.

• SLB and Equinor have signed a multi-year agreement for advanced reservoir stimulation services across the Norwegian Continental Shelf, including a major upgrade of the well stimulation vessel MV Island Captain. The agreement secures dedicated capacity to support development of tight offshore reservoirs and helps maximize recovery from future wells.

• SLB has been awarded a contract by Brunei Shell Petroleum (BSP) to support production restoration from shut-in wells across multiple offshore fields. The contract scope spans subsurface evaluation, well candidate selection, engineering and offshore execution. Project management, intervention services, monitoring, metering and marine logistics are integrated within a single coordinated execution model designed to support efficient production restoration.

• In Oman, Petroleum Development Oman awarded SLB a 5-year contract for the provision of integrated fracturing services onshore Block-6 in both oil and gas fields. The scope includes the deployment of advanced stimulation, well intervention, fracturing automation and digital solutions capabilities that will enhance productivity, improve reservoir contact and maximize asset performance.

• In Kuwait, Kuwait Oil Company (KOC) awarded SLB a five-year reservoir characterization technology contract for specialized services for unconventional reservoirs. The contract deploys SLB’s Ora™ deep transient testing, OnWave™ autonomous logging platform and Reveal™ surveillance solutions, together with different subsurface, conveyance and digital technologies, to support advanced formation evaluation across different reservoirs in Kuwait.

• In Pakistan, Oil & Gas Development Company (OGDC) awarded SLB a three-year contract for electric submersible pump (ESP) and electric submersible progressing cavity pump (ESPCP) technologies, marking the third consecutive ESP award from OGDC. Through its existing ESP program with SLB, OGDC has delivered approximately 11,000 barrels per day of incremental oil production and 5.3 million barrels cumulatively. The new contract expands deployments across OGDC concessions, supported by SLB’s Avalon™ real-time surveillance to optimize performance and reliability.

• In Australia, GB Energy partnered with SLB to deliver an integrated package of critical midstream gas processing equipment and valve systems for the country’s first offshore gas storage reservoir initiative. SLB will supply key gas processing and flow control technologies, including flowline monoethylene glycol regeneration, triethylene glycol dehydration, mercury and H2S removal, sand removal, and onshore manual and actuated valves for the gas processing facility and pipeline. The project supports south-east Australia’s long-term gas supply strategy, with initial capacity expected to meet approximately one-third of Victoria’s peak-day gas demand. The project will increase gas storage capacity in south-east Australia by more than 70% and strengthen energy security and grid stability in the region.

Notable technology introductions and deployments in the quarter include the following:

• In the United States, SLB deployed a sensor-based production chemistry optimization program across nearly 1,400 producing wells for a major operator in the Permian Basin, replacing manual inventory management with real-time monitoring, machine learning anomaly detection, and AI-driven injection control. Pump monitor controller units and tank-level monitor units enabled remote recalibration and centralized weekly operational reviews. The program increased on-target injection performance from 63% to 92%, reduced overtreatment from 17% to 3%, and avoided $4.4 million in net costs in the first nine months.

• Also in the United States, SLB and CNX deployed Invincible Trim™ extreme-wear-resistant choke trim in one of North America’s most abrasive unconventional gas basins, improving production uptime during a critical phase of well life. Purpose-engineered for high-erosion environments, the technology reduced shutdowns and interventions associated with conventional choke trim and supported continuous production through the most erosive period. The deployment helped optimize production, reduce maintenance requirements and improve well economics for CNX, reinforcing SLB’s ability to deliver advanced flow control solutions that enhance asset performance in challenging unconventional environments.

• In Ecuador, SLB partnered with an onshore operator to reverse prolonged production decline at a mature onshore field through an integrated recovery program combining waterflooding, infill drilling and the country’s first chemical-enhanced oil recovery pilot. The program, supported by Agora™ edge AI and IoT solutions, reduced intervention time by 98%, restored production to a peak of 86,000 barrels of oil per day, delivered 1.9 times the reserves projected at baseline and is projected to enable a 7% incremental recovery factor by 2035.

• Offshore Brazil, SLB delivered a 37-well subsea plug and abandonment campaign for a deepwater operator, completing an average of 18 days per well against a 22-day target and a 33-day industry benchmark. Using an integrated portfolio of digital slickline services — including the eFire-SL™ slickline-deployed electronic firing head, SIMplus™ retrievable bridge plugs, and SIM™ permanent plugs — alongside coiled tubing intervention, SLB reduced personnel on board by 19% compared to the benchmark and delivered $900,000 in avoided costs per well. The campaign, completed over 20 months with more than 150 digital slickline runs and 130 coiled tubing runs, demonstrates how fit-for-purpose wellbore decommissioning technology can compress both cost and cycle time at scale in deepwater environments.

• In Kuwait, SLB used precise multilateral access to control water and unlock oil production for KOC. A mature three-lateral producer experienced a water cut increase that rose to approximately 98%, threatening the well’s economic viability. Using the access service of ExaCT™ electrical downhole CT control system, SLB established fast, repeatable access to each lateral, identified the dominant water-producing branch, and executed a targeted water shutoff treatment. The intervention reduced water cut by approximately 20%, increased oil production by about 505 barrels per day, and saved an estimated 96 hours compared with a conventional approach.

• In Brunei, SLB and BSP successfully completed the first deployment of the Retina™ at-bit imaging system in Southeast Asia, delivering high-resolution subsurface data with no impact on drilling performance. Enabled by a fit-for-purpose bit design and integrated with Automated Lithology, the Retina system captured 100% of the interval in a single run across two sections while providing detailed imaging of geological features. The deployment demonstrates how at-bit measurements can be converted into high-quality borehole images to strengthen formation evaluation, well planning and drilling decisions.

• Offshore Malaysia, an operator sought to maximize recovery from a thin, variably dipping sand reservoir while minimizing drilling risk amid subsurface uncertainty. SLB deployed a fully autonomous geosteering system combining Subsurface Advisor™ intelligent subsurface drilling solution, Neuro™ autonomous geosteering and GeoSphere HD™ high-definition reservoir mapping-while-drilling service. The system executed four autonomous trajectory changes with sub-20-second decision cycles, maintaining reservoir contact within 3 meters of the reservoir base throughout the lateral section, marking Asia’s first fully autonomous geosteering operation.

SLB is deploying digital technology at scale, partnering with customers to migrate their technology and workflows into the cloud, to embrace new AI-enabled capabilities, and to leverage insights to elevate their performance. Notable highlights include the following:

• SLB has announced that Chevron Technical Center, a division of Chevron U.S.A. Inc. (Chevron), has joined the long-term digital subsurface collaboration established by SLB and TotalEnergies in 2024, adding a second global operator to the co-development of next generation digital technologies for reservoir engineering and geoscience. Chevron will contribute investment, intellectual property and technical expertise to the collaboration. The company will also bring industry-leading expertise in uncertainty analysis, optimization and field development planning, that will help shape the roadmap for scalable digital subsurface technologies.

• SLB announced a 15-year agreement with TotalEnergies to use the DrillPlan™ coherent well planning and engineering solution. The agreement will support TotalEnergies’ transition to a digital planning environment, connecting subsurface insights with well planning and engineering. Enabled by SLB’s DrillPlan solution and the expertise of both companies, the agreement marks a significant step in the companies’ digital collaboration and reflects a broader shift across the industry as operators move toward scalable, interoperable digital platforms to improve engineering and well construction execution.

• SLB and Eni expanded AI-driven workflows across subsurface domains, accelerating real-time operations in petrophysics and geomechanics for improved efficiency using SLB’s on-premises Lumi™ data and AI platform.

• SLB announced the launch of the Amapá 3D multiclient seismic survey in partnership with Shearwater GeoServices. Located offshore Amapá in northern Brazil’s Equatorial Margin, the project represents one of SLB’s most significant investments in exploration data in the prolific deepwater Atlantic Margin and will expand high-quality 3D seismic coverage in an underexplored area of the basin.

• In Angola, Azule Energy became one of the first African energy companies to fully plan and execute a well using SLB DrillPlan and DrillOps™ solutions. The digital workflow automated 95% of engineering tasks, cut planning time from 192 to 31 hours, and enabled autonomous drilling of a 2,000-meter section with zero nonproductive time and a 16% increase in net rate of penetration versus the field benchmark.

• ADNOC has deployed its AI-enabled Real-Time Operations Center (RTOC) across its fleet of more than 120 onshore and offshore drilling rigs, enabled by SLB’s DrillOps intelligent well delivery and insights solutions. The platform brings live drilling data into a unified, real-time environment that helps ADNOC teams improve coordination, identify risks earlier and make faster, more informed decisions.

• In Brunei, BSP awarded SLB an on-premises software contract, expanding upon the existing relationship between the two companies. SLB will provide services to BSP for subsurface and engineering needs, including geology, geophysics, petrophysics, reservoir engineering, drilling and production. The contract establishes an integrated subsurface and production environment anchored by Petrel™ subsurface software and Techlog™ wellbore software, enhanced with digital and AI capabilities. The award reflects a significant expansion in software scope following a competitive evaluation, enabling SLB to consolidate workflows onto a unified platform supported by targeted deployment and onsite technical support.

SLB is participating in high-growth markets like Data Center Solutions, through strategic innovative technology and partnerships, including the following:

• In Canada, following its recent contract award from Meta, SLB is establishing a facility to assemble and test critical data center infrastructure. Expected to open in the first half of 2027, the facility will enable SLB to serve as Meta’s delivery partner for modular offsite assembly, installation and commissioning services.

• In the Norwegian North Sea, SLB has been selected as strategic reservoir partner for Harbour Energy’s Havstjerne carbon storage project, a large-scale offshore development intended to serve industrial emitters across Europe. SLB will provide technology and engineering services for the concept and FEED phases, coordinating an integrated scope that connects underground storage reservoir analysis with injection well design, subsea infrastructure and plans for monitoring stored CO2. Delivered in collaboration with SLB OneSubsea joint venture, the work will support development of the project’s technical, cost and schedule basis ahead of a final investment decision.

• In Poland, ORLEN Petrobaltic awarded SLB a multi-year carbon capture and storage (CCS) and measurement, monitoring and verification (MMV) subsurface study. The work will help derisk key storage and development decisions for the project and advance ORLEN’s CCS strategy in the Baltic region, supporting the development of long-term CO2 storage capacity and the decarbonization of industrial emissions.

In addition to financial results determined in accordance with US generally accepted accounting principles (GAAP), this third-quarter 2026 earnings release also includes non-GAAP financial measures (as defined under the SEC’s Regulation G). In addition to the non-GAAP financial measures discussed under “Liquidity”, SLB net income, excluding charges & credits, as well as measures derived from it (including diluted EPS, excluding charges & credits; effective tax rate, excluding charges & credits; adjusted EBITDA and adjusted EBITDA margin) are non-GAAP financial measures. Management believes that the exclusion of charges & credits from these financial measures provides useful perspective on SLB’s underlying business results and operating trends, and a means to evaluate SLB’s operations period over period. These measures are also used by management as performance measures in determining certain incentive compensation. The foregoing non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, other measures of financial performance prepared in accordance with GAAP. The following is a reconciliation of certain of these non-GAAP measures to the comparable GAAP measures. For a reconciliation of adjusted EBITDA to the comparable GAAP measure, please refer to the section titled “Supplementary Information” (Question 8).