2021 Annual Report: Schlumberger Limited

2021 Annual Report
Schlumberger Limited
2021 Annual Report Infographics
Safety Financial
Adjusted EBITDA†
Margin Expansion
CONTENTS
2021 .74 +320 bps
2 LETTER FROM OUR CEO
3 Outperforming in Our Core
2020 .71 31%
Improvement
2021 vs. 2020
6
8
Advancing a Digital Ecosystem for the Future
Expanding New Energy with Partnerships
2019 1.07 Free Cash Flow
†
TRIF (Total Recordable Injury Frequency)

10
11
Our Exceptional People Make Us What We Are
Performing with Purpose
per 1 million work-hours, as per International
Association of Oil & Gas Producers (IOGP) FY 2021 $3B
13 PERFORMED BY SCHLUMBERGER
Directors, Officers, and Service Quality Sustainability
Corporate Information
Inside Back Cover
33%
Improvement
Schlumberger (SLB: NYSE) is a technology company
C a t a s t r o p h i c , M a j o r, a n d S e r i o u s E v e n t s
15.6 MSCI Rating
that partners with customers to access energy. Our
people, representing over 160 nationalities, are
AA
providing leading digital solutions and deploying 10.7 10.4
A
per million work-hours

innovative technologies to enable performance and
sustainability for the global energy industry. With
expertise in more than 120 countries, we collaborate
2021
to create technology that unlocks access to energy
2020
2019
for the benefit of all.
2020 2021
Find out more at www.slb.com
Committed to
Net Zero
by 2050 inclusive of
SCOPE 3
emissions
For reconciliations of (i) adjusted EBITDA to income

†
before taxes on a GAAP basis and (ii) free cash flow

to cash flow from operations, see our fourth-quarter
and full-year 2021 results earnings press release at
https://investorcenter.slb.com/node/23866/html (p. 23).
Schlumberger Limited | 2021 Annual Report Performing with Purpose 1

L E T TER FRO M O U R CEO
Outperforming in Our Core Performed by Schlumberger

As a company of people driven to make a difference with science and is the premier recognition
program in the company,
engineering, we believe Schlumberger plays a unique role in the world. highlighting the most
We do that with our leading operational execution and innovation outstanding examples
capabilities to create and deploy, at scale, technology that enhances of how we create value:
innovation, operations
performance and reliability for our customers. I would like to thank the
excellence, and customer
entire team who navigated continuing COVID impacts and supply chain performance. Read about
disruption to provide business continuity and improved performance this year’s winning projects
on page 13.
Olivier Le Peuch for our customers. Despite the challenges, the extraordinary people
Chief Executive Officer
of Schlumberger delivered a year of outperformance on every metric,
Dear Schlumberger Stakeholder, surpassing all our targets this year.
2021 was an excellent year of performance and a turning point for

our company. As an exceptional growth cycle continued to
develop in oil and gas, we began to see the shape of a new Schlumberger,
Our core business demonstrated robust results in the early
stages of a multiyear growth cycle. Our sharp focus on the
performance of our customers throughout the year drove
seizing growth and new opportunities in our core and beyond. outstanding financial performance. Our unique integration
capabilities, industry-leading international footprint,
40 % The entire global energy industry is being urged to help meet the dual and differentiated technology are enabling us to achieve
challenge—improving the lives of billions of people with access to customer performance goals.
Growth in reliable energy, while at the same time rapidly decarbonizing to reduce
World Economy the impacts of climate change. Oil and gas have a key role to play in Our new organization, which is maximizing our potential both
meeting this challenge, as they will be called upon to provide a internationally and in North America, has been instrumental
substantial portion of the global energy mix, supporting economic in meeting customer performance goals by fostering stronger
Schlumberger was awarded a multibillion
growth affordably across the transition. Energy demand returned customer engagement, accelerating our fit-for-basin approach to
40 %
dollar integrated stimulation technology and
broadly this year, and we anticipate returning to prepandemic peaks technology development that creates solutions tailored to regional services contract by Saudi Aramco for its
in the near term. Meeting that demand will require technology and customer performance needs, and enabling our people to set new unconventional gas resources. Fit-for-basin
Reduction in Global technologies will enable operational

execution, which we will continue to deliver for our customers. benchmarks in operational performance. Our unique capacity to
Energy-Related CO2 performance and efficiency in a work scope
integrate domain expertise, digital capabilities, and technology across that includes the full suite of products and
Emissions
In that context, the entire Schlumberger team generated strong financial our Divisions is resonating with customers as integrity and performance services for hydraulic fracturing, coiled tubing
A 40% reduction in global emissions by intervention, wireline services, Cameron
2030 is required to meet commitments
results this year by executing our strategy and enhancing performance are increasingly critical to their success. These differentiated capabilities
hydraulic fracturing trees with MonoFlex*
made to limit global warming to for customers with our innovative technology and digital solutions. I am were recognized with enhanced market positions and significant project dual-connection fracturing fluid delivery
1.5 degrees Celsius. very proud of the people of Schlumberger, who continue to be determined awards during the year. technology, and flow back.
Source: IEA Net Zero, IHS Markit referenced to 2019
in their effort, precise in their execution, and thoughtful in their care for
our communities and our environment. In 2021, our people created strong
momentum that will underpin our success for years to come.
2 Schlumberger Limited | 2021 Annual Report Performing with Purpose 3

LETTER FROM OUR CEO
continued
At the same time, our new organization and high-graded portfolio

have enhanced our earnings power, and we ended the year marking
six consecutive quarters of pretax segment operating margin expansion
even before the multiyear growth cycle has fully unfolded. During
the year, we saw oil supply tighten and demand growth increase
while industry activity accelerated across all geographies and
environments—onshore and offshore. We see this growth expanding
in 2022 and beyond, at first driven by supply tightness, which will
Equinor recently completed the installation
eventually give way to demand-led industry capital spending growth,
of a OneSubsea® subsea multiphase boosting setting the foundation for a strong multiyear upcycle. Indeed, this
system, a solution that will reduce the cost scenario is already being established, as the number of final investment
and carbon impact of producing an additional
16 million barrels of oil from Vigdis Field in
decisions increases, service pricing has begun to improve, and multiyear
Offshore Angola, Eni was able to confirm minimum hydrocarbons in place and
the North Sea. In production for more than long-cycle capacity expansion plans have started—particularly reservoir deliverability in just six weeks on its first 2021 well without flaring,
20 years, the Vigdis Field is producing into the internationally and offshore, as seen during the fourth quarter of 2021. using a combination of Schlumberger’s Quanta Geo* photorealistic reservoir
existing Snorre A facility, a cost advantage
geology service and the deep transient testing capability of the Ora* intelligent
over building new infrastructure. Leveraging
wireline formation testing platform. Compared to traditional methods, this
an all-electric control system, the multiphase Against this backdrop, our core strengths will be magnified going forward
completely eliminated flaring-related GHG emissions.
boosting system requires less than 50% of the by our decarbonization leadership, where we made a significant step this
energy to produce the same volume of oil as
year with the debut of our Transition Technologies* portfolio of solutions.
compared to gas lift, avoiding 200,000 tons of
CO2 equivalent over 10 years of operation at This technology portfolio is decarbonizing oil and gas operations, with a We also announced in 2021 a bold net-zero commitment inclusive Scope 1 is our direct emissions
Vigdis and paving the way for future subsea focus on reducing power consumption and eliminating flaring and venting. of Scope 3 emissions—the majority of which occurs for us when from the fuel we use.
electrification around the world.
These are our largest opportunities to reduce the oil and gas industry we deploy technology on customer projects. These Scope 3 emissions
Scope 2 is our indirect
greenhouse gas (GHG) emissions footprint, and deploying technologies in constitute 75% of our total GHG emissions. Reducing Scope 3 emissions emissions from electricity
these areas will help Schlumberger and our customers work to reach our is a goal we share with our customers as well as an enormous growth that we purchase.
sustainability commitments, together. opportunity and a radical differentiator for Schlumberger, and we
have already started to deploy Transition Technologies with customers Scope 3 emissions come from
everything else, including supply
around the world. We are uniquely positioned to develop and deploy chain, logistics, travel, and
these solutions and believe our opportunity to assist our customers everything related to the use
in reducing their GHG emissions will generate significant growth and of our products and services.
Nearly
90
sustainability impact.
Scan this code to learn how
we are using technology
% of our Scope 3 emissions
come from the use of our
to decarbonize oil and gas Schlumberger ISO- and API-certified

This was the year we set the foundations of our future, a future that will technology and emissions
associated with purchased
operations. Low-E valves can achieve up to support our digital market ambition and our expansion into new energy
96
goods and services in our
% reduction in
fugitive emissions.
as the growth cycle continues to expand. supply chain.

LETTER FROM OUR CEO
continued
DELFI GROWTH IN 2021 Advancing a Digital Ecosystem for the Future
160%
user growth year over year
When we imagined the digital future of our industry, we were inspired
to create an extensive digital platform supporting an ecosystem where
innovation and collaboration at scale could unlock the full impact of
1,000
digital—across the energy industry.
%
We built our platform on a data framework, which we contributed to
growth in compute-cycle intensity
the Open Subsurface Data Universe (OSDU) as the foundation of an
240
commercial customers
open-source industry standard. This year, we expanded access to our
platform, adding collaborators to an unmatched network of best-in-class
digital partners, and unlocked market access across all basins through
the most comprehensive public, hybrid, and private cloud capabilities.
From this, we have seen accelerated adoption at scale—across countries,
customers, and end users. The diversity and magnitude of announcements
made this year by majors, independents, and national oil companies reflect
the broad adoption and diverse market reach we have generated.
LEADING AUTONOMOUS DRILLING
WITH EXXONMOBIL
NEW AND EXPANDED DIGITAL PARTNERSHIPS AVEVA Offshore Canada, Schlumberger and ExxonMobil
NOV Edge, AI, and
digital solutions for Canada are jointly working on the deployment
Implementation Automated drilling
Microsoft AWS solutions IBM oil & gas production of digital drilling solutions, which recently
Partners
enabled ExxonMobil Canada to complete the
Customer Equinor PETRONAS first fully automated section drilled at the
Deployments Hebron platform. This was achieved with a
DELFI deployment DELFI deployment
combination of DrillOps* on-target well delivery
Through the power of our platform, we are empowering customers with solution, including DrillOps Automate drilling
solution, and the Cameron DrillPilot* equipment
We also formed an AI consulting and cloud operations support AI and digital innovation, and connecting digitally enabled hardware to
sequencing software for pipe handling automation.
structure, enabling us to accompany our customers in their digital realize autonomous solutions. ExxonMobil Canada and its co-venturers
journey, from innovative workflow deployment to asset operations on Hebron have agreed to a commercial
implementation of the DrillOps Automate
transformation. Furthermore, we are experiencing an increase in We are proud of the progress we have made in digital this year and
solution in its offshore operations. These
the breadth of adoption per customer and end user, as exemplified are honored to be increasingly selected as the digital partner of digital solutions are expected to create a step
in the significant growth of cloud native applications being used on choice by our customers. We are confident in our ambition to lead change in procedural adherence, consistency,
the platform, and the acceleration of computational intensity, as the industry and to generate accretive growth in the upcycle with our standardization, and operational efficiency
across rig crews, and enable close integration
geoscientists and reservoir engineers increase their collaborative, digital offering, which we see growing beyond our core, driving further of well construction planning and execution
on-demand use of modeling and simulation applications. decarbonization and low-carbon opportunities. phases in the future.

LETTER FROM OUR CEO
continued
$3.8T
GLOBAL ENERGY INVESTMENT

ANNUAL AVERAGE
Energy
Expanding New Energy with Partnerships $1.9T Forms in the
We have taken a collaborative approach to working with customers Transition
and the wider industry to achieve new levels of performance that

would not be possible working in a traditional framework. This mindset $1.6T
End-Use Efficiency
has helped us overcome challenges and create more value together.
Scan this code to hear and Conversion
We are taking this same approach in digital and new energy, where we $0.3T
Schlumberger Chief Strategy
2016–2020 2031–2040
and Sustainability Officer are building visionary partnerships that are opening new markets where
Dr. Katharina Beumelburg our innovation can make an impact. Source: IEA World Energy Outlook, Announced Pledges Scenario
share how we are using

cross-industry partnerships
to drive decarbonization. The enormous capability and flexibility of our digital platform enables To do this, we have created ventures in low-carbon and carbon- End-use efficiency and conversion will be
the fastest growing sector of global energy
us to generate new revenue streams in oil and gas and is enabling neutral energy sectors, including green hydrogen, lithium, energy
investment in and beyond the next decade.
access to other industries, as well. Built storage, CCS, geothermal, and geoenergy. This portfolio builds
on partnerships, our platform is constantly on three fundamental Schlumberger strengths: first, our unique Schlumberger is expanding its addressable
advancing and is already being used by subsurface domain expertise, applicable beyond oil and gas; second, market to include new energy areas using
a partnership and venture approach.
other industries, who are also striving for our differentiated track record for innovation and industrialization—the
Schlumberger Core Portfolio
higher performance from their workflows, DNA of our company; and last, our ability to deploy at scale in any region Schlumberger New Energy
data, and operations. The architecture in the world with local knowledge and talent. Digital
of our platform and the domain knowledge

it was designed to harness makes it ideal NEW ENERGY PARTNERSHIPS ADVANCED IN 2021
for other industries, such as carbon January February March June September
capture and storage (CCS), geothermal,

Genvia (CEA and partners) LafargeHolcim Chevron, Microsoft Panasonic EnerVenue
and new energy.
Schlumberger will deploy the DELFI* Hydrogen production CCS solutions Bioenergy carbon capture Lithium production Metal-hydrogen stationary
cognitive E&P environment on the Norwegian and storage energy storage solutions
CO2 project by the Northern Lights Joint This year, we began leveraging partnerships to bring our scale and
Venture (NL) to streamline subsurface
industrialization capability to new energy, expanding our total This year, we advanced all of our Schlumberger New Energy portfolio
workflows and longer-term modeling and
surveillance of CO2 sequestration. NL was addressable market. Unprecedented investment will occur in the ventures and announced partnerships that are engaged in key projects
established to develop the world’s first energy space over the coming decades to realize energy transition. to apply technology and digital solutions. The partnership approach brings
open-source CO2 transport and storage
That investment has already begun, and we are participating through together knowledge of energy production with industry expertise to realize
infrastructure, providing accelerated
decarbonization opportunities for European a portfolio of ventures in Schlumberger New Energy. We are focusing projects that drive decarbonization. For example, our Genvia™ clean hydrogen
industries, with an ambition to store up to on the fastest growing sector of energy—end-use efficiency and production technology venture is a unique private-public partnership with
5 million metric tons of CO2 per year based
conversion—which presents a massive market opportunity for us. the French Alternative Energies and Atomic Energy Commission (CEA)
on market demand.
For perspective, if we capture a little more than 1% of this total market and partners in other industries. In 2021, the Genvia partnership struck
sector over the next decade or so, the resulting business would equal agreements with leading steel and cement companies to pilot Genvia
the oil and gas business of Schlumberger as it stands today. technology, setting a path to scale this decarbonization solution.

LETTER FROM OUR CEO
continued
Empowered to apply our technology and digital solutions in new Reflecting a change in the way employees want to work and the
areas, our people will drive performance and sustainability around success of our BlueFLEX pilot project in 2020, we introduced a
the world—just as they already make an impact for the people flexible work policy globally in 2021 based on a hybrid working model.
in our communities. This is an important step in providing employees with improved
flexibility to manage the demands of their work and personal lives
Our Exceptional People Make Us What We Are and is key to attracting experienced professionals who will help
People are always a priority in Schlumberger: the exceptional people who fuel our core, digital, and new energy growth objectives.
join us make our ambitions possible. Their meaningful engagement drives
a positive employee experience that is fundamental to our talent acquisition As we expand our markets and our digital reach, our career growth
and retention philosophy—and to sustaining our pulse and spirit. opportunities and learning programs are also evolving to meet the needs
of industries and develop our leaders of the future. This has never been
The results of our people-first efforts this year were encouraging on more tangible than in 2021, when we hired and began to train the first
multiple fronts. First, we were able to meet our aggressive recruiting cohort of engineers who will be remote from the start by design—a
targets in a highly competitive environment; and second, we maintained model that is adapting to customer needs while creating an environment
our solid employee engagement score from 2019—a significant that promotes diversity and inclusion, accelerates learning, and reduces
achievement in light of the challenging work environment. exposure to safety incidents.
“ Our commitment to join

the Valuable 500 is an In a dynamic and challenging technical industry that is bridging into new Performing with Purpose
important milestone. areas, attracting and retaining top talent is a necessity, and diversity The same people who bring their passion and commitment to their We progressed on the adoption
Our membership in this and development differentiate our culture as we seek to build the future everyday work help to set us apart as a leader in energy transition. of both Task Force on
The people of Schlumberger care about the planet and its future, and Climate-Related Financial
community will help us of the company. For decades, people have come to work with colleagues
they are working to deliver the best outcome for our customers and Disclosures (TCFD) and
to drive and support from all over the world, because we hire and develop people from the
communities—today and tomorrow. Our climate action is only part Sustainability Accounting
disability inclusion communities where we live and work. Today, our ten-member executive
Standards Board (SASB)
and confidence within team collectively represents nine nationalities. of how we make a sustainability impact in the communities where
frameworks to increase the
our team, and we will we live and work.
transparency of our environmental
be recognizing the Nationality diversity is just one aspect of diversity that is important to
disclosures, contributing to an
International Day of us. In 2021, we also continued to improve gender diversity, increasing We are committed to creating opportunity in our communities, and
upgrade of our MSCI
Persons with Disabilities the representation of women at all levels of the company. In terms of there are two avenues through which we make these contributions.
rating to a peer-leading AA.
with the launch of our talent acquisition, women represented approximately 48% of new First is our shift toward fit-for-basin solutions. Fit for basin describes
This Ability Network hire salaried employees with science, technology, engineering, and not only our approach to developing discrete technologies to address
Employee Resource Group. " mathematics (STEM) backgrounds. As we strive to build a more inclusive
culture, I was also pleased to commit Schlumberger to the Valuable
regional operational challenges, but also encompasses an inherently
high degree of local content—local workforce, manufacturing, and
Olivier Le Peuch
Chief Executive Officer 500—the largest network of global CEOs committed to innovating supply chain—which develops the people in the communities around
together for disability inclusion. our operations.

LETTER FROM OUR CEO PERFORMED BY SCHLUMBERGER
continued
The Performed by Schlumberger (PbS) program recognizes team members throughout the company
EMPOWERING LOCAL TEAMS The second is through the contributions of our engaged employees, who have demonstrated exceptional levels of teamwork, innovation, and business impact for
TO MAKE AN IMPACT who are attuned and dedicated to their local environments. Our local Schlumberger and its customers. The PbS program not only encourages excellence in Schlumberger,
operating units have been tasked with developing and implementing but also recognizes and promotes cross-departmental teamwork throughout the company.
meaningful local sustainability plans, and today we have initiatives in
95 countries. Aligning with national and customer priorities, our local The highest honor is the CEO Award, which is presented in three categories: Innovation, Operations
teams bring projects and technology that make a relevant impact to Excellence, and Customer Performance. These winning projects have created substantial business
the people and the environment around them. impact and continue to strengthen our culture of excellence.
The people of Schlumberger are always seeking ways to make a

Schlumberger local teams use the United
Nations Sustainable Development Goals (SDGs) difference—be it on a global scale, or locally with the people they
as a framework to select and design projects interact with every day. It is this ambition and motivation that made
focusing on local priorities. Aligned with SDG 3, 2021 such a successful year, and I want to thank everyone in
Schlumberger partnered with a nonprofit
organization to set up a pressure swing Schlumberger for an outstanding performance. Olivier Le Peuch
Chief Executive Officer
adsorption oxygen plant in India. The facility
delivered onsite, piped oxygen to rural Our direction is clear, and I am very excited about the future of
hospitals to cater to the needs of people
in more than 190 villages in the Pune district
Schlumberger. We are uniquely positioned at the beginning of a
of Maharashtra. growth cycle in energy unlike any before it. This period will bring
iX ReINVENTs Intervention M&S Prime: Solving the A Microscopic View to
us new opportunities through which—staying true to our innovative
for a Sustainable Future Complex Puzzle The Future of Energy
spirit and ambition to drive positive change in the world—we will
make an impact while we grow our business in oil and gas and beyond.
Innovation: Using intelligent, instrumented Operations Excellence: Enabling the best Customer Performance: Schlumberger
Together, we create amazing technology that unlocks access to energy downhole technologies, our iX platform performance from our assets anytime, collaborated with Qatargas to develop
for the benefit of all. reinvents intervention, enabling operators anywhere required a step change in the one run logging-while-drilling
to monitor and control progress under our materials and supplies (M&S) solution using a combination of multiple
extreme conditions in real time, and to operating model to deliver both a simpler well construction technologies and a
quickly respond to downhole challenges. replenishment process and a reliable fit-for-basin variant of MicroScope HD*
The full suite of iX platform technology service-level commitment from nearby resistivity- and high-definition imaging-
is the result of more than 20 years of stocking points. This project focused on while-drilling service that reduces drilling
Schlumberger is evolving
research and engineering, 100 patents, centralizing planning, simplifying and costs and improves the evaluation of
to retain and attract talent.
and 150 combinable modules—designed, automating the ordering process, and gas-rich carbonates in the North Field.
Scan this QR code to see how
Olivier Le Peuch tested, and built by more than 300 optimizing our distribution network. Among
we are using flexible work
Chief Executive Officer dedicated employees across 22 the results were 45% lower lead time and a Project representatives:
models for work-life balance.
engineering and support teams. sizeable reduction in inventory—combined Hector Echeto, David Maggs,
with the lowest instances of stockouts Guillaume Revellat, Salwan Malil,
Project representatives: ever recorded. and Mauro Viandante
Amanda Niazi Olivio, Benjamin Durand,
David Engel, Todor Sheiretov, and Project representatives:
Xuedong Yang Antoine Manceron, Abhijit Singh,
Glenda Renderos, John C Nguyen,
and Luke Kuwertz

2021 Form 10-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-K
(Mark One)
Í ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2021
OR
‘ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number 1-4601
Schlumberger N.V.
(Schlumberger Limited)
(Exact name of registrant as specified in its charter)
Curaçao 52-0684746
(State or other jurisdiction of incorporation or organization) (IRS Employer Identification No.)
42 rue Saint-Dominique
Paris, France 75007
5599 San Felipe, 17th Floor
Houston, Texas, United States of America 77056
62 Buckingham Gate
London, United Kingdom SW1E 6AJ
Parkstraat 83
The Hague, The Netherlands 2514 JG
(Addresses of principal executive offices) (Zip Codes)
Registrant’s telephone number in the United States, including area code, is: (713) 513-2000
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, par value $0.01 per share SLB New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YES Í NO ‘
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. YES ‘ No Í
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the
past 90 days. YES Í No ‘
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files.) YES Í NO ‘
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or emerging
growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2
of the Exchange Act.
Large accelerated filer È Accelerated filer ‘ Non-accelerated filer ‘ Smaller reporting company ‘ Emerging growth company ‘
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or
revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ‘
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over
financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit
report. È
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). YES ‘ NO Í
As of June 30, 2021, the aggregate market value of the common stock of the registrant held by non-affiliates of the registrant was approximately $44.72 billion.
As of December 31, 2021, the number of shares of common stock outstanding was 1,403,381,685.
DOCUMENTS INCORPORATED BY REFERENCE
Certain information required to be furnished pursuant to Part III of this Form 10-K is set forth in, and is incorporated by reference from, Schlumberger’s definitive
proxy statement for its 2022 Annual General Meeting of Stockholders, to be filed by Schlumberger with the Securities and Exchange Commission (“SEC”)
pursuant to Regulation 14A within 120 days after December 31, 2021 (the “2022 Proxy Statement”).
16 Schlumberger Limited | 2021 Annual Report Performing with Purpose

SCHLUMBERGER LIMITED PART I
Table of Contents
Item 1. Business.
Form 10-K
Page All references in this report to “Registrant,” “Company,” “Schlumberger,” “we” or “our” are to Schlumberger
Limited (Schlumberger N.V.) and its consolidated subsidiaries.
PART I
Item 1. Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Schlumberger is a technology company that partners with customers to access energy by providing leading
digital solutions and deploying innovative technologies to enable performance and sustainability for the global
Item 1A. Risk Factors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 energy industry. Schlumberger collaborates to create technology that unlocks access to energy for the benefit of
Item 1B. Unresolved Staff Comments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 all.
Item 2. Properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Schlumberger is organized under four Divisions operating in five distinct Basins that are aligned with critical
Item 3. Legal Proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 hubs of activity. These Divisions combine and integrate Schlumberger’s technologies, enhancing our ability to
support the emerging long-term growth opportunities in each of these market segments.
Item 4. Mine Safety Disclosures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
PART II The four Divisions are:
Item 5. Market for Schlumberger’s Common Stock, Related Stockholder Matters and Issuer Purchases • Digital & Integration
of Equity Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 • Reservoir Performance
Item 6. [Reserved] . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 • Well Construction
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations . . . . . 22 • Production Systems
Item 7A. Quantitative and Qualitative Disclosures About Market Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37
Digital & Integration – Combines Schlumberger’s digital workflow solutions and seismic data interpretation and
Item 8. Financial Statements and Supplementary Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39 management businesses with its integrated offering of Asset Performance Solutions (“APS”). Through digital
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure . . . . . 83 solutions and technologies, supported by the future of software, digital, infrastructure, connected assets, and data,
this Division enhances efficiency to improve asset and enterprise-wide performance for customers. APS helps
Item 9A. Controls and Procedures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83 develop or redevelop fields while increasing production, improving cash flow, and extending recovery for
Item 9B. Other Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83 customers by providing fit-for-purpose solutions.
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections . . . . . . . . . . . . . . . . . . . . . . 83 The primary offerings comprising this Division are:
PART III • Digital solutions: Includes proprietary software, an expanding digital ecosystem, consulting services,
Item 10. Directors, Executive Officers and Corporate Governance of Schlumberger . . . . . . . . . . . . . . . . . 84 information management and IT infrastructure services to customers in the energy industry. Offers
expert consulting services for reservoir characterization, field development planning and production
Item 11. Executive Compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84 enhancement, as well as industry-leading petrotechnical data services and training solutions.
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder • Multiclient seismic surveys and data processing: WesternGeco® is a leading geophysical services
Matters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84 supplier, providing comprehensive worldwide reservoir interpretation and data processing services. It
Item 13. Certain Relationships and Related Transactions, and Director Independence . . . . . . . . . . . . . . . . 84 provides a highly efficient and scientifically advanced imaging platform and innovative and accurate
subsurface imagery for multiclient surveys, also referred to as exploration data. WesternGeco offers one
Item 14. Principal Accounting Fees and Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84 of the industry’s most extensive multiclient libraries.
PART IV • Asset Performance Solutions: APS offers an integrated business model for field production projects.
Item 15. Exhibits and Financial Statement Schedules . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85 This model combines Schlumberger’s services and products with drilling rig management and
specialized engineering and project management expertise, to provide a complete solution to well
Item 16. Form 10-K Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89
construction and production improvement.
Signatures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90
APS creates alignment between Schlumberger and the asset holder and/or the operator utilizing a
Certifications
commercial model whereby Schlumberger receives remuneration in line with the value it creates. These
projects are generally focused on developing and co-managing production of customer assets under long-
term agreements. Schlumberger invests its services and products into the field development activities and
operations and is compensated on a fee-per-barrel basis or based on cash flow generated. This includes
2 3
certain arrangements whereby Schlumberger is only compensated based on incremental production that it equipment falls into two broad categories: pressure control equipment and rotary drilling equipment.
helps deliver above a mutually agreed baseline. As of December 31, 2021, Schlumberger’s APS portfolio These products are designed for either onshore or offshore applications and include drilling equipment
primarily consisted of three field production projects in Ecuador and one in Canada. packages, blowout preventers, blowout preventer control systems, connectors, riser systems, valves and
choke manifold systems, top drives, mud pumps, pipe handling equipment, rig designs and rig kits.
Reservoir Performance – Consists of reservoir-centric technologies and services that are critical to optimizing
reservoir productivity and performance. Reservoir Performance develops and deploys innovative technologies Production Systems – Develops technologies and provides expertise that enhance production and recovery from
and services to evaluate, intervene, and stimulate reservoirs that help customers understand subsurface assets and subsurface reservoirs to the surface, into pipelines, and to refineries. Production Systems provides a
maximize their value. comprehensive portfolio of equipment and services including subsurface production systems, subsea and surface
equipment and services, and midstream production systems.
The primary offerings comprising this Division are:
• Wireline: Provides the information necessary to evaluate subsurface geology and fluids to plan and The primary offerings comprising this Division are:
monitor well construction and to monitor and evaluate well production. Offers both openhole and cased- • Artificial Lift: Provides production equipment and optimization services using electrical submersible
hole services, including wireline logging and perforating. pumps, gas lift equipment, progressing cavity pumps and surface horizontal pumping systems.
• Testing: Provides exploration and production pressure and flow-rate measurement services both at the • Completions Equipment: Supplies well completion services and equipment that include packers, safety
surface and downhole. Testing has a network of laboratories that facilitate formation and fluid valves and sand control technology, as well as a range of intelligent well completions technology and
characterization. equipment.
• Stimulation and Intervention: Provides services used during well completions, as well as those used to • OneSubsea®: Provides integrated solutions, products, systems and services for the subsea market,
maintain optimal production throughout the life of a well. Includes pressure pumping, well stimulation, including integrated subsea production systems involving wellheads, subsea trees, manifolds and
and coiled tubing equipment for downhole mechanical well intervention, reservoir monitoring, and flowline connectors, control systems, connectors and services designed to maximize reservoir recovery
downhole data acquisition. and extend the life of each field.
On December 31, 2020, Schlumberger contributed its onshore hydraulic fracturing business in the United States • Surface: Designs and manufactures onshore and offshore platform wellhead systems and processing
and Canada (“OneStim®”), including its pressure pumping, pumpdown perforating, and Permian frac sand solutions, including valves, chokes, actuators and surface trees, and provides services to operators.
businesses, to Liberty Oilfield Services Inc. (“Liberty”), in exchange for a 37% equity interest in Liberty.
• Valves: Serves portions of the upstream, midstream and downstream markets and provides valve
OneStim’s historical results were reported as part of the Reservoir Performance Division through the closing of
products that are primarily used to control and direct the flow of hydrocarbons as they are moved from
the transaction. As of December 31, 2021, Schlumberger had a 31% equity interest in Liberty.
wellheads through flow lines, gathering lines and transmission systems to refineries, petrochemical
plants and industrial centers for processing.
Well Construction – Combines the full portfolio of products and services to optimize well placement and
performance, maximize drilling efficiency, and improve wellbore assurance. Well Construction provides • Processing: Enables efficient monetization of subsurface assets using standard and custom-designed
operators and drilling rig manufacturers with services and products related to designing and constructing a well. onshore, offshore and downstream processing and treatment systems, as well as unique, reservoir-
driven, fit-for-purpose integrated production systems for accelerating first production and maximizing
The primary offerings comprising this Division are: project economics.
• Drilling & Measurements: Provides mud logging services for geological and drilling surveillance,
directional drilling, measurement-while-drilling and logging-while-drilling services for all well profiles Supporting the Divisions is a global network of research and engineering centers. Through these centers
as well as engineering support. Schlumberger advances its technology programs to safely and sustainably enhance industry efficiency, lower
finding and producing costs, improve productivity, maximize reserve recovery and increase asset value.
• Drilling Fluids: Supplies individually engineered drilling fluid systems that improve drilling
performance and maintain well control and wellbore stability throughout the drilling operation. The Divisions are deployed around a geographical structure within five Basins: Americas Land, Offshore
• Drill Bits: Designs, manufactures and markets roller cone and fixed cutter drill bits for all drilling Atlantic, Middle East & North Africa, Asia, and Russia & Central Asia. The Basins are configured around
environments. common regional characteristics to deploy fit-for-purpose technologies, operating models and skills and are
focused on agility, responsiveness and competitiveness. The Basins are comprised of GeoUnits, which can be a
• Drilling Tools: Includes a wide variety of bottom-hole-assembly and borehole enlargement technologies single country or made up of several countries. With a strong focus on the customers, Basins identify
for drilling operations. opportunities for local growth.
• Well Cementing: Provides products and services that secure and protect well casings while isolating
fluid zones and maximizing wellbore activity. Corporate Strategy
• Integrated Well Construction: Provides integrated solutions to construct or change the architecture (re-
Schlumberger’s strategy is designed to adapt the Company to an evolving industry landscape shaped by emerging
entry) of wells, including well planning, well drilling, engineering, supervision, logistics, procurement
drivers, including capital discipline, regionalization of supply and demand, an efficiency imperative, and
and contracting of third parties, and drilling rig management.
resilience—defined by sustainability and lower carbon footprint. This strategy is designed to magnify
• Rigs and Equipment: Provides drilling equipment and services for shipyards, drilling contractors, energy Schlumberger’s ability to improve customer performance, which is the differentiating factor that will help our
companies and rental tool companies, as well as land drilling rigs and related services. Drilling industry meet higher stakeholder expectations.
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Oil and gas will remain critical to economic activity and prosperity. According to the most recent International Horizons of Growth
Energy Agency Sustainable Development Scenario, oil and gas are expected to represent approximately 45% of
the global energy mix through 2040. Schlumberger’s role is twofold: to enable customers to produce these The third strategic element positions Schlumberger to increase its share in existing markets and expand into new
resources efficiently, cost effectively and with the lowest carbon footprint and to support the world’s transition to long-term markets in digital, production and recovery, and energy transition, including Schlumberger New
a more diversified energy mix. Energy and Transition Technologies.
Schlumberger’s strategy is structured around three major themes, all of which are focused on customer Digital capabilities are crucial to long-term performance and resilience. Through its industry-leading digital
performance: (i) strengthen the core; (ii) go-to-market; and (iii) horizons of growth. platform, Schlumberger will enable digital transformation at scale, unlocking significant value, and leading
innovation across the digital domain in the industry.
Strengthen the Core

Schlumberger seeks to define the future of digital technology in the energy industry and has designed and built a
The core of Schlumberger is how we work with customers and execute our business. The elements in this secure and flexible digital industry platform centered around differentiated digital technologies. Enabled by key
theme—which include customer collaboration, the integrity and efficiency of our operations, and capital partnerships with companies such as Google, IBM, Microsoft, Amazon Web Services, AVEVA and NOV,
stewardship—are enabled by our people and technology. Schlumberger provides an open digital platform that takes advantage of on-demand, high-performance
computing and makes digital capabilities such as embedded artificial intelligence or machine learning readily
As a service company, Schlumberger has always worked closely with customers. We are exploring new ways to accessible to customers.
collaborate and help them overcome their challenges and improve performance.
The application of digital technology across the entire E&P value chain—from subsurface to drilling to
Operations integrity and efficiency—core to Schlumberger’s culture—are enhanced by the digitization of our production—has the potential to deliver a step-change in operational workflows that will significantly elevate our
operations. Just as Schlumberger is delivering digital solutions to our customers, we are advancing them in our customers’ performance sustainably. Digital technology can move technical workflows from the desktop to the
own operations to capture value from our equipment and services businesses by integrating them into our digital cloud, creating data structures that enable artificial intelligence and machine learning to provide insights at scale
structure. across our customers’ operations.
Capital stewardship is a crucial factor for our industry. Schlumberger has implemented a capital allocation Production and recovery is about positioning Schlumberger to take advantage of two key trends shaping the
framework that governs all investments, whether related to capital expenditures, mergers and acquisitions, or market. The first trend relates to accelerating gas discovery, development and production, as Schlumberger
research and engineering. The underlying principle behind this framework is that investment opportunities are expects to see significant growth in gas demand over the next two decades as the world seeks to decarbonize its
prioritized based on returns and cash flow. Our focus on capital stewardship also includes evolving certain energy mix. The second trend relates to operators’ increased focus on improving recovery from their existing
businesses into innovative, less capital-intensive commercial models. wells, fields and infrastructure—ultimately achieving the most capital efficient production. As a result and based
on our deep domain knowledge from the subsurface to midstream production facilities, we are positioning our
Go-to-Market technology portfolio to participate and lead in these growing markets.
Industry markets have evolved into multiple, diverse regional markets that are increasingly competing with each
other to meet global, regional, and domestic oil and gas demand. Each of these regions has a set of resource Finally, Schlumberger recognizes that its future will expand beyond oil and gas with energy transition, and the
plays—or basins—with localized economics and operational drivers. As a result, the industry is witnessing a Company is positioning itself for long-term growth opportunities. In this regard, in 2020 the Company created
decoupling of the activity characteristics of each major region, resulting in a unique set of dynamics for each oil Schlumberger New Energy to develop businesses in low-carbon or carbon-neutral energy technologies, and in
and gas basin across the world. This presents Schlumberger with opportunities that can be optimally addressed 2021 it announced its commitment to reach net-zero emissions by 2050 and launched its Transition Technologies
with a basin-specific approach. portfolio to reduce emissions from oil and gas operations.
A key differentiator for Schlumberger is its “fit-for-basin” approach and ability. Fit-for-basin describes the Schlumberger New Energy is using partnership models and Schlumberger’s experience in technology
mindset Schlumberger has adopted toward technology development, in-country value, and market access. industrialization to expand into energy verticals beyond oil and gas. Schlumberger’s approach is to apply its
Schlumberger is developing and deploying basin-specific technology that helps its customers overcome the domain expertise in areas adjacent to its existing activities where it can use its global footprint and execution
challenges of their respective regions. At the same time, in-country value enables regional efficiency and platform to deliver at scale.
performance, while creating opportunity and aligning with the strategic priorities of our clients.
The Schlumberger New Energy portfolio consists of ventures in the domains of hydrogen, lithium, energy
In addition, technology access and performance models are highly strategic elements of our go-to-market storage, carbon capture and sequestration (“CCS”), geothermal power and geoenergy for heating and cooling
strategy. Technology access is fundamentally about making the right decisions with respect to our technology buildings. While many of these investments are in new energy emerging sectors, Schlumberger New Energy has
portfolio and how we go to market. Performance models are focused on commercial and contractual innovations. leveraged Schlumberger’s extensive experience in both the CCS and geothermal sectors. For more than two
decades, Schlumberger has participated in CCS projects providing consulting, technology services and project
The elements of our go-to-market strategy enable Schlumberger to develop deeper partnerships with customers, management. In geothermal, Schlumberger provides the full spectrum of geothermal resource development
expanding on their needs and challenges from a basin-specific perspective to provide technology and business services through GeothermEx, a consulting and services company we acquired in 2010. Schlumberger New
models tailored to regional or individual customer requirements. These elements allow us to share in the Energy has extended Schlumberger’s geothermal reach by exploring opportunities in the development of
performance improvement we deliver for customers and partners. geothermal power projects.
6 7
Schlumberger New Energy activities currently include the following ventures and strategic partnerships: Technologies portfolio. This portfolio is focused on addressing fugitive emissions, flaring reduction,
electrification, well construction emissions, and full field development solutions. Comprised of proprietary
• Celsius Energy is a Schlumberger start-up that combines in-house technology, proprietary design
technologies and solutions, the Transition Technologies portfolio will help reduce direct and indirect emissions
optimization and modern digital control systems to offer a fit-for-purpose solution that uses low-heat
along with other environmental attributes, while simultaneously driving efficiency, reliability and performance
geothermal energy for heating and cooling buildings. Celsius Energy reduces overall building energy
for our customers.
consumption from conventional sources, resulting in reduced carbon emissions.
• Genvia is a clean hydrogen production technology venture with the French Alternative Energies and
Human Capital
Atomic Energy Commission and partners. This unique private-public partnership aims to deliver the
most efficient and cost-effective technology for producing clean hydrogen, a versatile energy carrier and At December 31, 2021, Schlumberger’s workforce consisted of approximately 92,000 people representing more
key component of the energy transition. than 160 nationalities.
• NeoLith Energy is a Schlumberger New Energy venture to enable a sustainable, efficient and flexible
lithium production ecosystem using a differentiated direct lithium extraction process. NeoLith Energy Schlumberger believes that the diversity of its workforce is one of its greatest strengths and its ambition is to
has a strategic collaboration agreement with Panasonic Energy of North America for the validation and maintain a workforce nationality mix that is aligned to its geographical revenue mix.
optimization of its pilot plant in Nevada.
2021 Revenue Contribution 2021 Nationality Mix
• In CCS, Schlumberger New Energy is developing capabilities and forging partnerships to provide
Others North
integrated solutions and technologies to CCS projects in selected markets and geographies where North Middle
1% Middle America
existing policies and regulations can make projects attractive. Schlumberger New Energy has partnered America East and
East 13% Asia 39%
with Chevron, Microsoft and Clean Energy Systems to utilize biomass fuel that consumes CO2 over its 19%
and
lifetime to produce power and then safely and permanently sequestrates the produced CO2. This process Asia
results in net-negative carbon emissions, effectively removing greenhouse gas from the atmosphere. 36%
Latin
• Schlumberger invested in EnerVenue and entered into a collaboration agreement to deploy EnerVenue’s America
uniquely differentiated nickel-hydrogen battery technology, which is a key enabler of stationary energy 15%
storage solutions. Schlumberger New Energy and EnerVenue will work together to progress large-scale
Latin Europe,
deployment of nickel-hydrogen battery technology across selected global markets. America CIS and Europe,
19% Africa CIS and
In June 2021, Schlumberger announced its commitment to achieve net-zero greenhouse gas (“GHG”) emissions 25% Africa 33%
by 2050. Guided by climate science and GHG Protocol, Schlumberger spent 18 months conducting extensive
analysis and working with experts to produce its decarbonization plan, which is aligned with the Paris Agreement
Schlumberger recognizes that its ability to attract, develop, motivate and retain a highly competent and diverse
ambition of limiting global warming to 1.5 degrees Celsius. Schlumberger was the first energy services company
workforce has been key to its success for many decades. As a global company focused on creating and
to set a net-zero target inclusive of all three emission scopes. By setting targets with respect to the Company’s
optimizing value for its customers, Schlumberger believes it is critical for its people to communicate with
total 2019 baseline GHG footprint of approximately 54 million metric tons of CO2 equivalent (which consisted of
customers in their native languages and to share the values of the people in the countries where it works.
52 million metric tons of Scope 3 emissions and two million metric tons of Scope 1 and Scope 2 emissions), and
Furthermore, Schlumberger’s diverse workforce positions the Company to effectively deliver services and
not just its Scope 1 and 2 footprint, Schlumberger’s comprehensive emissions reduction roadmap addresses the
products that meet the unique expectations and requirements of, its stakeholders, including customers, suppliers
entire oil and gas value chain.
and shareholders. Schlumberger’s long-standing commitment to national and cultural diversity fosters a culture
that is global in outlook, yet local in practice, which permeates every layer of the Company.
Schlumberger’s 2050 net zero target is supported by the following interim milestones, using 2019 as the baseline
year:
In addition to national and cultural diversity, gender balance is another important pillar of our diversity and
• by 2025, a 30% reduction in Scope 1 and Scope 2 emissions; inclusion strategy. Schlumberger is committed to lead our industry in gender diversity. Schlumberger has made
significant progress towards achieving its gender balance goal of having women comprise 25% of the Company’s
• by 2030, a 50% reduction in Scope 1 and Scope 2 emissions; and
salaried workforce by 2025. In this regard, in 2021, Schlumberger set its next goal which is for women to
• by 2030, a 30% reduction in Scope 3 emissions. comprise 30% of the Company’s salaried workforce by 2030. As of December 31, 2021, women made up
approximately 23% of the Company’s salaried workforce. Additionally, approximately 22% of management
There are three key components to Schlumberger achieving its net-zero target: reducing operational emissions, roles were held by women in 2021 and women represented approximately 48% of our 2021 new hires of salaried
reducing customer emissions that occur while using Schlumberger technology, and taking carbon-negative employees with science, technology, engineering and mathematics backgrounds.
actions of sufficient scale to offset any residual operational and technology emissions that the Company may
have in 2050. Schlumberger is proud to provide a career platform that enables a culture of lifelong learning for all employees.
Schlumberger is committed to offering borderless careers and making career decisions based on
Schlumberger’s Scope 1 and 2 emissions primarily come from its fuel use and electricity consumption, whereas merit. Schlumberger’s borderless careers philosophy is powered by its internal mobility practices, which offer
its Scope 3 emissions are indirect, such as customer emissions related to the use of Schlumberger technology and employees multiple, flexible, career paths to help them acquire the required skills to reach their ambition. We
operational emissions related to purchased goods and services. In 2021, Schlumberger launched its Transition seek to provide continuous growth opportunities through a combination of training and experience. Schlumberger
8 9
strives to identify talent early and to provide opportunities for those employees who demonstrate exceptional www.slb.com/ir, access to its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports
performance and potential to progress to higher levels within the organization. These opportunities accelerate on Form 8-K, proxy statements and Forms 3, 4 and 5 filed on behalf of directors and executive officers, and
career development while fostering an agile workforce and the next generation of business leaders. amendments to each of those reports, as soon as reasonably practicable after such material is filed with or
furnished to the SEC. Alternatively, you may access these reports at the SEC’s website at www.sec.gov. Copies
are also available, without charge, from Schlumberger Investor Relations, 5599 San Felipe, 17th Floor, Houston,
Competition Texas 77056. Unless expressly noted, the information on its website or any other website is not incorporated by
The principal methods of competition within the energy services industry are technological innovation, quality of reference in this Form 10-K and should not be considered part of this Form 10-K or any other filing
service and price differentiation. These factors vary geographically and are dependent upon the different services Schlumberger makes with the SEC.
and products that Schlumberger offers. Schlumberger has numerous competitors, both large and small.
Information About Our Executive Officers
Intellectual Property The following table sets forth, as of January 26, 2022, the names and ages of the executive officers of
Schlumberger, including all offices and positions held by each for the past five years.
Schlumberger owns and controls a variety of intellectual property, including but not limited to patents,
proprietary information, trade secrets and software tools and applications that, in the aggregate, are material to Name Age Current Position and Five-Year Business Experience
Schlumberger’s business. While Schlumberger seeks and holds numerous patents covering various products and
processes, no particular patent or group of patents is material to Schlumberger’s business.
Olivier Le Peuch 58 Chief Executive Officer and Director, since August 2019; Chief Operating
Officer, February 2019 to July 2019; Executive Vice President, Reservoir and
Seasonality Infrastructure, May 2018 to February 2019; President, Cameron Group, February
2017 to May 2018; and President, Completions, October 2014 to January 2017.
Seasonal changes in weather and significant weather events can temporarily affect the delivery of
Schlumberger’s products and services. For example, the spring thaw in Canada and consequent road restrictions Khaled Al Mogharbel 51 Executive Vice President, Geographies, since July 2020; Executive Vice
can affect activity levels, while the winter months in the North Sea, Russia and China can produce severe President, Operations, April 2019 to June 2020; Executive Vice President,
weather conditions that can temporarily reduce levels of activity. In addition, hurricanes and typhoons can Eastern Hemisphere, February 2019 to March 2019; President, Eastern
disrupt coastal and offshore operations. Furthermore, customer spending patterns for multiclient data, software Hemisphere, May 2017 to January 2019; and President, Drilling Group, July
and other products may result in higher activity in the fourth quarter of the year as clients seek to fully utilize 2013 to April 2017.
their annual budgets. Conversely, customer budget constraints in North America may lead to lower demand for
our services and products in the fourth quarter of the year. Ashok Belani 63 Executive Vice President, Schlumberger New Energy, since February 2020; and
Executive Vice President, Technology, January 2011 to January 2020.
Customers
Stephane Biguet 53 Executive Vice President and Chief Financial Officer, since January 2020; Vice
Schlumberger’s primary customers are national oil companies, large integrated oil companies and independent President, Finance, December 2017 to January 2020; and Vice President,
operators. No single customer exceeded 10% of Schlumberger’s consolidated revenue during each of 2021, 2020 Treasurer, December 2016 to November 2017.
and 2019.
Hinda Gharbi 51 Executive Vice President, Services and Equipment, since July 2020; Executive
Vice President, Reservoir and Infrastructure, February 2019 to June 2020; Vice
Governmental Regulations President, Human Resources, May 2018 to January 2019; President, Reservoir
Schlumberger is subject to numerous environmental and other governmental and regulatory requirements related Characterization Group, June 2017 to May 2018; and President, Wireline, July
to its operations worldwide. For additional details, see “Item 1(a). Risk Factors – Legal and Regulatory Risks”, 2013 to May 2017.
which is incorporated by reference in this Item 1.
Abdellah Merad 48 Executive Vice President, Performance Management, since May 2019; President
NAL Production Group, May 2018 to April 2019; President, Production Group,
Corporate Information October 2017 to May 2018; and Vice President, Controller, Operations,
December 2016 to September 2017.
Schlumberger was founded in 1926. The Company is incorporated under the laws of Curaçao and has executive
offices in Paris, Houston, London and The Hague.
Katharina Beumelburg 45 Chief Strategy and Sustainability Officer, since May 2021; Senior Vice
President, Transmission Service, Siemens Energy, Siemens AG (a multinational
Available Information industrial manufacturing company), April 2020 to May 2021; Executive Vice
President, Strategy, Siemens Gas and Power, Siemens AG, November 2016 to
The Schlumberger website is www.slb.com. Schlumberger uses its Investor Relations website, www.slb.com/ir, April 2020.
as a routine channel for distribution of important information, including news releases, analyst presentations, and
financial information. Schlumberger makes available free of charge through its Investor Relations website at
10 11
Name Age Current Position and Five-Year Business Experience Item 1A. Risk Factors.
The following discussion of risk factors known to us contains important information for the understanding of our
Demosthenis Pafitis 54 Chief Technology Officer, since February 2020; Senior Vice President, “forward-looking statements,” which are discussed immediately following Item 7A. of this Form 10-K and
Schlumberger 4.0 Platforms, from December 2017 to January 2020; and Vice elsewhere. These risk factors should also be read in conjunction with Item 7. Management’s Discussion and
President, Engineering, Manufacturing and Sustaining, September 2014 to Analysis of Financial Condition and Results of Operations, and the Consolidated Financial Statements and
December 2017. related notes included in this Form 10-K.
Dianne Ralston 55 Chief Legal Officer, since December 2020; and Executive Vice President, Chief We urge you to consider carefully the risks described below, which discuss the material factors that make an
Legal Officer and Secretary, TechnipFMC plc (a global oilfield services investment in our securities speculative or risky, as well as in other reports and materials that we file with the
company), January 2017 to October 2020. SEC and the other information included or incorporated by reference in this Form 10-K. Additional risks and
uncertainties not currently known to us or that we currently deem immaterial may also materially adversely
Gavin Rennick 47 Vice President, Human Resources, since February 2019; and President, Software affect our business, reputation, financial condition, results of operations, cash flows and prospects.
Integrated Solutions, January 2017 to February 2019.
Pierre Chereque 67 Vice President and Director of Taxes, since June 2017; and Director of Taxes, Business and Operational Risks
Operations, July 2004 to May 2017. Demand for our products and services is substantially dependent on the levels of expenditures by our
customers. Recent oil and gas industry downturns have resulted in reduced demand for oilfield products
Kevin Fyfe 48 Vice President and Controller, since October 2017; and Controller, Cameron and services and lower expenditures by our customers, which has in the past had, and may in the future
Group, April 2016 to October 2017. have, a material adverse effect on our financial condition, results of operations and cash flows.
Howard Guild 50 Chief Accounting Officer, since July 2005.
Demand for our products and services depends substantially on expenditures by our customers for the
exploration, development and production of oil and gas reserves. These expenditures are generally dependent on
Claudia Jaramillo 49 Vice President and Treasurer, since December 2017; ERM and Treasury Projects
our customers’ views of future demand for oil and gas and future oil and gas prices, as well as our customers’
Manager, July 2017 to November 2017; and Controller, North America Area,
ability to access capital. In addition, the transition of the global energy sector from primarily a fossil fuel-based
July 2014 to July 2017.
system to renewable energy sources could affect our customers’ levels of expenditures.
Vijay Kasibhatla 58 Director, Mergers and Acquisitions, since January 2013.
Actual and anticipated declines in oil and gas prices have in the past resulted in, and may in the future result in,
lower capital expenditures, project modifications, delays or cancellations, general business disruptions, and
delays in payment of, or nonpayment of, amounts that are owed to us. These effects have had, and may in the
future have, a material adverse effect on our financial condition, results of operations and cash flows.
Historically, oil and gas prices have experienced significant volatility and can be affected by a variety of factors,
including:
• changes in the supply of and demand for hydrocarbons, which are affected by general economic and
business conditions;
• the costs of exploring for, producing and delivering oil and gas;
• the ability or willingness of the Organization of Petroleum Exporting Countries and the expanded
alliance known as OPEC+ to set and maintain production levels for oil;
• the level of oil and gas exploration and production activity;
• the level of excess production capacity;
• the level of oil and gas inventories;
• access to potential resources;
• political and economic uncertainty and geopolitical unrest;
• governmental laws, policies, regulations and subsidies, including initiatives to promote the use of
renewable energy sources;
• speculation as to the future price of oil and the speculative trading of oil and gas futures contracts;
12 13
• technological advances affecting energy consumption; and We operate in a highly competitive environment. If we are unable to maintain technology leadership, this
could adversely affect any competitive advantage we hold.
• extreme weather conditions, natural disasters, and public health or similar issues, such as pandemics and
epidemics. The energy industry is highly competitive. Our business may be adversely affected if we fail to continue
developing and producing innovative technologies in response to changes in the market, including customer and
The oil and gas industry has historically experienced periodic downturns, which have been characterized by government requirements, or if we fail to deliver such technologies to our customers in a timely and cost-
diminished demand for our products and services and downward pressure on the prices that we are able to competitive manner. If we are unable to maintain technology leadership in our industry, our ability to maintain
charge. Sustained market uncertainty can also result in lower demand and pricing for our products and services. market share, defend, maintain or increase prices for our products and services, and negotiate acceptable contract
A significant industry downturn, sustained market uncertainty, or increased availability of economical alternative terms with our customers could be adversely affected. Furthermore, if competing technology accelerates the
energy sources could result in a reduction in demand for our products and services, which could adversely affect obsolescence of any of our products or services, the value of our intellectual property may be reduced, which
our business, financial condition, results of operations, cash flows and prospects. could adversely affect our financial condition, results of operations and cash flows.
Disruptions in the political, regulatory, economic, and social environments of the countries in which we Limitations on our ability to obtain, maintain, protect or enforce our intellectual property rights, including
operate could adversely affect our financial condition, results of operations and cash flows. our trade secrets, could cause a loss in revenue and any competitive advantage we hold.
We generate revenue in more than 120 countries across the world. Our non-US operations accounted for There can be no assurance that the steps we take to obtain, maintain, protect and enforce our intellectual property
approximately 85% of our consolidated revenue in 2021, 81% in 2020 and 72% in 2019. Instability and rights will be adequate. Some of our products or services, and the processes we use to produce or provide them,
unforeseen changes in any of the markets in which we operate could result in business disruptions that may have have been granted patent protection, have patent applications pending, or are trade secrets. Our business may be
an adverse effect on the demand for our products and services or our financial condition, results of operations or adversely affected when our patents are unenforceable, the claims allowed under our patents are not sufficient to
cash flows. These factors include, but are not limited to, the following: protect our technology, our patent applications are denied, or our trade secrets are not adequately protected.
Patent protection on some types of technology, such as software or machine learning processes, may not be
• uncertain or volatile political, social and economic conditions;
available in certain countries in which we operate. Our competitors may also be able to develop technology
• exposure to expropriation, nationalization, deprivation or confiscation of our assets or the assets of our independently that is similar to ours without infringing on our patents or gaining access to our trade secrets,
customers, or other governmental actions; which could adversely affect our financial condition, results of operations and cash flows.
• social unrest, acts of terrorism, war or other armed conflict;
Third parties may claim that we have infringed upon or otherwise violated their intellectual property
• public health crises and other catastrophic events, such as the COVID-19 pandemic; rights.
• confiscatory taxation or other adverse tax policies; The tools, techniques, methodologies, programs and components we use to provide our services and products
may infringe upon or otherwise violate the intellectual property rights of others or be challenged on that basis.
• theft of, or lack of sufficient legal protection for, proprietary technology and other intellectual property;
Regardless of the merits, any such claims generally result in significant legal and other costs, including
• deprivation of contract rights; reputational harm, and may distract management from running our business. Resolving such claims could
• trade and economic sanctions or other restrictions imposed by the European Union, the United States or increase our costs, including through royalty payments to acquire licenses, if available, from third parties and
other regions or countries that could restrict or curtail our ability to operate in certain markets; through the development of replacement technologies. If a license to resolve a claim were not available, we
might not be able to continue providing a particular service or product, which could adversely affect our financial
• unexpected changes in legal and regulatory requirements, including changes in interpretation or condition, results of operations and cash flows.
enforcement of existing laws;
• restrictions on the repatriation of income or capital; Legal and Regulatory Risks
• currency exchange controls; Our operations require us to comply with numerous laws and regulations, violations of which could have a
material adverse effect on our financial condition, results of operations or cash flows.
• inflation; and
Our operations are subject to international, regional, national, and local laws and regulations in every place
• currency exchange, rate fluctuations and devaluations.
where we operate, relating to matters such as environmental protection, health and safety, labor and employment,
import/export controls, currency exchange, bribery and corruption, data privacy and cybersecurity, intellectual
Failure to effectively and timely address the energy transition could adversely affect our business, results
property, immigration, and taxation. These laws and regulations are complex, frequently change, and have tended
of operations and cash flows.
to become more stringent over time. In the event the scope of these laws and regulations expands in the future,
Our long-term success depends on our ability to effectively address the energy transition, which will require the incremental cost of compliance could adversely affect our financial condition, results of operations, or cash
adapting our technology portfolio to potentially changing government requirements and customer preferences, as flows.
well as engaging with our customers to develop solutions to decarbonize oil and gas operations. If the energy
transition landscape changes faster than anticipated or in a manner that we do not anticipate, demand for our Our operations are subject to anti-corruption and anti-bribery laws and regulations, such as the Foreign Corrupt
products and services could be adversely affected. Furthermore, if we fail or are perceived to not effectively Practices Act, the U.K. Bribery Act and other similar laws. We are also subject to trade control regulations and
implement an energy transition strategy, or if investors or financial institutions shift funding away from trade sanctions laws that restrict the movement of certain goods to, and certain operations in, various countries or
companies in fossil fuel-related industries, our access to capital or the market for our securities could be with certain persons. Our ability to transfer people, products and data among certain countries is subject to
negatively impacted. maintaining required licenses and complying with these laws and regulations.
14 15
The internal controls, policies and procedures, and employee training and compliance programs we have laws and regulations, the discovery of previously unknown contamination or the imposition of new or increased
implemented to deter prohibited practices may not be effective in preventing employees, contractors or agents requirements could require us to incur costs or become the basis for new or increased liabilities that could have a
from violating or circumventing such internal policies or from material violations of applicable laws and material adverse effect on our business, operations and financial condition.
regulations. Any determination that we have violated or are responsible for violations of anti-bribery, trade
control, trade sanctions or anti-corruption laws could have a material adverse effect on our financial condition. We could be subject to substantial liability claims, including as a result of well incidents, which could
Violations of international and US laws and regulations or the loss of any required licenses may result in fines adversely affect our reputation, financial condition, results of operations and cash flows.
and penalties, criminal sanctions, administrative remedies or restrictions on business conduct, and could have a
material adverse effect on our business, operations and financial condition. In addition, any major violations The technical complexities of our operations expose us to a wide range of significant health, safety and
could have a significant effect on our reputation and consequently on our ability to win future business and environmental risks. Our operations involve production-related activities, radioactive materials, chemicals,
maintain existing customer and supplier relationships. explosives and other equipment and services that are deployed in challenging exploration, development and
production environments. Accidents or acts of malfeasance involving these services or equipment, or a failure of
Existing or future laws, regulations, court orders or other initiatives to limit greenhouse gas emissions or a product (including as a result of a cyberattack), could cause personal injury, loss of life, damage to or
relating to climate change may reduce demand for our products and services. destruction of property, equipment or the environment, or suspension of operations, which could materially
adversely affect us. Any well incidents, including blowouts at a well site or any loss of containment or well
Continuing political and social attention to the issue of climate change has resulted in both existing and proposed control, may expose us to additional liabilities, which could be material. Generally, we rely on contractual
international agreements and national, regional and local legislation and regulatory measures to limit GHG indemnities, releases, and limitations on liability with our customers and insurance to protect us from potential
emissions. The implementation of these agreements, including the Paris Agreement, the Europe Climate Law, liability related to such events. However, our insurance may not protect us against liability for certain kinds of
and other existing or future regulatory mandates, may adversely affect the demand for our products and services, events, including events involving pollution, or against losses resulting from business interruption. Moreover, we
impose taxes on us or our customers, require us or our customers to reduce GHG emissions from our may not be able to maintain insurance at levels of risk coverage or policy limits that we deem adequate. Any
technologies or operations, or accelerate the obsolescence of our products or services. damages caused by our services or products that are not covered by insurance or are in excess of policy limits or
subject to substantial deductibles, could adversely affect our financial condition, results of operations and cash
In addition, increasing attention to the risks of climate change has resulted in an increased possibility of litigation flows.
or investigations brought by public and private entities against oil and gas companies in connection with their
GHG emissions. As a result, we or our customers may become subject to court orders compelling a reduction of
GHG emissions or requiring mitigation of the effects of climate change. General Risk Factors
The COVID-19 pandemic and resulting adverse economic conditions have had, and may to continue to
There is also increased focus by governments and our customers, investors and other stakeholders on climate have, a material adverse effect on our financial condition, results of operations and cash flows.
change, sustainability and energy transition matters. Negative attitudes toward or perceptions of our industry or
fossil fuel products and their relationship to the environment have led governments, non-governmental The COVID-19 pandemic caused a significant and swift reduction in global economic activity during 2020,
organizations, and companies to implement initiatives to conserve energy and promote the use of alternative which significantly weakened demand for oil and gas, and in turn, for our products and services. Other effects of
energy sources, which may reduce the demand for and production of oil and gas in areas of the world where our the pandemic included, and may continue to include, significant volatility and disruption of the global financial
customers operate, and thus reduce future demand for our products and services. In addition, initiatives by markets; adverse revenue and net income effects; disruptions to our operations, including suspension or deferral
investors and financial institutions to limit funding to companies in fossil fuel-related industries may adversely of drilling activities; customer shutdowns of oil and gas exploration and production; downward revisions to
affect our liquidity or access to capital. Any of these initiatives may, in turn, adversely affect our financial customer budgets; limitations on access to sources of liquidity; supply chain disruptions; limitations on access to
condition, results of operations and cash flows. raw materials; employee impacts from illness, school closures and other community response measures; and
temporary closures of our facilities or the facilities of our customers and suppliers. The pandemic is continuously
Environmental compliance costs and liabilities arising as a result of environmental laws and regulations evolving, and the extent to which our operating and financial results will continue to be affected will depend on
could have a material adverse effect on our business, financial condition and results of operations. various factors beyond our control, such as the ultimate duration, severity and sustained geographic resurgence of
the virus; the emergence of new variants and strains of the virus; and the success of actions to contain the virus
We are subject to numerous laws and regulations relating to environmental protection, including those governing and its variants, or treat its impact, such as the availability and acceptance of vaccines. COVID-19, and the
air and GHG emissions, water discharges and waste management, as well as the importation and use of volatile regional and global economic conditions stemming from the pandemic, could also aggravate our other
hazardous materials, radioactive materials, chemicals and explosives. The technical requirements of these laws risk factors described in this Form 10-K.
and regulations are becoming increasingly complex, stringent and expensive to implement. These laws
sometimes provide for “strict liability” for remediation costs, damages to natural resources or threats to public
Our operations are subject to cyber incidents that could have a material adverse effect on our business,
health and safety. Strict liability can render us liable for damages without regard to our degree of care or fault.
financial condition and results of operations.
Some environmental laws provide for joint and several strict liability for remediation of spills and releases of
hazardous substances, and, as a result, we could be liable for the actions of others. We are highly dependent on digital technologies and services to conduct our business. We use these technologies
for internal purposes, including data storage, processing and transmission, as well as in our interactions with our
We use and generate hazardous substances and wastes in our operations. In addition, many of our current and business associates, such as customers and suppliers. In addition, we develop software and other digital products
former properties are, or have been, used for industrial purposes. Accordingly, we could become subject to and services that store, retrieve, manipulate and manage our customers’ information and data, external data,
material liabilities relating to the investigation and cleanup of potentially contaminated properties, and to claims personal data, and our own data. Our digital technologies and services, and those of our business associates, are
alleging personal injury or property damage as a result of exposures to, or releases of, hazardous substances. In subject to the risk of cyberattacks and, given the nature of such attacks, some incidents can remain undetected for
addition, stricter enforcement or changing interpretations of existing laws and regulations, the enactment of new a period of time despite efforts to detect and respond to them in a timely manner. There can be no assurance that
16 17
the systems we have designed to prevent or limit the effects of cyber incidents or attacks will be sufficient to Severe weather, including extreme weather conditions associated with climate change, has in the past and
prevent or detect material consequences arising from such incidents or attacks, or to avoid a material adverse may in the future adversely affect our operations and financial results.
impact on our systems after such incidents or attacks do occur. We have experienced and will continue to
Our business has been, and in the future will be, affected by severe weather in areas where we operate, which
experience varying degrees of cyber incidents in the normal conduct of our business, including attacks resulting
could materially affect our operations and financial results. Extreme weather conditions such as hurricanes,
from phishing emails and ransomware infections. Even if we successfully defend our own digital technologies
flooding and landslides have in the past resulted in, and may in the future result in, the evacuation of personnel,
and services, we also rely on third-party business associates, with whom we may share data and services, to
stoppage of services and activity disruptions at our facilities, in our supply chain, or at well-sites, or result in
defend their digital technologies and services against attack.
disruptions of our customers’ operations. Particularly severe weather events affecting platforms or structures may
result in a suspension of activities. In addition, acute or chronic physical impacts of climate change, such as sea
We could suffer significant damage to our reputation if a cyber incident or attack were to allow unauthorized
level rise, coastal storm surge, inland flooding from intense rainfall and hurricane-strength winds may damage
access to or modification of our customers’ data, other external data, personal data, or our own data, or if the
our facilities. Any such extreme weather events may result in increased operating costs or decreases in revenue,
services we provide to our customers were disrupted, or if our digital products or services were reported to have
which could adversely affect our financial condition, results of operations and cash flows.
or were perceived as having security vulnerabilities. This could lead to fewer customers using our digital
products and services, which could have a material adverse impact on our financial condition and results of
operations. In addition, if our systems, or our third-party business associates’ systems, for protecting against Item 1B. Unresolved Staff Comments.
cybersecurity risks prove to be insufficient, we could be adversely affected by, among other things, loss of or
None.
damage to intellectual property, proprietary or confidential information, or customer, supplier, or employee data;
breach of personal data; interruption of our business operations; increased legal and regulatory exposure,
including fines and remediation costs; and increased costs required to prevent, respond to, or mitigate Item 2. Properties.
cybersecurity attacks. These risks could harm our reputation and our relationships with our employees, business
Schlumberger owns or leases numerous manufacturing facilities, administrative offices, service centers, research
associates and other third parties, and may result in claims against us. The occurrence of any of these risks could
centers, data processing centers, mines, and other facilities throughout the world, none of which are individually
have a material adverse effect on our business, financial condition and results of operations.
material.
Our aspirations, goals, and initiatives related to sustainability and emissions reduction, and our public
statements and disclosures regarding them, expose us to numerous risks. Item 3. Legal Proceedings.
We have developed, and will continue to develop and set, goals, targets, and other objectives related to The information with respect to this Item 3. Legal Proceedings is set forth in Note 14—Contingencies, in the
sustainability matters, including our net-zero target and our energy transition strategy. Statements related to these accompanying Consolidated Financial Statements.
goals, targets and objectives reflect our current plans and do not constitute a guarantee that they will be achieved.
Our efforts to research, establish, accomplish, and accurately report on these goals, targets, and objectives expose
Item 4. Mine Safety Disclosures.
us to numerous operational, reputational, financial, legal, and other risks. Our ability to achieve any stated goal,
target, or objective, including with respect to emissions reduction, is subject to numerous factors and conditions, Information concerning mine safety violations or other regulatory matters required by section 1503(a) of the
some of which are outside of our control. Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K is included in
Exhibit 95 to this Form 10-K.
Our business may face increased scrutiny from investors and other stakeholders related to our sustainability
activities, including the goals, targets, and objectives that we announce, and our methodologies and timelines for
pursuing them. If our sustainability practices do not meet investor or other stakeholder expectations and
standards, which continue to evolve, our reputation, our ability to attract or retain employees, and our
attractiveness as an investment or business partner could be negatively affected. Similarly, our failure or
perceived failure to pursue or fulfill our sustainability-focused goals, targets, and objectives, to comply with
ethical, environmental, or other standards, regulations, or expectations, or to satisfy various reporting standards
with respect to these matters, within the timelines we announce, or at all, could adversely affect our business or
reputation, as well as expose us to government enforcement actions and private litigation.
Failure to attract and retain qualified personnel could impede our operations.
Our future success depends on our ability to recruit, train, and retain qualified personnel. We require highly
skilled personnel to operate and provide technical services and support for our business. Competition for the
personnel necessary for our businesses intensifies as activity increases and technology evolves. In periods of high
utilization, it is often more difficult to find and retain qualified individuals. This could increase our costs or have
other material adverse effects on our operations.
18 19
PART II Unregistered Sales of Equity Securities
None.
Item 5. Market for Schlumberger’s Common Stock, Related Stockholder Matters and Issuer Purchases of
Equity Securities.
Item 6. [Reserved].
As of December 31, 2021, there were 23,753 stockholders of record. The principal US market for
Schlumberger’s common stock is the New York Stock Exchange (“NYSE”), where it is traded under the symbol
“SLB.”
The following graph compares the cumulative total stockholder return on Schlumberger common stock with the
cumulative total return on the Standard & Poor’s 500 Index (“S&P 500 Index”) and the cumulative total return
on the Philadelphia Oil Service Index. It assumes $100 was invested on December 31, 2016 in Schlumberger
common stock, in the S&P 500 Index and in the Philadelphia Oil Service Index, as well as the reinvestment of
dividends on the last day of the month of payment. The stockholder return set forth below is not necessarily
indicative of future performance. The following graph and related information shall not be deemed “soliciting
material” or to be “filed” with the SEC, nor shall such information be incorporated by reference into any future
filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that
Schlumberger specifically incorporates it by reference into such filing.
Comparison of Five-Year Cumulative Total Return Among

Schlumberger Common Stock, the S&P 500 Index and the
Philadelphia Oil Service Index
Comparison of Cumulative Five-Year Total Return

$250
$200
$150
$100
$50
$0
Dec 16 Dec 17 Dec 18 Dec 19 Dec 20 Dec 21
Schlumberger Ltd S&P 500 Index Philadelphia Oil Service Index (OSX)
Share Repurchases
On January 21, 2016, the Schlumberger Board of Directors approved a $10 billion share repurchase program for
Schlumberger common stock. Schlumberger had repurchased $1.0 billion of its common stock under this
program as of December 31, 2021. Schlumberger did not repurchase any of its common stock during 2021.
20 21
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations. the effects of the divestitures. International revenue increased 12% year-on-year during the second half of 2021,
and North America revenue increased 10%, or 44% when adjusted for the effects of the divestitures (which
The following discussion and analysis contains forward-looking statements, including, without limitation, generated $0.5 billion of revenue during the second half of 2020).
statements relating to our plans, strategies, objectives, expectations, intentions and resources. Such forward-
looking statements should be read in conjunction with our disclosures under “Item 1A. Risk Factors” of this Looking ahead into 2022, we believe the industry macro fundamentals are very favorable, due to the combination
Form 10-K. of projected steady demand recovery, an increasingly tight supply market, and supportive oil prices.
Schlumberger expects this to result in a material step up in industry capital spending with double-digit growth in
This section of the Form 10-K generally discusses 2021 and 2020 items and year-to-year comparisons between both the international and North American markets. Absent any further significant COVID-related disruption, oil
2021 and 2020. Discussions of 2019 items and year-to-year comparison between 2020 and 2019 that are not demand is expected to exceed prepandemic levels before the end of the year and further strengthen in 2023. We
included in this Form 10-K can be found in “Management’s Discussion and Analysis of Financial Condition and believe these favorable market conditions are similar to those experienced during the last industry supercycle,
Results of Operations” in Part II, Item 7 of Schlumberger’s Annual Report on Form 10-K for the fiscal year suggesting that resurgent global demand-led capital spending will result in an exceptional multiyear growth
ended December 31, 2020. cycle.
Throughout 2021, Schlumberger continued to strengthen its core portfolio, enhanced its sustainability leadership,
2021 Executive Overview
successfully advanced its digital journey, and expanded its new energy portfolio. Schlumberger is well prepared
Continuing a broad recovery that began in 2020, oil markets were generally positive throughout the year, with to fully seize this growth ahead. Schlumberger is entering this cycle in a position of strength, having reset its
Brent oil price starting 2021 at the year’s low of $51 per barrel, reaching a high of $85 in November. Sentiment operating leverage, expanded peer-leading margins across multiple quarters, and aligned its technology and
in oil markets was largely positive as global demand recovered and supply was managed by a combination of the business portfolio with the new industry imperatives.
reassurance of continued intervention from OPEC+, and ongoing capital discipline by publicly traded operators
in North America. Fourth Quarter 2021 Results
Within the context of strengthening fundamentals across the year, there were several instances where the (Stated in millions)
potential impact of COVID-19 variants raised concerns regarding demand growth. However, these periods were
shorter lived than the prolonged decline in 2020, which was characterized by economic lockdowns, and oil prices Fourth Quarter 2021 Third Quarter 2021
soon rebounded. Pricing was initially supported by OPEC+ production agreements that had come into effect in Income Income
2020 and remained resilient as those production targets were gradually increased in the second half of 2021, as Before Before
crude and product stocks continued a multiyear downward trend. Revenue Taxes Revenue Taxes
Digital & Integration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 889 $ 335 $ 812 $ 284
International activity grew broadly across geographies in the second half of the year, including offshore and
deepwater, with operators investing in projects to meet long-term objectives and regional demand growth. Reservoir Performance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,287 200 1,192 190
Well Construction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,388 368 2,273 345
Activity in North America land also rebounded, albeit from a very low base in 2020, but did not return to Production Systems . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,765 159 1,674 166
prepandemic levels, as investment and production were subdued as a result of continued capital discipline on the Eliminations & other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (104) (76) (104) (77)
part of larger producers.
986 908
International natural gas pricing, while following the traditional seasonal pattern, was volatile, swinging from Corporate & other (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (140) (145)
pandemic-driven lows in 2020 to record highs around the world. Domestically, US Henry Hub natural gas prices Interest income (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 8
rose dramatically, averaging $3.91 per million British thermal units on a monthly basis—as compared to $2.04 in Interest expense (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (123) (127)
2020—and reaching a peak of $5.87 in October before ending the year at $3.73. Charges & credits (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 47
Against this backdrop, Schlumberger’s full-year 2021 revenue of $22.9 billion decreased 3% year-on-year as a $ 6,225 $ 755 $ 5,847 $ 691
result of the divestitures of the OneStim pressure pumping business and the North America low-flow artificial lift
business during the fourth quarter of 2020. These divestitures were consistent with Schlumberger’s strategy to (1) Comprised principally of certain corporate expenses not allocated to the segments, stock-based
focus on expanding margins, minimizing earnings volatility and focusing on less capital-intensive businesses by
compensation costs, amortization expense associated with certain intangible assets, certain centrally
high-grading and rationalizing its business portfolio. The divested businesses accounted for approximately 25%
managed initiatives and other nonoperating items.
of Schlumberger’s North America revenue in 2020. Excluding the impact of these divestitures, which generated
$1.3 billion of revenue during 2020 (all of which was in North America), full-year 2021 global revenue grew 3% (2) Excludes interest income included in the segments’ income (fourth quarter 2021: $1 million; third quarter
year-on-year, driven by an 8% increase in North America and a 2% increase in international revenue. 2021: $- million).
(3) Excludes interest expense included in the segments’ income (fourth quarter 2021: $4 million; third quarter
Financial performance in 2021 was driven by global oil and gas activity growth in the second half of the year as
2021: $3 million).
investment spending experienced double-digit growth year-on-year. Consequently, Schlumberger’s revenue in
the second half of 2021 grew 12% compared to the same period of 2020, and increased 18% when adjusted for (4) Charges and credits are described in detail in Note 3 to the Consolidated Financial Statements.
22 23
Fourth-quarter revenue of $6.22 billion increased 6% sequentially as a result of broad-based growth across all Full-Year 2021 Results
geographies and Divisions.
(Stated in millions)
International revenue of $4.90 billion grew 5% sequentially, driven primarily by strengthening activity, increased
2021 2020
digital sales, and early benefits of pricing improvements. The sequential revenue increase was led by growth in
Europe/CIS/Africa largely due to strong offshore activity in Africa. This growth was complemented by project Income
startups and activity gains in the Middle East & Asia and sustained activity growth in Latin America. Income (Loss)
Before Before
Revenue Taxes Revenue Taxes
In North America, revenue of $1.28 billion grew 13% sequentially, outperforming the rig count growth. The
sequential growth was driven by strong offshore and land drilling activity and increased exploration data Digital & Integration . . . . . . . . . . . . . . . . . . . . . $ 3,290 $ 1,141 $ 3,067 $ 727
licensing. Reservoir Performance . . . . . . . . . . . . . . . . . . . 4,599 648 5,602 353
Well Construction . . . . . . . . . . . . . . . . . . . . . . . 8,706 1,195 8,614 870
Fourth-quarter pretax segment operating margin of 16% increased 31 basis points (bps) sequentially, reaching its Production Systems . . . . . . . . . . . . . . . . . . . . . . 6,710 634 6,650 623
highest quarterly level since 2015, largely as a result of the accretive effect of accelerating digital sales.
Eliminations & other . . . . . . . . . . . . . . . . . . . . . (376) (253) (332) (172)
3,365 2,401
Digital & Integration
Corporate & other (1) . . . . . . . . . . . . . . . . . . . . . (573) (681)
Fourth-quarter revenue of $889 million increased 10% sequentially, propelled by accelerated digital sales Interest income (2) . . . . . . . . . . . . . . . . . . . . . . . 31 31
internationally, particularly in Europe/CIS/Africa and Middle East & Asia, and increased exploration data
Interest expense (3) . . . . . . . . . . . . . . . . . . . . . . . (514) (534)
licensing sales in North America offshore and the Permian. These increases, however, were partially offset by the
effects of a temporary production interruption in the APS projects in Ecuador due to pipeline disruption. Charges & credits (4) . . . . . . . . . . . . . . . . . . . . . 65 (12,515)
$ 22,929 $ 2,374 $ 23,601 $ (11,298)
Digital & Integration pretax operating margin of 38% expanded 268 bps sequentially, primarily due to higher
digital and exploration data licensing sales.
(1) Comprised principally of certain corporate expenses not allocated to the segments, stock-based
compensation costs, amortization expense associated with certain intangible assets, certain centrally
Reservoir Performance managed initiatives and other nonoperating items.
Fourth-quarter revenue of $1.3 billion increased 8% sequentially, primarily due to higher intervention activity (2) Excludes interest income included in the segments’ income (2021: $2 million; 2020: $2 million).
across the international offshore markets and activity gains in the Middle East & Asia. (3) Excludes interest expense included in the segments’ income (2021: $15 million; 2020: $28 million).
Reservoir Performance pretax operating margin of 16% was essentially flat sequentially. (4) Charges and credits are described in detail in Note 3 to the Consolidated Financial Statements.
Full-year 2021 revenue of $22.9 billion decreased 3% year-on-year primarily as a result of the divestitures of the
Well Construction OneStim pressure pumping business and the low-flow artificial lift business during the fourth quarter of 2020.
Fourth-quarter revenue of $2.4 billion increased 5% sequentially, driven by higher measurements and drilling Excluding the impact of these divestitures, which generated $1.3 billion of revenue (all of which was in North
fluids activity and increased drilling equipment sales. North America revenue increased 15% due to higher rig America) during 2020, global revenue increased 3% year-on-year.
count on land and increased well construction activity in the US Gulf of Mexico. International revenue growth of
3% was driven by growth in Latin America. In North America revenue declined 18% year-on-year; however, excluding the impact of the previously
described divestitures, full-year revenue increased 8%. International revenue also increased 2%.
Well Construction pretax operating margin of 15% was essentially flat sequentially.
The growth in 2021 was driven by strong global oil and gas activity in the second half of the year. Schlumberger’s
revenue in the second half of 2021 grew 12% compared to the same period of 2020 and increased 18% when
Production Systems adjusted for the effects of the divestitures. This growth was pervasive across all geographies and Divisions.
Fourth-quarter revenue of $1.8 billion increased 5% sequentially driven by a 6% increase in international Full-year 2021 pretax operating margin of 15% was 450 bps higher compared to 2020, primarily due to the
revenue. This growth was mainly in Europe/CIS/Africa as a result of strong project progress. divestiture of certain businesses in North America, which were previously dilutive to margins, combined with
reduced depreciation and amortization expense following the asset impairment charges recorded during 2020 and
Production Systems pretax operating margin of 9% declined 85 bps sequentially due to an unfavorable mix and the effects of cost reduction measures.
the impact of delayed deliveries due to global supply and logistics constraints.
Digital & Integration
Full-year 2021 revenue of $3.3 billion increased 7% year-on-year, primarily driven by robust APS project
revenue from higher production and improved oil prices.
24 25
Year-on-year, pretax operating margin increased 11 percentage points to 35%. Operating margin increased due to During the fourth quarter of 2020, a start-up company that Schlumberger previously invested in completed an
improved profitability from APS projects as a result of higher oil prices and reduced amortization expense initial public offering. As a result, Schlumberger recognized an unrealized gain of $39 million to increase the
following the asset impairment charges that were recorded during 2020 relating to certain APS investments. carrying value of this investment to its fair value of $43 million as of December 31, 2020. See Note 3 to the
Consolidated Financial Statements. Schlumberger sold this investment during 2021, which did not result in a
Reservoir Performance material gain or loss.
Full-year 2021 revenue of $4.6 billion decreased 18% year-on-year, largely reflecting the effects of the OneStim
divestiture, which generated $1.2 billion of revenue during 2020. Excluding the impact of the OneStim Interest Expense
divestiture, revenue increased 5% year-on-year primarily driven by strong activity in Latin America.
Interest expense of $539 million in 2021 decreased $24 million compared to 2020 primarily as a result of the
$2.7 billion year-on-year reduction in total debt outstanding.
Year-on-year, pretax operating margin increased by 779 bps to 14% despite the significant drop in revenue,
primarily due to the divestiture of the OneStim business, which was previously dilutive to margins.
Other
Well Construction
Research & engineering and General & administrative expenses, as a percentage of Revenue, were as follows:
Full-year 2021 revenue of $8.7 billion increased 1% year-on-year.
Year-on-year, pretax operating margin increased 363 bps to 14% despite the relatively flat revenue, largely as a 2021 2020
result of the implementation of cost control measures.
Research & engineering . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.4% 2.5%
General & administrative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5% 1.5%
Production Systems
Full-year 2021 revenue of $6.7 billion increased 1% year-on-year, primarily driven by improved international
activity that was largely offset by a decline in completions activity in North America as a result of the pandemic. Income Taxes
The Schlumberger effective tax rate is sensitive to the geographic mix of earnings. When the percentage of
Year-on-year, pretax operating margin was essentially flat at 9%. pretax earnings generated outside of North America increases, the Schlumberger effective tax rate generally
decreases. Conversely, when the percentage of pretax earnings generated outside of North America decreases, the
Interest and Other Income Schlumberger effective tax rate generally increases.
Interest & other income consisted of the following:
The Schlumberger effective tax rate was 19% in 2021 as compared to 7% in 2020. The increase in the effective
(Stated in millions) tax rate was primarily due to the charges and credits described in Note 3 to the Consolidated Financial
Statements. These charges and credits reduced the effective tax rate in 2020 by 12 percentage points as a
2021 2020 significant portion of these charges were not tax-effective.
Earnings of equity method investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 40 $ 91
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 33 Charges and Credits
Unrealized gain on marketable securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47 39
Schlumberger recorded charges and credits during 2021 and 2020. These charges and credits, which are
Gain on sale of Liberty shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 -
summarized below, are more fully described in Note 3 to the Consolidated Financial Statements.
$ 148 $ 163
The following is a summary of the 2021 charges and credits.
The decrease in earnings of equity method investments in 2021 as compared to 2020 is primarily attributable to
Schlumberger’s share of net losses associated with Schlumberger’s investment in Liberty. Schlumberger records
its share of Liberty’s net income or loss on a one-quarter lag.
Pretax Tax Net
During the fourth quarter of 2021 Schlumberger sold 9.5 million of its shares of Liberty and recognized a gain of Third quarter:
$28 million. See Note 3 to the Consolidated Financial Statements. Unrealized gain on marketable securities . . . . . . . . . . . . . . . . . . $ (47) $ (11) $ (36)
Fourth quarter:
During the third quarter of 2021, a start-up company that Schlumberger previously invested in was acquired. As a
result of this transaction, Schlumberger’s ownership interest was converted into shares of a publicly traded Gain on sale of Liberty shares . . . . . . . . . . . . . . . . . . . . . . . . . . . (28) (4) (24)
company. Schlumberger recognized an unrealized pretax gain of $47 million to increase the carrying value of Early repayment of bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 - 10
this investment to its estimated fair value of approximately $55 million. See Note 3 to the Consolidated $ (65) $ (15) $ (50)
Financial Statements.
26 27
The following is a summary of the 2020 charges and credits. As a result of the third quarter 2020 restructuring charges, commencing with the fourth quarter of 2020,
depreciation and lease expense was reduced by $15 million on a quarterly basis. This quarterly reduction is
(Stated in millions) reflected among all of the Divisions.
Pretax Tax Net

Liquidity and Capital Resources
First quarter:
Details of the components of liquidity as well as changes in liquidity follow:
Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,070 $ - $ 3,070
Intangible assets impairments . . . . . . . . . . . . . . . . . . . 3,321 815 2,506
Asset Performance Solutions investments . . . . . . . . . . 1,264 (4) 1,268 (Stated in millions)
North America pressure pumping impairment . . . . . . 587 133 454

Dec. 31, Dec. 31,
Workforce reductions . . . . . . . . . . . . . . . . . . . . . . . . . . 202 7 195 Components of Liquidity: 2021 2020
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79 9 70 Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,757 $ 844
Valuation allowance . . . . . . . . . . . . . . . . . . . . . . . . . . . - (164) 164 Short-term investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,382 2,162
Second quarter: Short-term borrowings and current portion of long-term debt . . . . . . . . . . . . . . . (909) (850)
Workforce reductions . . . . . . . . . . . . . . . . . . . . . . . . . . 1,021 71 950 Long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (13,286) (16,036)
Asset Performance Solutions investments . . . . . . . . . . 730 15 715 Net debt (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (11,056) $ (13,880)
Fixed asset impairments . . . . . . . . . . . . . . . . . . . . . . . . 666 52 614
Inventory write-downs . . . . . . . . . . . . . . . . . . . . . . . . . 603 49 554
Right-of-use asset impairments . . . . . . . . . . . . . . . . . . 311 67 244
Costs associated with exiting certain activities . . . . . . 205 (25) 230
Multiclient seismic data impairment . . . . . . . . . . . . . . 156 2 154
Repurchase of bonds . . . . . . . . . . . . . . . . . . . . . . . . . . 40 2 38
Postretirement benefits curtailment gain . . . . . . . . . . . (69) (16) (53)
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60 4 56
Third quarter:
Facility exit charges . . . . . . . . . . . . . . . . . . . . . . . . . . . 254 39 215
Workforce reductions . . . . . . . . . . . . . . . . . . . . . . . . . . 63 - 63
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 1 32
Fourth quarter:
Gain on sale of OneStim . . . . . . . . . . . . . . . . . . . . . . . (104) (11) (93)
Unrealized gain on marketable securities . . . . . . . . . . (39) (9) (30)
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62 4 58
$ 12,515 $ 1,041 $ 11,474
As a result of the first quarter 2020 impairment charges, commencing with the second quarter of 2020,
depreciation and amortization expense was reduced by approximately $95 million on a quarterly basis.
Approximately $33 million of this quarterly reduction is reflected in the Digital & Integration Division and
$12 million is reflected in the Reservoir Performance Division. The remaining $50 million is reflected in the
“Corporate & other” line item.
As a result of the second quarter 2020 restructuring and impairment charges, commencing with the third quarter
of 2020, depreciation and amortization expense was reduced by approximately $80 million and lease expense
was reduced by $25 million on a quarterly basis. Approximately $51 million of this quarterly reduction is
reflected in the Digital & Integration Division and $31 million is reflected in the Reservoir Performance
Division, with the remaining $23 million reflected among the Well Construction Division and Production
Systems Division.
28 29
Key liquidity events during 2021 and 2020 included:
Changes in Liquidity: 2021 2020
• In April 2020, in light of the uncertainty of the depth and extent of the contraction in oil demand due to
Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,928 $ (10,486) the COVID-19 pandemic combined with the weaker commodity price environment at the time,
Impairments and other charges and credits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (65) 12,515 Schlumberger announced a 75% reduction to its quarterly cash dividend. The revised dividend supports
Depreciation and amortization (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,120 2,566 Schlumberger’s value proposition through a balanced approach of shareholder distributions and organic
Deferred taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (31) (1,248) investment, and provided flexibility to address the uncertain environment. This decision reflected the
Earnings of equity method investments, less dividends received . . . . . . . . . . . . . . . . 10 (28) Company’s focus on its capital stewardship program as well as its commitment to maintain both a
Stock-based compensation expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 324 397 strong liquidity position and a strong investment grade credit rating that provides privileged access to
Increase in working capital (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (45) (833) the financial markets. Dividends paid during 2021 and 2020 were $0.7 billion and $1.7 billion,
US Federal tax refund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 477 - respectively.
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (67) 61 • Cash flow from operations was $4.7 billion in 2021 and $2.9 billion in 2020. The increase in cash flow
Cash flow from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,651 2,944 from operations in 2021 as compared to 2020 was driven by the sharp increase in earnings excluding
non-cash charges and credits and depreciation and amortization expense as a result of the improved
Capital expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,141) (1,116) business conditions in 2021, as well as the receipt of the $0.5 billion US federal tax refund described
APS investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (474) (303) below and a $0.6 billion year-on-year reduction in severance payments.
Multiclient seismic data capitalized . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (39) (101)
• On January 21, 2016, the Schlumberger Board of Directors approved a $10 billion share repurchase
Free cash flow (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,997 1,424 program for Schlumberger common stock. Schlumberger had repurchased $1.0 billion of Schlumberger
Dividends paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (699) (1,734) common stock under this program as of December 31, 2021. Schlumberger did not repurchase any of its
Stock repurchase program . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - (26) common stock during 2021, and repurchased $26 million of its common stock during 2020.
Proceeds from employee stock plans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 137 146 • Capital investments (consisting of capital expenditures, APS investments and multiclient seismic data
Proceeds from sale of Liberty shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109 - capitalized) were $1.7 billion in 2021 and $1.5 billion in 2020. Capital investments during 2022 are
Net proceeds from divestitures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - 434 expected to be between $1.9 billion and $2.0 billion.
Business acquisitions and investments, net of cash acquired plus debt assumed . . . . (103) (33) • During the fourth quarter of 2021, Schlumberger deposited sufficient funds with the trustee for its $1.0
Repayment of finance lease obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - (188) billion of 2.40% Senior Notes due 2022 (including payment of the February 1, 2022 interest payment) to
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (105) (181) satisfy and discharge all of its obligations relating to such notes. As a result of this transaction,
Change in net debt before impact of changes in foreign exchange rates on net Schlumberger recorded a charge of $10 million. This charge is reflected in Interest in the Consolidated
debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,336 (158) Statement of Income (Loss). See Note 3 – Charges and Credits.
Impact of changes in foreign exchange rates on net debt . . . . . . . . . . . . . . . . . . . . . . 488 (595) • During the fourth quarter of 2021 Schlumberger sold 9.5 million of its shares of Liberty and received
(Increase) decrease in Net Debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,824 (753) proceeds of $109 million.
Net Debt, Beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (13,880) (13,127) • During the second quarter of 2021, Schlumberger repurchased all $665 million of its 3.30% Senior
Net Debt, End of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (11,056) $ (13,880) Notes due 2021.
• During the second quarter of 2021, Schlumberger received a federal tax refund of $477 million relating
(1) ”Net debt” represents gross debt less cash and short-term investments. Management believes that Net debt provides to the carryback of US net operating losses pursuant to the Coronavirus Aid, Relief and Economic
useful information regarding the level of Schlumberger’s indebtedness by reflecting cash and investments that could be
Security Act.
used to repay debt. Net debt is a non-GAAP financial measure that should be considered in addition to, not as a substitute
for or superior to, total debt. • During the fourth quarter of 2020, Schlumberger repaid certain finance lease obligations totaling $188
(2) Includes depreciation of property, plant and equipment and amortization of intangible assets, multiclient seismic data million as a result of the OneStim transaction.
costs and APS investments. • During the third quarter of 2020, Schlumberger issued $500 million of 1.40% Senior Notes due 2025
(3) Includes severance payments of $248 million and $843 million during 2021 and 2020, respectively. and $350 million of 2.65% Senior Notes due 2030.
(4) “Free cash flow” represents cash flow from operations less capital expenditures, APS investments and multiclient • During the second quarter of 2020, Schlumberger issued €1.0 billion of 1.375% Guaranteed Notes due
seismic data costs capitalized. Management believes that free cash flow is an important liquidity measure for the 2026, $900 million of 2.650% Senior Notes due 2030 and €1.0 billion of 2.00% Guaranteed Notes due
company and that it is useful to investors and management as a measure of our ability to generate cash. Once business 2032.
needs and obligations are met, this cash can be used to reinvest in the company for future growth or to return to
shareholders through dividend payments or share repurchases. Free cash flow does not represent the residual cash flow • During the second quarter of 2020, Schlumberger repurchased all $600 million of its 4.20% Senior
available for discretionary expenditures. Free cash flow is a non-GAAP financial measure that should be considered in Notes due 2021 and $935 million of its 3.30% Senior Notes due 2021. Schlumberger paid a premium of
addition to, not as a substitute for or superior to, cash flow from operations. approximately $40 million in connection with these repurchases. This premium was classified in
Impairments & other in the Consolidated Statement of Income (Loss). See Note 3 – Charges and
Credits.
30 31
• During the first quarter of 2020, Schlumberger issued €400 million of 0.25% Notes due 2027 and Interest payments on fixed rate debt obligations by year are as follows:
€400 million of 0.50% Notes due 2031.
• During the first quarter of 2020, Schlumberger completed the sale of its 49% interest in the Bandurria
Sur Block in Argentina. The net cash proceeds from this transaction, combined with the proceeds 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 446
received from the divestiture of a smaller APS project, amounted to $298 million. 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 418
2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 343
As of December 31, 2021, Schlumberger had $3.14 billion of cash and short-term investments and committed
2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 317
credit facility agreements with commercial banks aggregating $6.60 billion, all of which was available and
unused. Schlumberger believes these amounts, along with cash generated by ongoing operations, will be 2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 265
sufficient to meet future business requirements for the next 12 months and beyond. Thereafter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 941
$ 2,730
The following table reflects the carrying amounts of Schlumberger’s debt at December 31, 2021 by year of
maturity:
See Note 13, Leases of the Consolidated Financial Statements for details regarding Schlumberger’s lease
(Stated in millions) obligations.
2022 2023 2024 2025 2026 2027 2028 2029 Thereafter Total
Schlumberger has outstanding letters of credit/guarantees that relate to business performance bonds, custom/
Fixed rate debt excise tax commitments, facility lease/rental obligations, etc. These were entered into in the ordinary course of
2.65% Senior Notes . . . . . . . . . . . . $600 600 business and are customary practices in the various countries where Schlumberger operates.
3.63% Senior Notes . . . . . . . . . . . . 295 295
3.65% Senior Notes . . . . . . . . . . . . $1,497 1,497 Critical Accounting Policies and Estimates
4.00% Notes . . . . . . . . . . . . . . . . . 80 80
3.70% Notes . . . . . . . . . . . . . . . . . $ 55 55 The preparation of financial statements and related disclosures in conformity with accounting principles
generally accepted in the United States requires Schlumberger to make estimates and assumptions that affect the
3.75% Senior Notes . . . . . . . . . . . . 748 748
reported amounts of assets and liabilities, the disclosure of contingent liabilities and the reported amounts of
0.00% Notes . . . . . . . . . . . . . . . . . 563 563 revenue and expenses. The following accounting policies involve “critical accounting estimates” because they
1.40% Senior Notes . . . . . . . . . . . . $ 498 498 are particularly dependent on estimates and assumptions made by Schlumberger about matters that are inherently
4.00% Senior Notes . . . . . . . . . . . . 930 930 uncertain.
1.375% Guaranteed Notes . . . . . . . $1,125 1,125
1.00% Guaranteed Notes . . . . . . . . 679 679 Schlumberger bases its estimates on historical experience and on various assumptions that are believed to be
reasonable under the circumstances, the results of which form the basis for making judgments about the carrying
0.25% Notes . . . . . . . . . . . . . . . . . $1,013 1,013
values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from
3.90% Senior Notes . . . . . . . . . . . . $1,457 1,457 these estimates under different assumptions or conditions.
4.30% Senior Notes . . . . . . . . . . . . $846 846
2.65% Senior Notes . . . . . . . . . . . . $ 1,250 1,250 Allowance for Doubtful Accounts
0.50% Notes . . . . . . . . . . . . . . . . . 1,012 1,012
Schlumberger maintains an allowance for doubtful accounts in order to record accounts receivable at their net
2.00% Guaranteed Notes . . . . . . . . 1,118 1,118 realizable value. Judgment is involved in recording and making adjustments to this reserve. Allowances have
7.00% Notes . . . . . . . . . . . . . . . . . 204 204 been recorded for receivables believed to be uncollectible, including amounts for the resolution of potential credit
5.95% Notes . . . . . . . . . . . . . . . . . 113 113 and other collection issues such as disputed invoices. Adjustments to the allowance may be required in future
5.13% Notes . . . . . . . . . . . . . . . . . 98 98 periods depending on how such potential issues are resolved, or if the financial condition of Schlumberger’s
customers were to deteriorate resulting in an impairment of their ability to make payments.
Total fixed rate debt . . . . . . . . . . . $895 $1,577 $1,366 $1,428 $1,804 $1,013 $1,457 $846 $ 3,795 $14,181
Variable rate debt . . . . . . . . . . . . 14 - - - - - - - - 14 As a large multinational company with a long history of operating in a cyclical industry, Schlumberger has
extensive experience in working with its customers during difficult times to manage its accounts receivable.
Total . . . . . . . . . . . . . . . . . . . . . . . $909 $1,577 $1,366 $1,428 $1,804 $1,013 $1,457 $846 $ 3,795 $14,195
During weak economic environments or when there is an extended period of weakness in oil and gas prices,
Schlumberger typically experiences delays in the payment of its receivables. However, except for a $469 million
accounts receivable write-off during 2017 as a result of the political and economic condition in Venezuela,
Schlumberger has not historically had material write-offs due to uncollectible accounts receivable. Schlumberger
generates revenue in more than 120 countries. As of December 31, 2021, five of those countries individually
accounted for greater than 5% of Schlumberger’s net accounts receivable balance, of which only one (the United
States) accounted for greater than 10% of such receivables.
32 33
At times in recent periods, Schlumberger has experienced delays in payments from its primary customer in These audits may result in assessments for additional taxes that are resolved with the authorities or, potentially,
Mexico. Included in Receivables, less allowance for doubtful accounts in the Consolidated Balance Sheet as of through the courts. Schlumberger recognizes the impact of a tax position in its financial statements if that
December 30, 2021 is approximately $0.5 billion of receivables relating to Mexico at December 31, 2021 ($0.7 position is more likely than not of being sustained on audit, based on the technical merits of the position. Tax
billion at December 31, 2020). Schlumberger’s receivables from its primary customer in Mexico are not in liabilities are recorded based on estimates of additional taxes that will be due upon the conclusion of these audits.
dispute and Schlumberger has not historically had any material write-offs due to uncollectible accounts Estimates of these tax liabilities are judgmental and are made based upon prior experience, and are updated in
receivable relating to this customer. light of changes in facts and circumstances. However, due to the uncertain and complex application of tax
regulations, the ultimate resolution of audits may result in liabilities that could be materially different from these
estimates. In such an event, Schlumberger will record additional tax expense or tax benefit in the period in which
Goodwill, Intangible Assets and Long-Lived Assets
such resolution occurs.
Schlumberger records the excess of purchase price over the fair value of the tangible and identifiable intangible
assets acquired and liabilities assumed as goodwill. The goodwill relating to each of Schlumberger’s reporting
Revenue Recognition for Certain Long-term Construction-type Contracts
units is tested for impairment annually as well as when an event, or change in circumstances, indicates an
impairment may have occurred. Schlumberger recognizes revenue for certain long-term construction-type contracts over time. These contracts
involve significant design and engineering efforts in order to satisfy custom designs for customer-specific
Under generally accepted accounting principles, Schlumberger has the option to first assess qualitative factors to applications. Under this method, revenue is recognized as work progresses on each contract. Progress is
determine whether the existence of events or circumstances leads to a determination that it is more likely than not measured by the ratio of actual costs incurred to date on the project in relation to total estimated project costs.
that the fair value of one or more of its reporting units is greater than its carrying amount. If, after assessing the Approximately 6% of Schlumberger’s revenue in 2021, and 5% in each of 2020 and 2019, respectively, was
totality of events or circumstances, Schlumberger determines it is more likely than not that the fair value of a recognized under this method.
reporting unit is greater than its carrying amount, there is no need to perform any further testing. However, if
Schlumberger concludes otherwise, then it is required to perform a quantitative impairment test by calculating The estimate of total project costs has a significant impact on both the amount of revenue recognized as well as
the fair value of the reporting unit and comparing the fair value with the carrying amount of the reporting unit. If the related profit on a project. Revenue and profits on contracts can also be significantly affected by change
the fair value of the reporting unit is less than its carrying value, an impairment loss is recorded based on that orders and claims. Profits are recognized based on the estimated project profit multiplied by the percentage
difference. complete. Due to the nature of these projects, adjustments to estimates of contract revenue and total contract
costs are often required as work progresses. Any expected losses on a project are recorded in full in the period in
Schlumberger has the option to bypass the qualitative assessment for any reporting unit in any period and which they become probable.
proceed directly to performing the quantitative goodwill impairment test.
Pension and Postretirement Benefits
Schlumberger elected to perform the qualitative assessment described above for purposes of its annual goodwill
impairment test in 2021. Based on this assessment, Schlumberger concluded it was more likely than not that the Schlumberger’s pension and postretirement benefit obligations are described in detail in Note 16 to the
fair value of each of its reporting units was significantly greater than its carrying amount. Accordingly, no further Consolidated Financial Statements. The obligations and related costs are calculated using actuarial concepts,
testing was required. which include critical assumptions related to the discount rate, expected rate of return on plan assets and medical
cost trend rates. These assumptions are important elements of expense and/or liability measurement and are
During 2020 and 2019, Schlumberger recorded goodwill impairment charges of $3.1 billion and $8.8 billion and updated on an annual basis, or upon the occurrence of significant events.
intangible asset impairment charges of $3.3 billion and $1.1 billion, respectively. Refer to Note 3 to the
Consolidated Financial Statements for details regarding the facts and circumstances that led to this impairment The discount rate that Schlumberger uses reflects the prevailing market rate of a portfolio of high-quality debt
and how the fair value of each reporting unit was estimated, including the significant assumptions used and other instruments with maturities matching the expected timing of payment of the related benefit obligations. The
details. following summarizes the discount rates utilized by Schlumberger for its various pension and postretirement
benefit plans:
Long-lived assets, including fixed assets, intangible assets and investments in APS projects, are reviewed for
• The discount rate utilized to determine the liability for Schlumberger’s United States pension plans and
impairment whenever events or changes in circumstances indicate that the carrying value may not be
postretirement medical plan was 3.00% at December 31, 2021 and 2.60% at December 31, 2020.
recoverable. In reviewing for impairment, the carrying value of such assets is compared to the estimated
undiscounted future cash flows expected from the use of the assets and their eventual disposition. If such cash • The weighted-average discount rate utilized to determine the liability for Schlumberger’s international
flows are not sufficient to support the asset’s recorded value, an impairment charge is recognized to reduce the pension plans was 2.83% at December 31, 2021 and 2.38% at December 31, 2020.
carrying value of the long-lived asset to its estimated fair value. The determination of future cash flows as well as
• The discount rate utilized to determine expense for Schlumberger’s United States pension plans and
the estimated fair value of long-lived assets involves significant estimates on the part of management. If there is a
postretirement medical plan was 2.60% in 2021 and 3.30% in 2020.
material change in economic conditions or other circumstances influencing the estimate of future cash flows or
fair value, Schlumberger could be required to recognize impairment charges in the future. • The weighted-average discount rate utilized to determine expense for Schlumberger’s international
pension plans was 2.38% in 2021 and 3.27% in 2020.
Income Taxes
The expected rate of return for Schlumberger’s retirement benefit plans represents the average rate of return
Schlumberger conducts business in more than 100 tax jurisdictions, a number of which have tax laws that are not expected to be earned on plan assets over the period that benefits included in the benefit obligation are expected
fully defined and are evolving. Schlumberger’s tax filings are subject to regular audits by the tax authorities. to be paid, with consideration given to the distribution of investments by asset class and historical rates of return
34 35
for each individual asset class. The average expected rate of return on plan assets for the United States pension Item 7A. Quantitative and Qualitative Disclosures About Market Risk.
plans was 6.60% in both 2021 and 2020. The weighted average expected rate of return on plan assets for the
international pension plans was 6.73% in 2021 and 6.71% in 2020. A lower expected rate of return would Schlumberger is subject to market risks primarily associated with changes in foreign currency exchange rates.
increase pension expense.
As a multinational company, Schlumberger generates revenue in more than 120 countries. Schlumberger’s
The following illustrates the sensitivity to changes in certain assumptions, holding all other assumptions constant, functional currency is primarily the US dollar. Approximately 70% of Schlumberger’s revenue in 2021 was
for Schlumberger’s United States and international pension plans: denominated in US dollars. However, outside the United States, a significant portion of Schlumberger’s expenses
is incurred in foreign currencies. Therefore, when the US dollar weakens in relation to the foreign currencies of
(Stated in millions) the countries in which Schlumberger conducts business, the US dollar-reported expenses will increase.
Effect on
Schlumberger maintains a foreign-currency risk management strategy that uses derivative instruments to manage
Effect on 2021 Dec. 31, 2021
Change in Assumption Pretax Expense Obligation the impact of changes in foreign exchange rates on its earnings. Schlumberger enters into foreign currency
forward contracts to provide a hedge against currency fluctuations on certain monetary assets and liabilities, and
25 basis point decrease in discount rate . . . . . . . . . . . . . . . . . . . . . . . . . . +$41 +$604 certain expenses denominated in currencies other than the functional currency.
25 basis point increase in discount rate . . . . . . . . . . . . . . . . . . . . . . . . . . -$38 -$568
25 basis point decrease in expected return on plan assets . . . . . . . . . . . . +$34 - A 10% appreciation in the US dollar from the December 31, 2021 market rates would increase the unrealized
25 basis point increase in expected return on plan assets . . . . . . . . . . . . . -$34 - value of Schlumberger’s forward contracts by $5 million. Conversely, a 10% depreciation in the US dollar from
the December 31, 2021 market rates would decrease the unrealized value of Schlumberger’s forward contracts by
The following illustrates the sensitivity to changes in certain assumptions, holding all other assumptions constant, $8 million. In either scenario, the gain or loss on the forward contract would be offset by the gain or loss on the
for Schlumberger’s United States postretirement medical plans: underlying transaction, and therefore, would have no impact on future earnings.
(Stated in millions) At December 31, 2021, contracts were outstanding for the US dollar equivalent of $7.7 billion in various foreign
currencies, of which $6.0 billion related to hedges of debt balances denominated in currencies other than the
Effect on functional currency.
Effect on 2021 Dec. 31, 2021
Change in Assumption Pretax Expense Obligation
Forward-Looking Statements
25 basis point decrease in discount rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - +$42
25 basis point increase in discount rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - -$39 This Form 10-K, as well as other statements we make, contains “forward-looking statements” within the meaning
of the federal securities laws, which include any statements that are not historical facts. Such statements often
contain words such as “expect,” “may,” “can,” “believe,” “predict,” “plan,” “potential,” “projected,”
“projections,” “forecast,” “estimate,” “intend,” “anticipate,” “ambition,” “goal,” “target,” “think,” “should,”
“could,” “would,” “will,” “see,” “likely,” and other similar words. Forward-looking statements address matters
that are, to varying degrees, uncertain, such as statements about Schlumberger’s financial and performance
targets and other forecasts or expectations regarding, or dependent on, its business outlook; growth for
Schlumberger as a whole and for each of its Divisions (and for specified business lines, geographic areas or
technologies within each Division); oil and natural gas demand and production growth; oil and natural gas prices;
forecasts or expectations regarding energy transition and global climate change; improvements in operating
procedures and technology; capital expenditures by Schlumberger and the oil and gas industry; the business
strategies of Schlumberger, including digital and “fit for basin,” as well as the strategies of Schlumberger’s
customers; Schlumberger’s effective tax rate; Schlumberger’s APS projects, joint ventures, and other alliances;
Schlumberger’s response to the COVID-19 pandemic and its preparedness for other widespread health
emergencies; access to raw materials; future global economic and geopolitical conditions; future liquidity; and
future results of operations, such as margin levels. These statements are subject to risks and uncertainties,
including, but not limited to, changing global economic conditions; changes in exploration and production
spending by Schlumberger’s customers and changes in the level of oil and natural gas exploration and
development; the results of operations and financial condition of Schlumberger’s customers and suppliers;
Schlumberger’s inability to achieve its financial and performance targets and other forecasts and expectations;
Schlumberger’s inability to achieve net-zero carbon emissions goals or interim emissions reduction goals;
general economic, geopolitical and business conditions in key regions of the world; foreign currency risk; pricing
pressure; inflation; weather and seasonal factors; unfavorable effects of health pandemics; availability and cost of
raw materials; operational modifications, delays or cancellations; challenges in Schlumberger’s supply chain;
36 37
production declines; Schlumberger’s inability to recognize efficiencies and other intended benefits from its Item 8. Financial Statements and Supplementary Data.
business strategies and initiatives, such as digital or Schlumberger New Energy, as well as its cost reduction
strategies; changes in government regulations and regulatory requirements, including those related to offshore oil SCHLUMBERGER LIMITED AND SUBSIDIARIES
and gas exploration, radioactive sources, explosives, chemicals and climate-related initiatives; the inability of
CONSOLIDATED STATEMENT OF INCOME (LOSS)
technology to meet new challenges in exploration; the competitiveness of alternative energy sources or product
substitutes; and other risks and uncertainties detailed in this Form 10-K and other filings that we make with the (Stated in millions, except per share amounts)
SEC. If one or more of these or other risks or uncertainties materialize (or the consequences of any such
development changes), or should our underlying assumptions prove incorrect, actual results or outcomes may Year Ended December 31, 2021 2020 2019
vary materially from those reflected in our forward-looking statements. Forward-looking and other statements in Revenue
this Form 10-K regarding our environmental, social and other sustainability plans and goals are not an indication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 15,602 $ 16,533 $ 24,358
that these statements are necessarily material to investors or required to be disclosed in our filings with the SEC. Product sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,327 7,068 8,559
In addition, historical, current, and forward-looking environmental, social and sustainability-related statements
Total Revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,929 23,601 32,917
may be based on standards for measuring progress that are still developing, internal controls and processes that
Interest & other income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 148 163 86
continue to evolve, and assumptions that are subject to change in the future. Statements in this Form 10-K are
Gains on sales of businesses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - 104 247
made as of January 26, 2022, and Schlumberger disclaims any intention or obligation to update publicly or revise
Expenses
such statements, whether as a result of new information, future events or otherwise.
Cost of services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,129 14,675 20,828
Cost of sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,142 6,325 7,892
Research & engineering . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 554 580 717
General & administrative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 339 365 474
Impairments & other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - 12,658 13,148
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 539 563 609
Income (loss) before taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,374 (11,298) (10,418)
Tax expense (benefit) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 446 (812) (311)
Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,928 (10,486) (10,107)
Net income attributable to noncontrolling interests . . . . . . . . . . . . . . 47 32 30
Net income (loss) attributable to Schlumberger . . . . . . . . . . . . . . . . . . . $ 1,881 $ (10,518) $ (10,137)
Basic earnings (loss) per share of Schlumberger . . . . . . . . . . . . . . . . $ 1.34 $ (7.57) $ (7.32)
Diluted earnings (loss) per share of Schlumberger . . . . . . . . . . . . . . . $ 1.32 $ (7.57) $ (7.32)
Average shares outstanding:

Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,400 1,390 1,385
Assuming dilution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,427 1,390 1,385
See the Notes to Consolidated Financial Statements
38 39
SCHLUMBERGER LIMITED AND SUBSIDIARIES SCHLUMBERGER LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS) CONSOLIDATED BALANCE SHEET
(Stated in millions) (Stated in millions)
Year Ended December 31, 2021 2020 2019 December 31, 2021 2020
Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,928 $ (10,486) $ (10,107) ASSETS

Current Assets
Currency translation adjustments
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,757 $ 844
Net change arising during the period . . . . . . . . . . . . . . . . . . . 83 (239) 67
Short-term investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,382 2,162
Cash flow hedges
Receivables less allowance for doubtful accounts (2021—$319;
Net loss on cash flow hedges . . . . . . . . . . . . . . . . . . . . . . . . . (12) (90) (32) 2020—$301) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,315 5,247
Reclassification to net income (loss) of net realized Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,272 3,354
(income) loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3) 54 10
Other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 928 1,312
Pension and other postretirement benefit plans
Actuarial gain (loss) arising during the period . . . . . . . . . . . 1,075 (247) 127 12,654 12,919
Investments in Affiliated Companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,044 2,061
Amortization to net income (loss) of net actuarial loss . . . . . 271 200 94
Fixed Assets less accumulated depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,429 6,826
Amortization to net income (loss) of net prior service
(credit) cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (23) (17) (11) Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,990 12,980
Impact of curtailment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - (69) - Intangible Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,211 3,455
Other Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,183 4,193
Income taxes on pension and other postretirement benefit
plans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (74) (38) (71) $ 41,511 $ 42,434
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3) - -
LIABILITIES AND EQUITY
Comprehensive income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,242 (10,932) (9,923) Current Liabilities
Comprehensive income attributable to noncontrolling Accounts payable and accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,382 8,442
interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47 32 30 Estimated liability for taxes on income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 879 1,015
Comprehensive income (loss) attributable to Schlumberger . . . $ 3,195 $ (10,964) $ (9,953) Short-term borrowings and current portion of long-term debt . . . . . . . . . . . . . . 909 850
Dividends payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 189 184
See the Notes to Consolidated Financial Statements 10,359 10,491
Long-term Debt 13,286 16,036
Postretirement Benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 231 1,049
Deferred Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94 19
Other Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,255 2,350
26,225 29,945
Equity
Common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,608 12,970
Treasury stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,233) (3,033)
Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,199 7,018
Accumulated other comprehensive loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,570) (4,884)
Schlumberger stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,004 12,071
Noncontrolling interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 282 418
15,286 12,489
$ 41,511 $ 42,434
40 41
SCHLUMBERGER LIMITED AND SUBSIDIARIES SCHLUMBERGER LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY
Year Ended December 31, 2021 2020 2019
Cash flows from operating activities: Accumulated
Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,928 $ (10,486) $ (10,107) Other
Common Stock
Adjustments to reconcile net income (loss) to cash provided by Retained Comprehensive Noncontrolling
operating activities: Issued In Treasury Earnings Loss Interests Total
Impairments and other charges and credits . . . . . . . . . . . . . . . . (65) 12,515 12,901 Balance, January 1, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . $ 13,132 $ (4,006) $ 31,658 $ (4,622) $ 424 $ 36,586
Depreciation and amortization (1) . . . . . . . . . . . . . . . . . . . . . . . . 2,120 2,566 3,589 Net loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10,137) 30 (10,107)
Deferred taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (31) (1,248) (1,011) Currency translation adjustments . . . . . . . . . . . . . . . . 67 (1) 66
Stock-based compensation expense . . . . . . . . . . . . . . . . . . . . . . 324 397 405 Changes in fair value of cash flow hedges . . . . . . . . . (22) (22)
Earnings of equity method investments, less dividends Pension and other postretirement benefit plans . . . . . 139 139
received . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 (28) 6
Shares sold to optionees, less shares exchanged . . . . (26) 49 23
Change in assets and liabilities: (2)
(Increase) decrease in receivables . . . . . . . . . . . . . . . . . . . . . . . (36) 2,345 142 Vesting of restricted stock . . . . . . . . . . . . . . . . . . . . . (155) 155 -
Decrease (increase) in inventories . . . . . . . . . . . . . . . . . . . . . . . 75 86 (314) Shares issued under employee stock purchase
plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (249) 445 196
Decrease (increase) in other current assets . . . . . . . . . . . . . . . . . 387 267 (68)
(Increase) decrease in other assets . . . . . . . . . . . . . . . . . . . . . . . (2) (25) 22 Stock repurchase program . . . . . . . . . . . . . . . . . . . . . (278) (278)
Increase (decrease) in accounts payable and accrued Stock-based compensation expense . . . . . . . . . . . . . . 405 405
liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 160 (3,330) (161) Dividends declared ($2.00 per share) . . . . . . . . . . . . . (2,770) (2,770)
(Decrease) increase in estimated liability for taxes on Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (29) 4 (37) (62)
income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (154) (201) 6
(Decrease) increase in other liabilities . . . . . . . . . . . . . . . . . . . . (26) 19 (52) Balance, December 31, 2019 . . . . . . . . . . . . . . . . . . . . . . 13,078 (3,631) 18,751 (4,438) 416 24,176
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (39) 67 73 Net loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10,518) 32 (10,486)
Currency translation adjustments . . . . . . . . . . . . . . . . (239) 7 (232)
NET CASH PROVIDED BY OPERATING ACTIVITIES . . . . . . . . . . . 4,651 2,944 5,431
Changes in fair value of cash flow hedges . . . . . . . . . (36) (36)
Cash flows from investing activities: Pension and other postretirement benefit plans . . . . . (171) (171)
Capital expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,141) (1,116) (1,724) Vesting of restricted stock . . . . . . . . . . . . . . . . . . . . . (173) 173 -
APS investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (474) (303) (781) Shares issued under employee stock purchase
Multiclient seismic data capitalized . . . . . . . . . . . . . . . . . . . . . . . . . (39) (101) (231) plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (298) 444 146
Net proceeds from divestitures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 434 348 Stock repurchase program . . . . . . . . . . . . . . . . . . . . . (26) (26)
Proceeds from sale of Liberty shares . . . . . . . . . . . . . . . . . . . . . . . . 109 — — Stock-based compensation expense . . . . . . . . . . . . . . 397 397
Proceeds from formation of Sensia joint venture . . . . . . . . . . . . . . . — — 238 Dividends declared ($0.875 per share) . . . . . . . . . . . . (1,215) (1,215)
Business acquisitions and investments, net of cash acquired . . . . . . (103) (33) (23) Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (34) 7 (37) (64)
Sale (purchase) of short-term investments, net . . . . . . . . . . . . . . . . . 787 (1,141) 317
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (58) (93) (155) Balance, December 31, 2020 . . . . . . . . . . . . . . . . . . . . . . 12,970 (3,033) 7,018 (4,884) 418 12,489
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,881 47 1,928
NET CASH USED IN INVESTING ACTIVITIES . . . . . . . . . . . . . . . . . (919) (2,353) (2,011) Currency translation adjustments . . . . . . . . . . . . . . . . 83 (2) 81
Cash flows from financing activities: Changes in fair value of cash flow hedges . . . . . . . . . (15) (15)
Dividends paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (699) (1,734) (2,769) Pension and other postretirement benefit plans . . . . . 1,249 1,249
Proceeds from employee stock purchase plan . . . . . . . . . . . . . . . . . 137 146 196 Vesting of restricted stock . . . . . . . . . . . . . . . . . . . . . (281) 281 -
Proceeds from exercise of stock options . . . . . . . . . . . . . . . . . . . . . . — — 23 Shares issued under employee stock purchase
Stock repurchase program . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (26) (278) plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (377) 514 137
Proceeds from issuance of long-term debt . . . . . . . . . . . . . . . . . . . . 34 5,837 4,004 Stock-based compensation expense . . . . . . . . . . . . . . 324 324
Repayment of long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,076) (4,975) (4,799) Dividends declared ($0.50 per share) . . . . . . . . . . . . . (700) (700)
Net (decrease) increase in short-term borrowings . . . . . . . . . . . . . . (105) 156 (44) Deconsolidation of subsidiary . . . . . . . . . . . . . . . . . . (123) (123)
Repayment of finance lease-related obligations . . . . . . . . . . . . . . . . — (188) — Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (28) 5 (3) (58) (84)
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (115) (89) (51)
Balance, December 31, 2021 . . . . . . . . . . . . . . . . . . . . . . $ 12,608 $ (2,233) $ 8,199 $ (3,570) $ 282 $ 15,286
NET CASH USED IN FINANCING ACTIVITIES . . . . . . . . . . . . . . . . . (2,824) (873) (3,718)
Net increase (decrease) in cash before translation effect . . . . . . . . . . . . . . 908 (282) (298)
Translation effect on cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 (11) 2 See the Notes to Consolidated Financial Statements
Cash, beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 844 1,137 1,433
Cash, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,757 $ 844 $ 1,137
(1) Includes depreciation of property, plant and equipment and amortization of intangible assets, multiclient seismic data costs and APS
investments.
(2) Net of the effect of business acquisitions and divestitures.
42 43
SCHLUMBERGER LIMITED AND SUBSIDIARIES Notes to Consolidated Financial Statements
SHARES OF COMMON STOCK
1. Business Description
(Stated in millions) Schlumberger Limited (Schlumberger N.V., incorporated in Curaçao) and its consolidated subsidiaries
(collectively, “Schlumberger”) form a technology company that partners with customers to access energy.
Shares Schlumberger provides leading digital solutions and deploys innovative technologies to enable performance and
Issued In Treasury Outstanding sustainability for the global energy industry. Schlumberger collaborates to create technology that unlocks access
Balance, January 1, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,434 (51) 1,383 to energy for the benefit of all.
Shares sold to optionees, less shares exchanged . . . . . . . . . . . . . - 1 1
Vesting of restricted stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - 2 2 2. Summary of Accounting Policies
Shares issued under employee stock purchase plan . . . . . . . . . . - 6 6 The Consolidated Financial Statements of Schlumberger have been prepared in accordance with accounting
Stock repurchase program . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - (7) (7) principles generally accepted in the United States of America.
Balance, December 31, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,434 (49) 1,385
Shares issued under employee stock purchase plan . . . . . . . . . . - 6 6 Use of Estimates
Vesting of restricted stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - 2 2 The preparation of financial statements requires management to make estimates and assumptions that affect the
Stock repurchase program . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - (1) (1) reported amounts of assets and liabilities, the disclosure of contingent liabilities at the date of the financial
Balance, December 31, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,434 (42) 1,392 statements and the reported amounts of revenue and expenses during the reporting period. On an ongoing basis,
Schlumberger evaluates its estimates, including those related to collectibility of accounts receivable; revenue
Shares issued under employee stock purchase plan . . . . . . . . . . - 7 7
recognized for certain long-term construction-type contracts over time; recoverability of fixed assets, goodwill,
Vesting of restricted stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - 4 4 intangible assets, Asset Performance Solutions investments and investments in affiliates; income taxes;
Balance, December 31, 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,434 (31) 1,403 multiclient seismic data; contingencies and actuarial assumptions for employee benefit plans. Schlumberger
bases its estimates on historical experience and other assumptions that are believed to be reasonable under the
circumstances, the results of which form the basis for making judgments about the carrying values of assets and
See the Notes to Consolidated Financial Statements liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under
different assumptions or conditions.
Revenue Recognition
Schlumberger recognizes revenue upon the transfer of control of promised products or services to customers at
an amount that reflects the consideration it expects to receive in exchange for these products or services. The vast
majority of Schlumberger’s services and product offerings are short-term in nature. The time between invoicing
and when payment is due under these arrangements is generally between 30 to 60 days.
Revenue is occasionally generated from contractual arrangements that include multiple performance obligations.
Revenue from these arrangements is allocated to each performance obligation based on its relative standalone
selling price. Standalone selling prices are generally determined based on the prices charged to customers or
using expected costs plus margin.
Revenue is recognized for certain long-term construction-type contracts over time. These contracts involve
significant design and engineering efforts in order to satisfy custom designs for customer-specific applications.
Revenue is recognized as work progresses on each contract. Progress is measured by the ratio of actual costs
incurred to date on the project in relation to total estimated project costs. The estimate of total project costs has a
significant impact on both the amount of revenue recognized as well as the related profit on a project. Revenue
and profits on contracts can also be significantly affected by change orders and claims. Due to the nature of these
projects, adjustments to estimates of contract revenue and total contract costs may be required as work
progresses. Progress billings are generally issued upon completion of certain phases of work as stipulated in the
contract. Any expected losses on a project are recorded in full in the period in which they become probable.
Due to the nature of its businesses, Schlumberger does not have significant backlog. Total backlog was $2.8
billion at December 31, 2021, of which approximately 50% is expected to be recognized as revenue during 2022.
44 45
Short-term Investments any one of them. Schlumberger regularly evaluates the creditworthiness of the issuers in which it invests. By
using derivative financial instruments to hedge certain exposures, Schlumberger exposes itself to some credit
Short-term investments are comprised primarily of money market funds, time deposits, certificates of deposit, risk. Schlumberger minimizes this credit risk by entering into transactions with high-quality counterparties,
commercial paper, bonds and notes, substantially all of which are denominated in US dollars and are stated at limiting the exposure to each counterparty and monitoring the financial condition of its counterparties.
cost plus accrued interest, which approximates fair value.
Schlumberger generates revenue in more than 120 countries and as such, its accounts receivable are spread over
For purposes of the Consolidated Statement of Cash Flows, Schlumberger does not consider Short-term many countries and customers. The United States represented 12% of Schlumberger’s net accounts receivable
investments to be cash equivalents. balance at December 31, 2021. No other country accounted for greater than 10% of Schlumberger’s accounts
receivable balance. Schlumberger maintains an allowance for uncollectible accounts receivable based on
expected collectability and performs ongoing credit evaluations of its customers’ financial condition. If the
Investments in Affiliated Companies
financial condition of Schlumberger’s customers were to deteriorate resulting in an impairment of their ability to
Investments in companies in which Schlumberger does not have a controlling financial interest, but over which it make payments, adjustments to the allowance may be required.
has significant influence, are accounted for using the equity method. Schlumberger’s share of the after-tax
earnings of equity method investees is included in Interest & other income. Investments in privately held
Earnings per Share
companies in which Schlumberger does not have the ability to exercise significant influence are accounted for
using the cost method. Investments in publicly traded companies in which Schlumberger does not have the The following is a reconciliation from basic to diluted earnings (loss) per share of Schlumberger for each of the
ability to exercise significant influence are reported at fair value, with unrealized gains and losses reported as a last three years:
component of Interest & other income.
(Stated in millions, except per share amounts)
Multiclient Seismic Data Net Income (Loss) Average

Attributable to Shares Earnings (Loss)
Schlumberger’s multiclient library consists of completed and in-process seismic surveys that are licensed on a
Schlumberger Outstanding per Share
nonexclusive basis. Schlumberger capitalizes costs directly incurred in acquiring and processing the multiclient
seismic data. Such costs are charged to Cost of services based on the percentage of the total costs to the estimated 2021:
total revenue that Schlumberger expects to receive from the sales of such data. However, an individual survey Basic $ 1,881 1,400 $ 1.34
generally will not carry a net book value greater than a 4-year, straight-line amortized value.
Assumed exercise of stock options - -
The carrying value of the multiclient library is reviewed for impairment annually as well as when an event or Unvested restricted stock - 27
change in circumstance indicating impairment may have occurred. Adjustments to the carrying value are Diluted $ 1,881 1,427 $ 1.32
recorded when it is determined that estimated future cash flows, which involve significant judgment on the part
of Schlumberger, would not be sufficient to recover the carrying value of the surveys. Significant adverse 2020:
changes in Schlumberger’s estimated future cash flows could result in impairment charges in a future period. Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (10,518) 1,390 $ (7.57)
Assumed exercise of stock options . . . . . . . . . . . . . . . . . . . - -

Asset Performance Solutions
Unvested restricted stock . . . . . . . . . . . . . . . . . . . . . . . . . . - -
Asset Performance Solutions (“APS”) projects are generally focused on developing and co-managing production
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (10,518) 1,390 $ (7.57)
of customers’ assets under long-term agreements. Schlumberger invests its own services and products into the
field development activities and operations and is compensated on a fee-per-barrel basis or based on cash flow 2019:
generated. This includes certain arrangements whereby Schlumberger is only compensated based on incremental Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (10,137) 1,385 $ (7.32)
production that it helps deliver above a mutually agreed baseline.
Assumed exercise of stock options . . . . . . . . . . . . . . . . . . . - -
Schlumberger capitalizes its investments in a project including the direct costs associated with providing its Unvested restricted stock . . . . . . . . . . . . . . . . . . . . . . . . . . - -
services or products. These capitalized investments are amortized to the Consolidated Statement of Income (Loss)
as the related production is achieved based on the units of production method, whereby each unit produced is Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (10,137) 1,385 $ (7.32)
assigned a pro-rata portion of the unamortized costs based on estimated total production, resulting in a matching
of revenue with the applicable costs.
Concentration of Credit Risk

Schlumberger’s assets that are exposed to concentrations of credit risk consist primarily of cash, short-term
investments, receivables from clients and derivative financial instruments. Schlumberger places its cash and
short-term investments with financial institutions and corporations and limits the amount of credit exposure with
46 47
The number of outstanding employee stock options to purchase shares of Schlumberger common stock and and discharge all of its obligations relating to such notes. As a result of this transaction, Schlumberger
unvested restricted stock units that were not included in the computation of diluted earnings/loss per share, recorded a charge of $10 million. This charge is reflected in Interest in the Consolidated Statement of
because to do so would have had an anti-dilutive effect, were as follows: Income (Loss).
2020
2021 2020 2019 Schlumberger recorded the following charges and credits during 2020, all of which, unless otherwise noted, are
Employee stock options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42 48 46 classified in Impairments & other in the Consolidated Statement of Income (Loss):
Unvested restricted stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - 19 12 (Stated in millions)
3. Charges and Credits Pretax Tax Net

2021 First quarter:
Schlumberger recorded the following charges and credits during 2021: Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,070 - $ 3,070
Intangible assets impairments . . . . . . . . . . . . . . . . . . . . . . . . 3,321 815 2,506
Asset Performance Solutions investments . . . . . . . . . . . . . . . 1,264 (4) 1,268
Pretax Tax Net North America pressure pumping impairment . . . . . . . . . . . 587 133 454
Workforce reductions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 202 7 195
Third quarter:
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79 9 70
Unrealized gain on marketable securities . . . . . . . . . . . . . . . . . . . . . $ (47) $ (11) $ (36)
Valuation allowance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - (164) 164
Fourth quarter:
Second quarter:
Gain on sale of Liberty shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (28) (4) (24)
Workforce reductions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,021 71 950
Early repayment of bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 - 10
Asset Performance Solutions investments . . . . . . . . . . . . . . . 730 15 715
$ (65) $ (15) $ (50) Fixed asset impairments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 666 52 614
Inventory write-downs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 603 49 554
Third quarter 2021: Right-of-use asset impairments . . . . . . . . . . . . . . . . . . . . . . . 311 67 244
Costs associated with exiting certain activities . . . . . . . . . . . 205 (25) 230
• During the third quarter of 2021, a start-up company that Schlumberger previously invested in was
acquired. As a result of this transaction, Schlumberger’s ownership interest was converted into shares of Multiclient seismic data impairment . . . . . . . . . . . . . . . . . . . 156 2 154
a publicly traded company. Schlumberger recognized an unrealized pretax gain of $47 million to Repurchase of bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 2 38
increase the carrying value of this investment to its estimated fair value of approximately $55 million. Postretirement benefits curtailment gain . . . . . . . . . . . . . . . . (69) (16) (53)
This unrealized gain is reflected in Interest & other income in the Consolidated Statement of Income Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60 4 56
(Loss). Third quarter:
Facility exit charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 254 39 215
Fourth quarter 2021: Workforce reductions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63 - 63
• On December 31, 2020, Schlumberger contributed its onshore hydraulic fracturing business in the Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 1 32
United States and Canada (“OneStim”), including its pressure pumping, pumpdown perforating and Fourth quarter:
Permian frac sand business to Liberty Oilfield Services Inc. (“Liberty”) in exchange for a 37% equity
Gain on sale of OneStim . . . . . . . . . . . . . . . . . . . . . . . . . . . . (104) (11) (93)
interest in Liberty. During the fourth quarter of 2021, Schlumberger sold 9.5 million of its shares of
Liberty and received proceeds of $109 million. As a result of this transaction Schlumberger recognized Unrealized gain on marketable securities . . . . . . . . . . . . . . . (39) (9) (30)
a gain of $28 million. This gain is classified in Interest & other income in the Consolidated Statement of Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62 4 58
Income (Loss).
$ 12,515 $ 1,041 $ 11,474
As of December 31, 2021, Schlumberger had a 31% equity interest in Liberty. Based on the quoted
market prices of Liberty’s shares, the fair value of Schlumberger’s investment in Liberty was
approximately $550 million as of December 31, 2021. Schlumberger accounts for its investment in First quarter 2020:
Liberty under the equity method of accounting and records its share of Liberty’s net income or loss on a • Geopolitical events that increased the supply of low-priced oil to the global market occurred at the same
one-quarter lag. time that demand weakened due to the worldwide effects of the COVID-19 pandemic, leading to a
• On November 30, 2021, Schlumberger deposited sufficient funds with the trustee for its $1.0 billion of collapse in oil prices during March 2020. As a result, Schlumberger’s market capitalization deteriorated
2.40% Senior Notes due 2022 (including payment of the February 1, 2022 interest payment) to satisfy significantly compared to the end of 2019. Schlumberger’s stock price reached a low during the first
48 49
quarter of 2020 not seen since 1995. Additionally, the Philadelphia Oil Services Sector index (“OSX”), • $79 million of other restructuring charges, primarily consisting of the impairment of an equity method
which is comprised of companies involved in the oil services sector, reached an all-time low. As a result investment that was determined to be other-than-temporarily impaired.
of these facts, Schlumberger determined that it was more likely than not that the fair value of certain of
• $164 million relating to a valuation allowance against certain deferred tax assets.
its reporting units was less than their carrying value. Therefore, Schlumberger performed an interim
goodwill impairment test.
Second quarter 2020:
Schlumberger had 11 reporting units with goodwill balances aggregating $16.0 billion. Schlumberger
• As previously noted, late in the first quarter of 2020 geopolitical events that increased the supply of low-
determined that the fair value of four of its reporting units, representing $4.5 billion of goodwill, was
priced oil to the global market occurred at the same time as demand weakened due to the worldwide
substantially in excess of their carrying value. Schlumberger performed a detailed quantitative
effects of the COVID-19 pandemic, which led to a collapse in oil prices. As a result, the second quarter
impairment assessment of the remaining seven reporting units, which represented $11.5 billion of
of 2020 was the most challenging quarter in decades. Schlumberger responded to these market
goodwill. As a result of this assessment, Schlumberger concluded that the goodwill associated with each
conditions by taking actions to restructure its business and rationalize its asset base during the second
of these seven reporting units was impaired, resulting in a $3.1 billion goodwill impairment charge.
quarter of 2020. These actions included reducing headcount, closing facilities and exiting business lines
Following the $3.1 billion goodwill impairment charge relating to these seven reporting units, six of in certain countries. Additionally, due to the resulting activity decline, Schlumberger had assets that
these reporting units had a remaining goodwill balance. These goodwill balances ranged between $0.2 would no longer be utilized. As a consequence of these circumstances and decisions, Schlumberger
billion and $5.0 billion and aggregated to $8.4 billion as of March 31, 2020. recorded the following restructuring and asset impairment charges:
Schlumberger used the income approach to estimate the fair value of its reporting units, but also - $1.021 billion of severance associated with reducing its workforce by more than 21,000 employees.
considered the market approach to validate the results. The income approach estimates the fair value by - $730 million relating to the carrying value of certain APS projects in Latin America.
discounting each reporting unit’s estimated future cash flows using Schlumberger’s estimate of the
- $666 million of fixed asset impairments primarily relating to equipment that would no longer be
discount rate, or expected return, that a marketplace participant would have required as of the valuation
utilized and facilities it exited.
date. The market approach includes the use of comparative multiples to corroborate the discounted cash
flow results. The market approach involves significant judgement involved in the selection of the - $603 million write-down of the carrying value of inventory to its net realizable value.
appropriate peer group companies and valuation multiples. - $311 million write-down of right-of-use assets under operating leases associated with leased
Some of the more significant assumptions inherent in the income approach include the estimated future facilities Schlumberger exited and excess equipment.
net annual cash flows for each reporting unit and the discount rate. Schlumberger selected the - $205 million of costs associated with exiting certain activities.
assumptions used in the discounted cash flow projections using historical data supplemented by current
and anticipated market conditions and estimated growth rates. Schlumberger’s estimates are based upon - $156 million impairment of certain multiclient seismic data.
assumptions believed to be reasonable. However, given the inherent uncertainty in determining the - $60 million of other costs, including a $42 million increase in the allowance for the doubtful
assumptions underlying a discounted cash flow analysis, particularly in a volatile market, actual results accounts.
may differ from those used in Schlumberger’s valuations which could result in additional impairment
• Schlumberger repurchased all $600 million of its 4.20% Senior Notes due 2021 and $935 million of its
charges in the future.
3.30% Senior Notes due 2021. Schlumberger paid a premium of $40 million in connection with these
The discount rates utilized to value Schlumberger’s reporting units were between 12.0% and 13.5%, repurchases.
depending on the risks and uncertainty inherent in the respective reporting unit as well as the size of the • As a consequence of the workforce reductions described above, Schlumberger recorded a curtailment
reporting unit. Assuming all other assumptions and inputs used in each of the respective discounted cash gain of $69 million relating to its US postretirement medical plan. See Note 16 – Pension and Other
flow analysis were held constant, a 50-basis point increase or decrease in the discount rate assumptions Postretirement Benefit Plans for further details.
would have changed the fair value of the seven reporting units, on average, by less than 5%.
• The negative market indicators described above were triggering events that indicated that certain of Third quarter 2020:
Schlumberger’s long-lived intangible and tangible assets may have been impaired. Recoverability • Schlumberger recorded the following restructuring charges:
testing indicated that certain long-lived assets were impaired. The estimated fair value of these assets
was determined to be below their carrying value. As a result, Schlumberger recorded the following - $254 million of facility exit charges as Schlumberger continued to rationalize its real estate
impairment charges: footprint relating to both leased and owned facilities.
- $3.3 billion relating to intangible assets, of which $2.2 billion relates to Schlumberger’s 2016 - $63 million of severance.
acquisition of Cameron International Corporation and $1.1 billion relates to Schlumberger’s 2010 - $33 million of other charges.
acquisition of Smith International, Inc. Following this impairment charge, the carrying value of the
impaired intangible assets was approximately $0.9 billion. Fourth quarter 2020:
- $1.3 billion relating to the carrying value of certain APS projects in North America. • On December 31, 2020, Schlumberger contributed its OneStim business to Liberty in exchange for a
37% equity interest in Liberty. As a result of this transaction, Schlumberger recognized a gain of $104
- $0.6 billion of fixed assets associated with the pressure pumping business in North America.
million. This gain is classified in Gains on sales of businesses in the Consolidated Statement of Income
• $202 million of severance. (Loss).
50 51
• During the fourth quarter of 2020, a start-up company that Schlumberger previously invested in approximately $13.8 billion of the goodwill, was substantially in excess of their carrying value.
completed an initial public offering. As a result, Schlumberger recognized an unrealized gain of $39 Schlumberger performed a detailed quantitative impairment assessment of the remaining 10 reporting
million to increase the carrying value of this investment to its fair value of approximately $43 units, which represented $11.2 billion of goodwill. As a result of this assessment, Schlumberger
million. This unrealized gain is reflected in Interest & other income in the Consolidated Statement of concluded that the goodwill associated with nine of the 10 reporting units was impaired, resulting in an
Income (Loss). Schlumberger sold its interest in this company during 2021. $8.8 billion goodwill impairment charge.
• During the fourth quarter of 2020, Schlumberger entered into an agreement to purchase new software Schlumberger primarily used the income approach to estimate the fair value of its reporting units, but
licenses. This transaction rendered certain previously purchased licenses obsolete. As a result, also considered the market approach to validate the results. The income approach estimates the fair
Schlumberger wrote off the remaining $62 million of net book value associated with the obsolete value by discounting each reporting unit’s estimated future cash flows using Schlumberger’s estimate of
software licenses. the discount rate, or expected return, that a marketplace participant would have required as of the
valuation date. The market approach includes the use of comparative multiples to corroborate the
2019 discounted cash flow results. The market approach involves significant judgement involved in the
selection of the appropriate peer group companies and valuation multiples.
Schlumberger recorded the following charges and credits during 2019, all of which are classified as
Impairments & other in the Consolidated Statement of Income (Loss), except for the gain on the formation of the Some of the more significant assumptions inherent in the income approach include the estimated future
Sensia joint venture: net annual cash flows for each reporting unit and the discount rate. Schlumberger selected the
assumptions used in the discounted cash flow projections using historical data supplemented by current
(Stated in millions) and anticipated market conditions and estimated growth rates. Schlumberger’s estimates are based upon
assumptions believed to be reasonable.
Pretax Tax Net
The discount rates utilized to value Schlumberger’s reporting units were between 12.5% and 14.0%,
Third quarter: depending on the risks and uncertainty inherent in the respective reporting unit. Assuming all other
Goodwill impairment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 8,828 $ 43 $ 8,785 assumptions and inputs used in each of the respective discounted cash flow analysis were held constant,
Intangible assets impairment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,085 248 837 a 50 basis point increase in the discount rate assumption would have increased the goodwill impairment
North America pressure pumping . . . . . . . . . . . . . . . . . . . . . . . . . 1,575 344 1,231 charge by approximately $0.3 billion. Conversely, assuming all other assumptions and inputs used in
Other North America-related . . . . . . . . . . . . . . . . . . . . . . . . . . . . 310 53 257 each of the respective discounted cash flow analysis were held constant, a 50 basis point decrease in the
discount rate assumption would have decreased the goodwill impairment charge by approximately $0.4
Argentina . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 127 - 127
billion.
Equity-method investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 231 12 219
Asset Performance Solutions investments . . . . . . . . . . . . . . . . . . 294 - 294 • The negative market indicators described above combined with deteriorating market conditions in North
America, as well as the results of the previously mentioned fair value determinations of certain of
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 242 13 229
Schlumberger’s reporting units and the appointment of a new Chief Executive Officer, were all
Fourth quarter: triggering events that indicated that certain of Schlumberger’s long-lived tangible and intangible assets
North America restructuring . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 225 51 174 may be impaired.
Other restructuring . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104 (33) 137
Recoverability testing, which was performed as of August 31, 2019, indicated that long-lived assets
Workforce reductions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68 8 60
associated with certain asset groups were impaired. The estimated fair value of these asset groups was
Pension settlement accounting . . . . . . . . . . . . . . . . . . . . . . . . . . . 37 8 29 determined to be below their carrying value. As a result, Schlumberger recorded the following
Repurchase of bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 5 17 impairment and related charges:
Gain on formation of Sensia joint venture . . . . . . . . . . . . . . . . . . (247) (42) (205)
- $1.085 billion of intangible assets, of which $842 million relates to Schlumberger’s 2010
$ 12,901 $ 710 $ 12,191 acquisition of Smith International, Inc. The remaining $243 million primarily relates to other
acquisitions in North America.
- $1.575 billion of charges relating to Schlumberger’s pressure pumping business in North America.
Third quarter of 2019: This amount consists of $1.324 billion of pressure pumping equipment and related assets; $98
• During August 2019, Schlumberger’s market capitalization deteriorated significantly compared to the million of right-of-use assets under operating leases; $121 million relating to a supply contract; $19
end of the second quarter of 2019. Schlumberger’s stock price reached a low not seen since 2005. million of inventory; and $13 million of severance.
Additionally, the OSX reached an 18-year low. - $310 million of charges primarily relating to other businesses in North America, consisting of $230
As a result of these facts, Schlumberger determined that it was more likely than not that the fair value of million of fixed asset impairments, $70 million of inventory write-downs and $10 million of
certain of its reporting units was less than their carrying value. Therefore, Schlumberger performed an severance.
interim goodwill impairment test as of August 31, 2019.
• As a result of the economic challenges in Argentina, Schlumberger recorded $127 million of charges
As of August 31, 2019, Schlumberger had 17 reporting units with goodwill balances aggregating $25.0 consisting of $72 million of asset impairments, a $26 million devaluation charge and $29 million of
billion. Schlumberger determined that the fair value of seven of its reporting units, representing severance.
52 53
• Schlumberger recorded the following impairment and restructuring charges: 4. Inventories
- $231 million relating to certain equity method investments that were determined to be other-than- Inventories, which are stated at the lower of average cost or net realizable value, consist of the following:
temporarily impaired.
- $294 million impairment relating to the carrying value of certain smaller APS projects.
- $242 million of restructuring charges consisting of: $62 million of severance; $57 million relating 2021 2020
to the acceleration of stock-based compensation expense associated with certain individuals; $49 Raw materials & field materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,594 $ 1,573
million of business divestiture costs; $29 million relating to the repurchase of certain Senior Notes; Work in progress . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 425 464
and $45 million of other provisions. Finished goods . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,253 1,317
$ 3,272 $ 3,354
Fourth quarter of 2019:
• Schlumberger recorded the following restructuring charges:
5. Fixed Assets
- $225 million associated with facility closures and costs to exit certain activities in North America.
These charges included $123 million relating to fixed assets; $55 million of right-of-use assets Fixed assets consist of the following:
under operating leases; and $47 million of other exit costs.
- $104 million primarily relating to restructuring certain activities outside of North America, which
included $68 million associated with assets to be divested and $36 million of facility closure costs. 2021 2020
- $68 million of severance associated with streamlining its operations and exiting certain activities. Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 372 $ 362
Buildings & improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,371 3,757
• Certain of Schlumberger’s defined benefit pension plans offered former Schlumberger employees, who
had not yet commenced receiving their pension benefits, an opportunity to receive a lump sum payout of Machinery & equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,334 25,625
their vested pension benefit which resulted in Schlumberger recording a pension settlement charge of 29,077 29,744
$37 million. See Note 16 – Pension and Other Postretirement Benefit Plans for further details. Less: Accumulated depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,648 22,918
• Schlumberger repurchased the remaining $416 million of its 3.00% Senior Notes due 2020; $126 $ 6,429 $ 6,826
million of its 4.50% Senior Notes due 2021; $500 million of its 4.20% Senior Notes due 2021; and $106
million of its 3.60% Senior Notes due 2022. These transactions resulted in a $22 million charge.
The estimated useful lives of Buildings & improvements are primarily 25 to 30 years. The estimated useful lives
• On October 1, 2019, Schlumberger and Rockwell completed the formation of Sensia, a joint venture that of Machinery & equipment are primarily 5 to 10 years.
is the oil and gas industry’s first digitally enabled integrated automation solutions provider. Rockwell
Automation owns 53% of the joint venture and Schlumberger owns 47%. In connection with this Depreciation expense, which is recorded on a straight-line basis, was $1.4 billion, $1.6 billion and $2.0 billion in
transaction, Schlumberger received a cash payment of $238 million. Schlumberger will account for its 2021, 2020 and 2019, respectively.
investment under the equity method of accounting. Schlumberger recorded a $247 million gain as a
result of the deconsolidation of certain of its businesses in connection with the formation of the joint
venture. This gain, which is equal to the sum of the $238 million of cash proceeds received and the fair 6. Goodwill
value of Schlumberger’s retained noncontrolling investment in the businesses it contributed less the The changes in the carrying amount of goodwill by segment were as follows:
carrying amount of the assets and liabilities of such businesses at the time of the closing, is classified as
Gains on sale of businesses in the Consolidated Statement of Income (Loss). (Stated in millions)
The fair value of certain of the assets impaired during 2020 and 2019 was estimated based on the present value of Reservoir
projected future cash flows that the underlying assets are expected to generate. Such estimates included Characterization Drilling Production Cameron Total
unobservable inputs that required significant judgment. Balance, December 31, 2019 . . . $ 4,560 $ 7,092 $ 3,949 $ 441 $ 16,042
Impairment (see Note 3) . . . . . . . - (1,659) (1,228) (183) (3,070)
Impact of changes in exchange
rates and other . . . . . . . . . . . . . - 10 (17) 3 (4)
Balance, September 30, 2020 . . . $ 4,560 $ 5,443 $ 2,704 $ 261 $ 12,968
54 55
In connection with a change in reportable segments, Schlumberger reallocated its goodwill as of September 30, 8. Long-term Debt and Debt Facility Agreements
2020 to its new segments on a relative fair value basis:
Long-term Debt consists of the following:
Digital & Reservoir Well Production

2021 2020
Integration Performance Construction Systems Total
3.65% Senior Notes due 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,497 $ 1,496
Balance, October 1, 2020 . . . . . . $ 2,041 $ 3,806 $ 6,267 $ 854 $ 12,968
3.90% Senior Notes due 2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,457 1,450
rates and other . . . . . . . . . . . . . 6 (4) 11 (1) 12 2.65% Senior Notes due 2030 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,250 1,250
1.375% Guaranteed Notes due 2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,125 1,221
Balance, December 31, 2020 . . . 2,047 3,802 6,278 853 12,980
2.00% Guaranteed Notes due 2032 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,118 1,214
Acquisitions . . . . . . . . . . . . . . . . 18 - - - 18
0.25% Notes due 2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,013 1,100
rates and other . . . . . . . . . . . . . (13) 2 3 - (8) 0.50% Notes due 2031 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,012 1,099
4.00% Senior Notes due 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 930 930
Balance, December 31, 2021 . . . $ 2,052 $ 3,804 $ 6,281 $ 853 $ 12,990
4.30% Senior Notes due 2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 846 846
3.75% Senior Notes due 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 748 746
7. Intangible Assets 1.00% Guaranteed Notes due 2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 679 736
0.00% Notes due 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 563 611
Intangible assets consist of the following:
1.40% Senior Notes due 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 498 498
(Stated in millions) 7.00% Notes due 2038 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 204 206
5.95% Notes due 2041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113 114
2021 2020
5.13% Notes due 2043 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98 99
Gross Accumulated Net Book Gross Accumulated Net Book
4.00% Notes due 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80 80
Book Value Amortization Value Book Value Amortization Value
3.70% Notes due 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55 55
Customer Relationships . . $ 1,681 $ 551 $ 1,130 $ 1,744 $ 485 $ 1,259
3.63% Senior Notes due 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - 295
Technology/Technical
2.65% Senior Notes due 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - 598
Know-How . . . . . . . . . . 1,264 562 702 1,284 488 796
2.40% Senior Notes due 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - 999
Tradenames . . . . . . . . . . . . 766 191 575 767 166 601
Commercial paper borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - 393
Other . . . . . . . . . . . . . . . . . 1,529 725 804 1,488 689 799
$ 13,286 $ 16,036
$ 5,240 $ 2,029 $ 3,211 $ 5,283 $ 1,828 $ 3,455
At December 31, 2021, Schlumberger had committed credit facility agreements with commercial banks
Customer relationships are generally amortized over periods ranging from 18 to 28 years, technology/technical
aggregating $5.75 billion, all of which was available and unused. These committed facilities support commercial
know-how are generally amortized over periods ranging from 10 to 18 years, and tradenames are generally
paper programs in the United States and Europe, of which $2.75 billion matures in February 2023, $2.0 billion
amortized over periods ranging from 15 to 30 years.
matures in February 2025 and $1.0 billion matures in July 2026. Schlumberger also has a €750 million three-year
committed revolving credit facility that matures in June 2024. At December 31, 2021, no amounts had been
Amortization expense was $302 million in 2021, $371 million in 2020 and $618 million in 2019.
drawn under this facility. Interest rates and other terms of borrowing under these lines of credit vary by facility.
Based on the carrying value of intangible assets at December 31, 2021, amortization expense for the subsequent
Commercial paper borrowings are classified as long-term debt to the extent they are backed up by available and
five years is estimated to be as follows: 2022: $291 million, 2023: $281 million, 2024: $264 million, 2025: $249
unused committed credit facilities maturing in more than one year and to the extent it is Schlumberger’s intent to
million and 2026: $245 million.
maintain these obligations for longer than one year. There were no borrowings under the commercial paper
programs at December 31, 2021. At December 31, 2020, borrowings under the commercial paper programs were
$0.4 billion, all of which was classified in Long-term Debt in the Consolidated Balance Sheet.
Long-term Debt as of December 31, 2021 is due as follows: $1.6 billion in 2023, $1.4 billion in 2024, $1.4
billion in 2025, $1.8 billion in 2026, $1.0 billion in 2027, $1.5 billion in 2028 and $4.6 billion thereafter.
56 57
The fair value of Schlumberger’s Long-term Debt at December 31, 2021 and December 31, 2020 was $13.9 During 2020, a Canadian dollar functional currency subsidiary of Schlumberger issued $0.5 billion of US dollar
billion and $17.3 billion, respectively, and was estimated based on quoted market prices. denominated debt. Schlumberger entered into cross-currency swaps for an aggregate notional amount of $0.5
billion in order to hedge changes in the fair value of its $0.5 billion 1.40% Senior Notes due 2025. These cross-
Schlumberger Limited fully and unconditionally guarantees the securities issued by certain of its subsidiaries, currency swaps effectively convert the US dollar notes to Canadian dollar denominated debt with a fixed annual
including securities issued by Schlumberger Investment SA and Schlumberger Finance Canada Ltd., both interest rate of 1.73%.
wholly-owned subsidiaries of Schlumberger Limited.
Schlumberger is exposed to changes in the fair value of assets and liabilities denominated in currencies other
than the functional currency. While Schlumberger uses foreign currency forward contracts to economically hedge
9. Derivative Instruments and Hedging Activities this exposure as it relates to certain currencies, these contracts are not designated as hedges for accounting
purposes. Instead, the fair value of the contracts is recorded on the Consolidated Balance Sheet and changes in
As a multinational company, Schlumberger conducts its business in over 120 countries. Schlumberger’s the fair value are recognized in the Consolidated Statement of Income (Loss), as are changes in the fair value of
functional currency is primarily the US dollar. Approximately 70% of Schlumberger’s revenues in 2021 were the hedged item. Transaction losses of $23 million in 2021 and $21 million in 2020 and transaction gains of $2
denominated in US dollars. However, outside the United States, a significant portion of Schlumberger’s expenses million in 2019 were recognized in the Consolidated Statement of Income (Loss) net of related hedging activities.
is incurred in foreign currencies. Therefore, when the US dollar weakens (strengthens) in relation to the foreign
currencies of the countries in which Schlumberger conducts business, the US dollar-reported expenses will During the fourth quarter of 2021, Schlumberger entered into derivative contracts that hedge the price of oil
increase (decrease). relating to approximately 75% of the projected 2022 oil production of one of its APS projects. These contracts
are accounted for as cash flow hedges, with the changes in the fair value of the hedge recorded on the
Schlumberger is exposed to risks on future cash flows to the extent that the local currency is not the functional Consolidated Balance Sheet and in Accumulated Other Comprehensive Loss. Amounts recorded in Accumulated
currency and expenses denominated in local currency are not equal to revenues denominated in local Other Comprehensive Loss will be reclassified to earnings in the same period or periods that the hedged item is
currency. Schlumberger uses foreign currency forward contracts to provide a hedge against a portion of these recognized in earnings. No amounts were recognized in the Consolidated Statement of Income (Loss) relating to
cash flow risks. These contracts are accounted for as cash flow hedges, with the changes in the fair value of the these hedging activities during 2021.
hedge recorded on the Consolidated Balance Sheet and in Accumulated Other Comprehensive Loss. Amounts
At December 31, 2021, contracts were outstanding for the US dollar equivalent of $7.7 billion in various foreign
recorded in Accumulated Other Comprehensive Loss are reclassified into earnings in the same period or periods
currencies, of which $6.0 billion relates to hedges of debt denominated in currencies other than the functional
that the hedged item is recognized in earnings.
currency.
Schlumberger is also exposed to risks on future cash flows relating to certain of its fixed rate debt denominated Other than the previously mentioned cross-currency swaps, the fair value of the other outstanding derivatives was
in currencies other than the functional currency. Schlumberger uses cross-currency swaps to provide a hedge not material at December 31, 2021 and 2020.
against these cash flow risks. Included in Other Assets was $66 million at December 31, 2021 ($427 million at
December 31, 2020) and included in Other Liabilities was $78 million at December 31, 2021 ($13 million at The effect of derivative instruments designated as hedges and those not designated as hedges on the Consolidated
December 31, 2020) relating to the fair value of outstanding cross-currency swap derivatives. The fair value was Statement of Income (Loss) was as follows:
determined using a model with inputs that are observable in the market or can be derived or collaborated by (Stated in millions)
observable data. Gain (Loss) Recognized in Income (Loss) Consolidated Statement
2021 2020 2019 ofIncome(Loss)Classification
During 2019, a US-dollar functional currency subsidiary of Schlumberger issued €1.5 billion of Euro-
Derivatives designated as
denominated debt. Schlumberger entered into cross-currency swaps for an aggregate notional amount of €1.5
cash flow hedges:
billion in order to hedge changes in the fair value of its €0.5 billion 0.00% Notes due 2024, €0.5 billion 0.25%
Notes due 2027 and €0.5 billion 0.50% Notes due 2031. These cross-currency swaps effectively convert the Cross currency swap . . . . . . . $ (422) $ 493 $ (35) Cost of services/sales
Euro-denominated notes to US-dollar denominated debt with fixed annual interest rates of 2.29%, 2.51% and Foreign exchange
2.76%, respectively. contracts . . . . . . . . . . . . . . . 5 (5) (10) Cost of services/sales
$ (417) $ 488 $ (45)
During 2020, a US-dollar functional currency subsidiary of Schlumberger issued €0.8 billion of Euro-
denominated debt. Schlumberger entered into cross-currency swaps for an aggregate notional amount of €0.8 Derivatives not designated as
billion in order to hedge changes in the fair value of its €0.4 billion of 0.25% Notes due 2027 and €0.4 billion of hedges:
0.50% Notes due 2031. These cross-currency swaps effectively convert the Euro-denominated notes to US-dollar Foreign exchange
denominated debt with fixed annual interest rates of 1.87% and 2.20%, respectively. contracts . . . . . . . . . . . . . . . $ (11) $ (29) $ (5) Cost of services/sales
During 2020, a US-dollar functional currency subsidiary of Schlumberger issued €2.0 billion of Euro- Schlumberger does not enter into derivative transactions for speculative purposes.
denominated debt. Schlumberger entered into cross-currency swaps for an aggregate notional amount of €2.0
billion in order to hedge changes in the fair value of its €1.0 billion of 1.375% Guaranteed Notes due 2026 and 10. Stockholders’ Equity
€1.0 billion of 2.00% Guaranteed Notes due 2032. These cross-currency swaps effectively convert the swapped
portion of the Euro-denominated notes to US-dollar denominated debt with fixed annual interest rates of 2.77% Schlumberger is authorized to issue 4,500,000,000 shares of common stock, par value $0.01 per share, of which
and 3.49%, respectively. 1,403,381,685 and 1,392,325,960 shares were outstanding on December 31, 2021 and 2020, respectively.
58 59
Holders of common stock are entitled to one vote for each share of stock held. Schlumberger is also authorized to The following table summarizes information related to options outstanding and options exercisable as of
issue 200,000,000 shares of preferred stock, par value $0.01 per share, which may be issued in series with terms December 31, 2021:
and conditions determined by the Schlumberger Board of Directors. No shares of preferred stock have been
issued. (Shares stated in thousands)
Options Outstanding Options Exercisable

Accumulated Other Comprehensive Loss consists of the following:
Weighted-
(Stated in millions) Average Weighted-
Remaining Average Weighted-
2021 2020 2019 Options Contractual Life Exercise Options Average
Exercise prices range Outstanding (inyears) Price Exercisable Exercise Price
Currency translation adjustments . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (2,419) $ (2,502) $ (2,263)
$38.75 - $41.47 . . . . . . . . . . . . . . . . 12,040 7.6 $ 39.86 3,417 $ 40.33
Pension and other postretirement benefit plans . . . . . . . . . . . . . . . . (1,066) (2,314) (2,143)
$47.55 - $69.98 . . . . . . . . . . . . . . . . 2,882 3.3 $ 62.42 2,838 $ 62.47
Cash flow hedges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (85) (70) (34)
$70.31 - $79.85 . . . . . . . . . . . . . . . . 12,276 2.1 $ 73.58 11,564 $ 73.36
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - 2 2
$80.53 - $88.77 . . . . . . . . . . . . . . . . 8,583 4.3 $ 84.46 7,879 $ 84.19
$ (3,570) $ (4,884) $ (4,438) $91.28 - $114.83 . . . . . . . . . . . . . . . 6,566 2.7 $ 96.25 6,566 $ 96.25
42,347 4.3 $ 68.95 32,264 $ 76.21
11. Stock-based Compensation Plans
Schlumberger has three types of stock-based compensation programs: (i) stock options, (ii) a restricted stock, The weighted-average remaining contractual life of stock options exercisable as of December 31, 2021 was 3.3
restricted stock unit and performance share unit program (collectively referred to as “restricted stock”), and (iii) a years.
discounted stock purchase plan (“DSPP”).
The following table summarizes stock option activity during the years ended December 31, 2021, 2020 and 2019:
Stock Options
(Shares stated in thousands)
Key employees may be granted stock options under Schlumberger stock option plans. The exercise price equals
the average of the high and low sales prices of Schlumberger stock on the date of grant. The maximum term is 10 2021 2020 2019
years, and the options generally vest in increments over five years. Weighted- Weighted- Weighted-
Average Average Average
The fair value of each stock option grant was estimated on the date of grant using the Black-Scholes option- Shares Exercise Price Shares Exercise Price Shares Exercise Price
pricing model with the following weighted-average assumptions and resulting weighted-average fair value per
Outstanding at beginning of
share:
year . . . . . . . . . . . . . . . . . . . . . . 48,272 $ 70.37 46,269 $ 75.65 43,529 $ 79.36
2020 2019 Granted . . . . . . . . . . . . . . . . . . . . - $ - 7,468 $ 38.75 5,604 $ 41.50
Dividend yield . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.2% 4.8% Exercised . . . . . . . . . . . . . . . . . . . - $ - - $ - (1,045) $ 38.50
Expected volatility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26% 25% Forfeited / Expired . . . . . . . . . . . (5,925) $ 80.46 (5,465) $ 71.86 (1,819) $ 74.69
Risk-free interest rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7% 2.7% Outstanding at year-end . . . . . . . 42,347 $ 68.95 48,272 $ 70.37 46,269 $ 75.65
Expected option life in years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.0 7.0
Weighted-average fair value per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5.07 $ 6.21
Stock options outstanding and stock options exercisable as of December 31, 2021 had no intrinsic value.
There were no stock option grants during 2021.
Restricted Stock
Schlumberger grants performance share units to certain key employees. The number of shares earned is
determined at the end of each performance period based on Schlumberger’s achievement of certain predefined
targets as described in the underlying performance share unit agreement. In the event Schlumberger exceeds the
predefined target, shares for up to a maximum of 250% of the target award may be awarded. In the event
Schlumberger falls below the predefined target, a reduced number of shares may be awarded. If Schlumberger
falls below the threshold award performance level, no shares will be awarded. As of December 31, 2021,
4.9 million performance share units were outstanding assuming the achievement of 100% of target.
60 61
All other restricted stock awards generally vest at the end of three years or vest ratably in equal tranches over a At December 31, 2021, there was $277 million of total unrecognized compensation cost related to nonvested
three-year period. stock-based compensation arrangements, of which $171 million is expected to be recognized in 2022, $90
million in 2023, $15 million in 2024, and $1 million in 2025.
Restricted stock awards do not pay dividends or have voting rights prior to vesting. Accordingly, the fair value of
a restricted stock award is generally the quoted market price of Schlumberger’s stock on the date of grant less the As of December 31, 2021, approximately 44 million shares of Schlumberger common stock were available for
present value of the expected dividends not received prior to vesting. future grants under Schlumberger’s stock-based compensation programs.
The following table summarizes information related to restricted stock transactions:

12. Income Taxes
(Shares stated in thousands) Income (loss) before taxes subject to United States and non-United States income taxes was as follows:
2021 2020 2019 (Stated in millions)

Weighted-
Average Weighted- Weighted- 2021 2020 2019
Grant Average Average United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 30 $ (4,394) $ (8,991)
Restricted Date Fair Restricted Grant Date Restricted Grant Date
Outside United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,344 (6,904) (1,427)
Stock Value Stock Fair Value Stock Fair Value
Unvested at beginning of year . . . 18,763 $ 35.24 11,822 $ 49.86 6,951 $ 70.13 $ 2,374 $ (11,298) $ (10,418)
Granted . . . . . . . . . . . . . . . . . . . . . 8,287 $ 25.16 10,637 $ 26.53 7,888 $ 35.56
Vested . . . . . . . . . . . . . . . . . . . . . . (4,927) $ 48.44 (3,059) $ 71.56 (2,722) $ 72.09 Schlumberger recorded net pretax credits of $65 million in 2021 ($75 million of credits in the US and $10
Forfeited . . . . . . . . . . . . . . . . . . . . (499) $ 29.64 (637) $ 45.95 (295) $ 57.41 million of charges outside the US). Schlumberger recorded net pretax charges of $12.515 billion in 2020 ($3.961
billion in the US and $8.554 billion outside the US); and $12.901 billion in 2019 ($8.769 billion in the US and
Unvested at year-end . . . . . . . . . . 21,624 $ 29.03 18,763 $ 35.24 11,822 $ 49.86 $4.132 billion outside the US). These charges and credits are included in the table above and are more fully
described in Note 3 –Charges and Credits.
Discounted Stock Purchase Plan

The components of net deferred tax assets (liabilities) were as follows:
Under the terms of the DSPP, employees can choose to have a portion of their earnings withheld, subject to
certain restrictions, to purchase Schlumberger common stock. The purchase price of the stock is 92.5% of the (Stated in millions)
lower of the stock price at the beginning or end of the plan period at six-month intervals.
2021 2020
The fair value of the employees’ purchase rights under the DSPP was estimated using the Black-Scholes model Intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (855) $ (881)
with the following assumptions and resulting weighted-average fair value per share:
Net operating losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 427 421
2021 2020 2019 Research and development credits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118 96
Dividend yield . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0% 4.0% 5.3% Fixed assets, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 151 151
Expected volatility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67% 43% 30% Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58 59
Risk-free interest rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.07% 0.88% 2.3% Investments in non-US subsidiaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (161) (171)
Weighted-average fair value per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 6.72 $ 5.38 $ 5.81 Pension and other postretirement benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (136) (31)
Other, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 304 337
Total Stock-based Compensation Expense $ (94) $ (19)

The following summarizes stock-based compensation expense recognized in income:
The deferred tax balances at December 31, 2021 and 2020 were net of valuation allowances relating to net
(Stated in millions) operating losses in certain countries of $133 million and $127 million, respectively. Additionally, the deferred
tax balances were net of valuation allowances relating to the following:
2021 2020 2019
Stock options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 36 $ 75 $ 99 (Stated in millions)
Restricted stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 254 293 274

2021 2020
DSPP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34 29 32
Foreign tax credits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 210 $ 106
$ 324 $ 397 $ 405 Capital losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 49 $ 54
62 63
Approximately $390 million of the $427 million deferred tax asset relating to net operating losses at A reconciliation of the beginning and ending amount of liabilities associated with uncertain tax positions for the
December 31, 2021 can be carried forward indefinitely. The vast majority of the remaining balance expires at years ended December 31, 2021, 2020 and 2019 is as follows:
various dates between 2030 and 2040.
The components of Tax expense (benefit) were as follows:
2021 2020 2019
(Stated in millions) Balance at beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,271 $ 1,301 $ 1,433
Additions based on tax positions related to the current year . . . 38 76 86
2021 2020 2019
Additions for tax positions of prior years . . . . . . . . . . . . . . . . . 19 78 65
Current:
Impact of changes in exchange rates . . . . . . . . . . . . . . . . . . . . . (24) (3) 2
United States-Federal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (32) $ 21 $ (81)
Settlements with tax authorities . . . . . . . . . . . . . . . . . . . . . . . . . (49) (15) (50)
United States-State . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - 5 11
Reductions for tax positions of prior years . . . . . . . . . . . . . . . . (228) (87) (176)
Outside United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 509 410 770
Reductions due to the lapse of the applicable statute of
477 436 700 limitations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (26) (79) (59)
Deferred: $ 1,001 $ 1,271 $ 1,301
United States-Federal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (132) $ (824) $ (660)
United States-State . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 (67) (93)
The amounts above exclude accrued interest and penalties of $164 million, $184 million and $188 million at
Outside United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (15) (563) (257)
December 31, 2021, 2020 and 2019, respectively. Schlumberger classifies interest and penalties relating to
Valuation allowance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104 206 (1) uncertain tax positions within Tax expense (benefit) in the Consolidated Statement of Income (Loss).
(31) (1,248) (1,011)
$ 446 $ (812) $ (311) The following table summarizes the tax years that are either currently under audit or remain open and subject to
examination by the tax authorities in the most significant jurisdictions in which Schlumberger operates:
A reconciliation of the United States statutory federal tax rate to the consolidated effective tax rate follows: Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2014 - 2021
Ecuador . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2017 - 2021
2021 2020 2019 Mexico . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2013 - 2021
US federal statutory rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21% 21% 21% Norway . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2016 - 2021
Charges and credits (See Note 3) . . . . . . . . . . . . . . . . . . . . . . . . — (14) (19) Russia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2016 - 2021
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2) — 1 Saudi Arabia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2016 - 2021
19% 7% 3% United Kingdom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2017 - 2021
United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2017 - 2021
A number of the jurisdictions in which Schlumberger operates have tax laws that are not fully defined and are
evolving. Schlumberger’s tax filings are subject to regular audit by the tax authorities. These audits may result in 13. Leases
assessments for additional taxes that are resolved with the tax authorities or, potentially, through the courts. Tax
Schlumberger’s leasing activities primarily consist of operating leases for administrative offices, manufacturing
liabilities are recorded based on estimates of additional taxes that will be due upon the conclusion of these audits.
facilities, research centers, service centers, sales offices and certain equipment. Total operating lease expense,
Due to the uncertain and complex application of tax regulations, the ultimate resolution of audits may result in
which approximates cash paid and includes short-term leases, was $1.2 billion in 2021, $1.4 billion in 2020 and
liabilities which could be materially different from these estimates.
$1.7 billion in 2019.
64 65
Maturities of operating lease liabilities as of December 31, 2021 were as follows: Financial information for the years ended December 31, 2021, 2020 and 2019, by segment, is as follows:
2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 191 2021

2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 159 Depreciation
2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128 Income and Capital
Revenue Before Taxes Assets Amortization Investments
2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99
2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73 Digital & Integration . . . . . . . . . . . $ 3,290 $ 1,141 $ 3,134 $ 446 $ 516
Thereafter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 286 Reservoir Performance . . . . . . . . . . 4,599 648 2,923 415 348
Well Construction . . . . . . . . . . . . . 8,706 1,195 4,714 537 424
Total lease payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 936
Production Systems . . . . . . . . . . . . 6,710 634 4,684 302 267
Less: Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (122)
Eliminations & other . . . . . . . . . . . (376) (253) 1,501 269 99
$ 814
3,365
Amounts recognized in balance sheet Goodwill and intangible assets . . . . 16,201
Accounts payable and accrued liabilities . . . . . . . . . . . . . . . . . . . . $ 186 Cash and short-term
Other Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 628 investments . . . . . . . . . . . . . . . . . 3,139
$ 814 All other assets . . . . . . . . . . . . . . . . 5,215
Corporate & other (1) . . . . . . . . . . . . (573) 151
Operating lease assets of $0.6 billion and $0.7 billion as of December 31, 2021 and 2020, respectively, were Interest income (2) . . . . . . . . . . . . . . 31
included in Other Assets in the Consolidated Balance Sheet. Operating lease liabilities as of December 31, 2020 Interest expense (3) . . . . . . . . . . . . . (514)
were $1.0 billion, of which $0.2 billion was classified in Accounts payable and accrued liabilities and $0.8 Charges & credits (4) . . . . . . . . . . . . 65
billion was classified in Other Liabilities in the Consolidated Balance Sheet.
$ 22,929 $ 2,374 $ 41,511 $ 2,120 $ 1,654
The weighted-average remaining lease term as of December 31, 2021 was 10 years. The weighted-average
discount rate used to determine the operating lease liability as of December 31, 2021 was 3.1%. (Stated in millions)
14. Contingencies 2020

Depreciation
Schlumberger is party to various legal proceedings from time to time. A liability is accrued when a loss is both
Income (Loss) and Capital
probable and can be reasonably estimated. Management believes that the probability of a material loss with Revenue Before Taxes Assets Amortization Investments
respect to any currently pending legal proceeding is remote. However, litigation is inherently uncertain, and it is
not possible to predict the ultimate disposition of any of these proceedings. Digital & Integration . . . . . . . . . . . $ 3,067 $ 727 $ 3,595 $ 615 $ 413
Reservoir Performance . . . . . . . . . . 5,602 353 3,489 549 384
15. Segment Information Well Construction . . . . . . . . . . . . . 8,614 870 4,768 580 420
Production Systems . . . . . . . . . . . . 6,650 623 4,665 338 240
Schlumberger is organized under four Divisions that combine and integrate Schlumberger’s technologies,
enhancing the Company’s ability to support the emerging long-term growth opportunities in each of these market Eliminations & other . . . . . . . . . . . (332) (172) 940 276 63
segments. 2,401
The four Divisions, representing Schlumberger’s segments, are: Goodwill and intangible assets . . . . 16,436
Cash and short-term
• Digital & Integration – Combines Schlumberger’s digital workflow solutions and seismic data investments . . . . . . . . . . . . . . . . . 3,006
interpretation and management businesses with its integrated offering of Asset Performance Solutions.
All other assets . . . . . . . . . . . . . . . . 5,535
• Reservoir Performance – Consists of reservoir-centric technologies and services that are critical to Corporate & other (1) . . . . . . . . . . . . (681) 208
optimizing reservoir productivity and performance. Interest income (2) . . . . . . . . . . . . . . 31
• Well Construction – Combines the full portfolio of products and services to optimize well placement Interest expense (3) . . . . . . . . . . . . . (534)
and performance, maximize drilling efficiency, and improve wellbore assurance. Charges & credits (4) . . . . . . . . . . . . (12,515)
• Production Systems – Develops technologies and provides expertise that enhance production and $ 23,601 $ (11,298) $ 42,434 $ 2,566 $ 1,520
recovery from subsurface reservoirs to the surface, into pipelines, and to refineries.
66 67
(Stated in millions) Revenue by geographic area for the years ended December 31, 2021, 2020 and 2019 is as follows:
2019 (Stated in millions)

Depreciation
Income (Loss) and Capital 2021 2020 2019
Revenue Before Taxes Assets Amortization Investments North America . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,466 $ 5,478 $ 10,446
Digital & Integration . . . . . . . . . $ 4,145 $ 882 $ 6,388 $ 1,069 $ 1,020 Latin America . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,459 3,472 4,544
Reservoir Performance . . . . . . . 9,299 992 5,198 807 569 Europe/CIS/Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,778 5,963 7,682
Well Construction . . . . . . . . . . . 11,880 1,429 6,913 656 650 Middle East & Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,059 8,567 10,016
Production Systems . . . . . . . . . . 8,167 847 5,625 390 384 Eliminations & other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 167 121 229
Eliminations & other . . . . . . . . . (574) (172) 1,314 250 113
$ 22,929 $ 23,601 $ 32,917
3,978
Goodwill and intangible
assets . . . . . . . . . . . . . . . . . . . . 23,130 Revenue is based on the location where services are provided and products are sold.
Cash and short-term
During each of the three years ended December 31, 2021, 2020 and 2019, no single customer exceeded 10% of
investments . . . . . . . . . . . . . . . 2,167
consolidated revenue.
All other assets . . . . . . . . . . . . . . 5,577
Corporate & other (1) . . . . . . . . . (957) 417 Schlumberger did not have revenue from third-party customers in its country of domicile during the last three
Interest income (2) . . . . . . . . . . . 33 years. Revenue in the United States in 2021, 2020 and 2019 was $3.4 billion, $4.5 billion and $9.3 billion,
Interest expense (3) . . . . . . . . . . . (571) respectively.
Charges & credits (4) . . . . . . . . . (12,901)
North America and International revenue disaggregated by segment was as follows:
$ 32,917 $ (10,418) $ 56,312 $ 3,589 $ 2,736
(1) Comprised principally of certain corporate expenses not allocated to the segments, stock-based compensation costs,
amortization expense associated with certain intangible assets, certain centrally managed initiatives and other 2021
nonoperating items.
North Eliminations
(2) Interest income excludes amounts which are included in the segments’ income (2021: $2 million; 2020: $2 million; America International & other Total
2019: $8 million). Digital & Integration . . . . . . . . . . . . . . . . . . . . . . . $ 812 $ 2,474 $ 4 $ 3,290
(3) Interest expense excludes amounts which are included in the segments’ income (2021: $15 million; 2020: $28 million; Reservoir Performance . . . . . . . . . . . . . . . . . . . . . . 329 4,266 4 4,599
2019: $38 million). Well Construction . . . . . . . . . . . . . . . . . . . . . . . . . 1,485 7,025 196 8,706
(4) See Note 3 – Charges and Credits. Production Systems . . . . . . . . . . . . . . . . . . . . . . . . 1,832 4,865 13 6,710
Eliminations & other . . . . . . . . . . . . . . . . . . . . . . . 8 (334) (50) (376)
Segment assets consist of receivables, inventories, fixed assets, multiclient seismic data and APS investments.
$ 4,466 $ 18,296 $ 167 $22,929
Capital investments includes capital expenditures, APS investments and multiclient seismic data cost capitalized.
Depreciation and amortization includes depreciation of property, plant and equipment and amortization of
intangible assets, multiclient seismic data costs and APS investments. 2020
North Eliminations
America International & other Total
Digital & Integration . . . . . . . . . . . . . . . . . . . . . . . $ 573 $ 2,487 $ 7 $ 3,067
Reservoir Performance . . . . . . . . . . . . . . . . . . . . . . 1,547 4,043 12 5,602
Well Construction . . . . . . . . . . . . . . . . . . . . . . . . . 1,453 6,965 196 8,614
Production Systems . . . . . . . . . . . . . . . . . . . . . . . . 1,921 4,702 27 6,650
Eliminations & other . . . . . . . . . . . . . . . . . . . . . . . (16) (195) (121) (332)
$ 5,478 $ 18,002 $ 121 $ 23,601
68 69
(Stated in millions) Net pension cost (credit) included the following components:
2019 (Stated in millions)

North Eliminations
America International & other Total US International
Digital & Integration . . . . . . . . . . . . . . . . . . . . . . $ 865 $ 3,272 $ 8 $ 4,145 2021 2020 2019 2021 2020 2019
Reservoir Performance . . . . . . . . . . . . . . . . . . . . . 3,779 5,508 12 9,299 Service cost . . . . . . . . . . . . . . . . . . . . . . . $ 44 $ 55 $ 49 $ 117 $ 140 $ 112
Well Construction . . . . . . . . . . . . . . . . . . . . . . . . 2,814 8,809 257 11,880 Interest cost . . . . . . . . . . . . . . . . . . . . . . . 127 148 180 267 301 333
Production Systems . . . . . . . . . . . . . . . . . . . . . . . 3,053 5,060 54 8,167 Expected return on plan assets . . . . . . . . (254) (233) (232) (640) (591) (592)
Eliminations & other . . . . . . . . . . . . . . . . . . . . . . (65) (407) (102) (574) Amortization of prior service cost . . . . . . - 8 10 - - 7
Amortization of net loss . . . . . . . . . . . . . 44 41 29 227 159 70
$ 10,446 $ 22,242 $ 229 $ 32,917
Settlement charge . . . . . . . . . . . . . . . . . . - - 37 - - -
$ (39) $ 19 $ 73 $ (29) $ 9 $ (70)
Fixed Assets less accumulated depreciation by geographic area are as follows:
During 2019, certain of Schlumberger’s deferred benefit pension plans offered former Schlumberger employees,
who had not yet commenced receiving their pension benefits, an opportunity to receive a lump sum payout of
2021 2020
their vested pension benefit. Schlumberger’s pension plans paid $257 million from pension plan assets to those
North America . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,368 $ 1,588 who accepted this offer, thereby reducing its pension benefit obligations. These transactions resulted in a non-
Latin America . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 868 841 cash pension settlement charge of $37 million, representing the immediate recognition of the related deferred
Europe/CIS/Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,690 1,840 actuarial losses in Accumulated Other Comprehensive Loss, in the fourth quarter of 2019. See Note 3 –Charges
Middle East & Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,049 2,353 and Credits.
Unallocated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 454 204
The weighted-average assumed discount rate and compensation increases used to determine the projected benefit
$ 6,429 $ 6,826 obligations for the US and International plans were as follows:
US International
16. Pension and Other Postretirement Benefit Plans 2021 2020 2021 2020
Pension Plans Discount rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.00% 2.60% 2.83% 2.38%
Compensation increases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.00% 4.00% 4.83% 4.82%
Schlumberger sponsors several defined benefit pension plans that cover substantially all US employees hired
prior to October 1, 2004. The benefits are based on years of service and compensation, on a career-average pay
basis.
In addition to the US defined benefit pension plans, Schlumberger sponsors several other international defined
benefit pension plans. The most significant of these international plans are the International Staff Pension Plan
and the UK pension plan (collectively, the “International plans”). The International Staff Pension Plan covers
certain international employees hired prior to July 1, 2014 and is based on years of service and compensation on
a career-average pay basis. The UK plan covers employees hired prior to April 1, 1999, and is based on years of
service and compensation, on a final salary basis.
The weighted-average assumed discount rate, compensation increases and expected long-term rate of return on
plan assets used to determine the net pension cost for the US and International plans were as follows:
US International
2021 2020 2019 2021 2020 2019
Discount rate . . . . . . . . . . . . . . . . . . . . 2.60% 3.30% 4.30% 2.38% 3.27% 4.00%
Compensation increases . . . . . . . . . . . 4.00% 4.00% 4.00% 4.82% 4.83% 4.83%
Return on plan assets . . . . . . . . . . . . . . 6.60% 6.60% 6.60% 6.73% 6.71% 7.22%
70 71
The changes in the projected benefit obligation, plan assets and funded status of the plans were as follows: The weighted-average allocation of plan assets and the target allocations by asset category as of December 31,
2021 are as follows:
US International
US International Target 2021 2020 Target 2021 2020
2021 2020 2021 2020 Equity securities . . . . . . . . . . . . . . . . . . . . . . . 4 - 8% 5% 15% 20 - 30% 23% 45%
Change in Projected Benefit Obligations Debt securities . . . . . . . . . . . . . . . . . . . . . . . . . 80 - 90 84 76 50 - 60 53 35
Projected benefit obligation at beginning of year . . . . $ 4,940 $ 4,593 $ 11,140 $ 9,647 Cash and cash equivalents . . . . . . . . . . . . . . . . 0-3 2 3 0-5 3 3
Service cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44 55 117 140 Alternative investments . . . . . . . . . . . . . . . . . . 8 - 15 9 6 19 - 26 21 17
Interest cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 127 148 267 301 100% 100% 100% 100% 100% 100%
Contribution by plan participants . . . . . . . . . . . . . . . . — — 53 94
Actuarial (gains) losses . . . . . . . . . . . . . . . . . . . . . . . . (211) 370 (586) 1,228
Currency effect . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — (18) 68 Asset performance is monitored frequently with an overall expectation that plan assets will meet or exceed the
weighted index of its target asset allocation and component benchmark over rolling five-year periods.
Benefits paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (232) (226) (355) (338)
Projected benefit obligation at end of year . . . . . . . . . $ 4,668 $ 4,940 $ 10,618 $ 11,140 The expected rate of return on assets assumptions reflect the long-term average rate of earnings expected on
funds invested or to be invested. The assumptions have been determined based on expectations regarding future
Change in Plan Assets
rates of return for the portfolio considering the asset allocation and related historical rates of return. The
Plan assets at fair value at beginning of year . . . . . . . $ 4,776 $ 4,236 $ 10,493 $ 9,363 appropriateness of the assumptions is reviewed annually.
Actual return on plan assets . . . . . . . . . . . . . . . . . . . . 145 760 1,040 1,282
Currency effect . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — (28) 72 The fair value of Schlumberger’s pension plan assets at December 31, 2021 and 2020, by asset category, is
Company contributions . . . . . . . . . . . . . . . . . . . . . . . . 7 6 18 20 presented below and was determined based on valuation techniques categorized as follows:
Contributions by plan participants . . . . . . . . . . . . . . . — — 53 94 • Level One: The use of quoted prices in active markets for identical instruments.
Benefits paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (232) (226) (355) (338)
• Level Two: The use of quoted prices for similar instruments in active markets or quoted prices for
Plan assets at fair value at end of year . . . . . . . . . . . . $ 4,696 $ 4,776 $ 11,221 $ 10,493 identical or similar instruments in markets that are not active or other inputs that are observable in the
market or can be corroborated by observable market data.
Asset / (Unfunded Liability) . . . . . . . . . . . . . . . . . . . . $ 28 $ (164) $ 603 $ (647)
Amounts Recognized in Balance Sheet

Postretirement Benefits . . . . . . . . . . . . . . . . . . . . . . . . $ (212) $ (199) $ (19) $ (849)
Other Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 240 35 622 202
$ 28 $ (164) $ 603 $ (647)
Amounts Recognized in Accumulated Other

Comprehensive Loss
Actuarial losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 276 $ 423 $ 1,174 $ 1,981
Prior service cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 1 — —
$ 276 $ 424 $ 1,174 $ 1,981
Accumulated benefit obligation . . . . . . . . . . . . . . . . . $ 4,484 $ 4,739 $ 10,370 $ 10,844
The asset / (unfunded liability) represents the difference between the plan assets and the projected benefit
obligation (“PBO”). The PBO represents the actuarial present value of benefits based on employee service and
compensation and includes an assumption about future compensation levels. The accumulated benefit obligation
(“ABO”) represents the actuarial present value of benefits based on employee service and compensation but does
not include an assumption about future compensation levels.
Actuarial gains arising during 2021 and actuarial losses arising during 2020 were primarily attributable to
changes in the discount rate used to determine the PBO.
72 73
• Level Three: The use of significant unobservable inputs that typically require the use of management’s (Stated in millions)
estimates of assumptions that market participants would use in pricing. International Plan Assets
2021 2020
Level Level Level Level Level Level
US Plan Assets Total One Two Three Total One Two Three
2021 2020
Asset Category:
Level Level Level Level Level Level Cash and Cash
Total One Two Three Total One Two Three
Equivalents . . . . . . . . . $ 362 $ 353 $ 9 $ - $ 288 $ 215 $ 73 $ -
Asset Category: Equity Securities:
Cash and Cash Equivalents . . . . . . . . . . $ 68 $ 61 $ 7 $ - $ 140 $ 127 $ 13 $ - US . . . . . . . . . . . . . . . 1,909 1,600 309 - 3,075 2,393 682 -
Equity Securities: International . . . . . . . 717 717 - - 1,711 1,615 96 -
US . . . . . . . . . . . . . . . . . . . . . . . . . . . . 212 196 16 - 527 441 86 - Debt Securities:
International . . . . . . . . . . . . . . . . . . . . 49 48 1 - 186 182 4 - Corporate bonds . . . . 2,859 - 2,859 - 1,223 - 1,223 -
Debt Securities: Government and
Corporate bonds . . . . . . . . . . . . . . . . . 2,583 - 2,583 - 1,945 - 1,945 - government-related
Government and government-related debt securities . . . . . . 2,390 221 2,169 - 2,371 213 2,158 -
debt securities . . . . . . . . . . . . . . . . . . . 1,353 199 1,154 - 1,679 180 1,499 - Collateralized
Alternative Investments: mortgage obligations
Private equity . . . . . . . . . . . . . . . . . . . . 293 - - 293 204 - - 204 and mortgage backed
Real estate . . . . . . . . . . . . . . . . . . . . . . 99 - - 99 95 - - 95 securities . . . . . . . . . . 644 - 644 - 84 - 84 -
Private debt . . . . . . . . . . . . . . . . . . . . . 39 - - 39 - - - - Alternative Investments:
Private equity . . . . . . . 1,284 - - 1,284 842 - - 842
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,696 $ 504 $3,761 $ 431 $4,776 $ 930 $3,547 $ 299
Private debt . . . . . . . . 869 - - 869 699 - - 699
Real estate . . . . . . . . . 187 - - 187 200 - - 200
Total . . . . . . . . . . . . . . . . $ 11,221 $ 2,891 $ 5,990 $ 2,340 $ 10,493 $ 4,436 $ 4,316 $ 1,741
Schlumberger’s funding policy is to annually contribute amounts that are based upon a number of factors
including the actuarial accrued liability, amounts that are deductible for income tax purposes, legal funding
requirements and available cash flow. Schlumberger does not expect to make any material contributions to its
postretirement benefit plans in 2022.
Postretirement Benefits Other Than Pensions

Schlumberger provides healthcare benefits to certain former US employees who have retired.
The actuarial assumptions used to determine the accumulated postretirement benefit obligation and net periodic
benefit cost for the US postretirement medical plan were as follows:
Benefit Obligations Net Periodic Benefit

At December 31, Cost for the Year
2021 2020 2021 2020 2019
Discount rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.00% 2.60% 2.60% 3.30% 4.30%
Return on plan assets . . . . . . . . . . . . . . . . . . . . . . . . - - 7.00% 7.00% 7.00%
Current medical cost trend rate . . . . . . . . . . . . . . . . 6.75% 7.25% 7.00% 7.25% 7.50%
Ultimate medical cost trend rate . . . . . . . . . . . . . . . 4.50% 4.50% 4.50% 4.50% 4.50%
Year that the rate reaches the ultimate trend rate . . 2031 2031 2031 2031 2031
74 75
The net periodic benefit credit for the US postretirement medical plan included the following components: The changes in the accumulated postretirement benefit obligation, plan assets and funded status were as follows:
2021 2020 2019 2021 2020

Service cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 28 $ 31 $ 29 Change in Projected Benefit Obligations
Interest cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32 36 45 Benefit obligation at beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,234 $ 1,193
Expected return on plan assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (73) (70) (64) Service cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 31
Amortization of prior service credit . . . . . . . . . . . . . . . . . . . . . . . . . (23) (25) (28) Interest cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32 36
Curtailment gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - (69) - Contribution by plan participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 8
$ (36) $ (97) $ (18) Actuarial (gains) losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (95) 64
Benefits paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (63) (58)
Curtailment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - (40)
Due to the actions taken by Schlumberger to reduce its global workforce during 2020, Schlumberger experienced
a significant reduction in the expected aggregate years of future service of its employees in its US postretirement Benefit obligation at end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,146 $ 1,234
medical plan. Accordingly, Schlumberger recorded a curtailment gain of $69 million during the second quarter of Change in Plan Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2020 relating to this plan. The curtailment gain includes recognition of the decrease in the benefit obligation as
Plan assets at fair value at beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,356 $ 1,185
well as a portion of the previously unrecognized prior service credit, reflecting the reduction in expected years of
future service. As a result of the curtailment, Schlumberger performed a remeasurement of the plan, which had Actual return on plan assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 221
an immaterial impact. This gain was classified in Impairments & other in the Consolidated Statement of Income Contributions by plan participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 8
(Loss). See Note 3 – Charges and Credits. Benefits paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (63) (58)
Plan assets at fair value at end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,318 $ 1,356
Asset . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 172 $ 122
Amounts Recognized in Accumulated Other Comprehensive Loss

Actuarial gains . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 225 $ 186
Prior service credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81 104
$ 306 $ 290
The asset balance relating to this plan was included in Other Assets in the Consolidated Balance Sheet.
The assets of the US postretirement medical plan are invested 13% in equity securities and 87% in debt securities
at December 31, 2021. The fair value of these assets was primarily determined based on Level Two valuation
techniques.
76 77
Other Information The change in Allowance for doubtful accounts is as follows:
The expected benefits to be paid under the US and International pension plans as well as the postretirement (Stated in millions)
medical plan are as follows:
2021 2020 2019
Balance at beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 301 $ 255 $ 249
Pension Benefits Additions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47 58 5
Postretirement
US International Medical Plan Amounts written off . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (29) (12) 1
2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 237 $ 370 $ 53 Balance at end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 319 $ 301 $ 255
2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 238 $ 380 $ 53
2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 239 $ 391 $ 53 Revenue in excess of billings related to contracts where revenue is recognized over time was $0.2 billion at both
2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 239 $ 403 $ 54 December 31, 2021 and 2020. Such amounts are included within Receivables less allowance for doubtful
2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 240 $ 407 $ 54 accounts in the Consolidated Balance Sheet.
2027-2031 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,213 $ 2,260 $ 294
Other Assets consist of the following:
17. Supplementary Information (Stated in millions)
Cash paid for interest and income taxes was as follows:
2021 2020
Investments in APS projects . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,786 $ 1,713
2021 2020 2019 Pension and other postretirement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,034 360
Operating lease assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 553 710
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 560 $ 598 $ 558
Multiclient seismic data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 154 317
Income tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 591 $ 582 $ 739
Fair value of hedge contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66 427
Interest and other income includes the following: Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 590 666
$ 4,183 $ 4,193
2021 2020 2019 Accounts payable and accrued liabilities consist of the following:
Earnings of equity method investments . . . . . . . . . . . . . . . . . . . . . . . $ 40 $ 91 $ 45 (Stated in millions)
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 33 41
Unrealized gain on marketable securities (see Note 3) . . . . . . . . . . . . 47 39 — 2021 2020
Gain on sale of Liberty shares (see Note 3) . . . . . . . . . . . . . . . . . . . . 28 — — Trade . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,205 $ 2,937
$ 148 $ 163 $ 86 Payroll, vacation and employee benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,377 1,524
Billings and cash collections in excess of revenue . . . . . . . . . . . . . . . . . . . . . . . . 1,088 941
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,712 3,040
The components of depreciation and amortization expense are as follows:
$ 8,382 $ 8,442
2021 2020 2019

Depreciation of fixed assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,402 $ 1,625 $ 1,976
Amortization of APS investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . 305 396 731
Amortization of intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . 302 371 618
Amortization of multiclient seismic data . . . . . . . . . . . . . . . . . . . . . . 111 174 264
$ 2,120 $ 2,566 $ 3,589
78 79
Management’s Report on Internal Control Over Financial Reporting Report of Independent Registered Public Accounting Firm
Schlumberger management is responsible for establishing and maintaining adequate internal control over To the Board of Directors and Stockholders
financial reporting as defined in Rule 13a–15(f) of the Securities Exchange Act of 1934, as amended (the of Schlumberger Limited
“Exchange Act”). Schlumberger’s internal control over financial reporting is a process designed to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements Opinions on the Financial Statements and Internal Control over Financial Reporting
for external purposes in accordance with generally accepted accounting principles.
We have audited the accompanying consolidated balance sheet of Schlumberger Limited and its subsidiaries (the
Because of its inherent limitations, internal control over financial reporting may not prevent or detect “Company”) as of December 31, 2021 and 2020, and the related consolidated statements of income (loss),
misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that comprehensive income (loss), stockholders’ equity and cash flows for each of the three years in the period ended
controls may become inadequate because of changes in conditions, or that the degree of compliance with the December 31, 2021, including the related notes (collectively referred to as the “consolidated financial
policies or procedures may deteriorate. statements”). We also have audited the Company’s internal control over financial reporting as of December 31,
2021, based on criteria established in Internal Control—Integrated Framework (2013) issued by the Committee
Schlumberger management assessed the effectiveness of its internal control over financial reporting as of of Sponsoring Organizations of the Treadway Commission (COSO).
December 31, 2021. In making this assessment, it used the criteria set forth in 2013 by the Committee of
Sponsoring Organizations of the Treadway Commission in Internal Control—Integrated Framework. Based on In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the
this assessment Schlumberger’s management has concluded that, as of December 31, 2021, its internal control financial position of the Company as of December 31, 2021 and 2020 and the results of its operations and its cash
over financial reporting is effective based on those criteria. flows for each of the three years in the period ended December 31, 2021 in conformity with accounting principles
generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material
The effectiveness of Schlumberger’s internal control over financial reporting as of December 31, 2021 has been respects, effective internal control over financial reporting as of December 31, 2021, based on criteria established
audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their in Internal Control—Integrated Framework (2013) issued by the COSO.
report which appears herein.
Basis for Opinions
The Company’s management is responsible for these consolidated financial statements, for maintaining effective
internal control over financial reporting, and for its assessment of the effectiveness of internal control over
financial reporting, included in the accompanying Management’s Report on Internal Control Over Financial
Reporting. Our responsibility is to express opinions on the Company’s consolidated financial statements and on
the Company’s internal control over financial reporting based on our audits. We are a public accounting firm
registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to
be independent with respect to the Company in accordance with the U.S. federal securities laws and the
applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan
and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are
free of material misstatement, whether due to error or fraud, and whether effective internal control over financial
reporting was maintained in all material respects.
Our audits of the consolidated financial statements included performing procedures to assess the risks of material
misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts
and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting
principles used and significant estimates made by management, as well as evaluating the overall presentation of
the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an
understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and
testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our
audits also included performing such other procedures as we considered necessary in the circumstances. We
believe that our audits provide a reasonable basis for our opinions.
Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
80 81
accordance with generally accepted accounting principles. A company’s internal control over financial reporting Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable None.
assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance
with generally accepted accounting principles, and that receipts and expenditures of the company are being made
Item 9A. Controls and Procedures.
only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable
assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the
Schlumberger has carried out an evaluation under the supervision and with the participation of Schlumberger’s
company’s assets that could have a material effect on the financial statements.
management, including the Chief Executive Officer (“CEO”) and the Chief Financial Officer (“CFO”), of the
effectiveness of Schlumberger’s “disclosure controls and procedures” (as such term is defined in Rules 13a-15(e)
Because of its inherent limitations, internal control over financial reporting may not prevent or detect
and 15d-15(e) under the Exchange Act) as of the end of the period covered by this report. Based on this
misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that
evaluation, the CEO and the CFO have concluded that, as of the end of the period covered by this report,
controls may become inadequate because of changes in conditions, or that the degree of compliance with the
Schlumberger’s disclosure controls and procedures were effective to provide reasonable assurance that
policies or procedures may deteriorate.
information required to be disclosed in the reports that Schlumberger files or submits under the Exchange Act is
recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange
Critical Audit Matters Commission’s rules and forms. Schlumberger’s disclosure controls and procedures include controls and
The critical audit matter communicated below is a matter arising from the current period audit of the procedures designed so that information required to be disclosed in reports filed or submitted under the Exchange
consolidated financial statements that was communicated or required to be communicated to the audit committee Act is accumulated and communicated to its management, including the CEO and the CFO, as appropriate, to
and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and allow timely decisions regarding required disclosure. There has been no change in Schlumberger’s internal
(ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit control over financial reporting that occurred during the fourth quarter of 2021 that has materially affected, or is
matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we reasonably likely to materially affect, Schlumberger’s internal control over financial reporting.
are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit
matter or on the accounts or disclosures to which it relates. Item 9B. Other Information.
Uncertain Tax Positions In 2013, Schlumberger completed the wind-down of its service operations in Iran. Prior to this, certain non-US
subsidiaries provided oilfield services to the National Iranian Oil Company and certain of its affiliates (“NIOC”).
As described in Note 12 to the consolidated financial statements, the Company’s tax filings are subject to regular
audit by the tax authorities, and those audits may result in assessments for additional taxes that are resolved with Schlumberger’s residual transactions or dealings with the government of Iran in 2021 consisted of payments of
the tax authorities or, potentially, through the courts. Tax liabilities are recorded based on estimates of additional taxes and other typical governmental charges. Certain non-US subsidiaries of Schlumberger maintained
taxes that will be due upon the conclusion of these audits. depository accounts at the Dubai branch of Bank Saderat Iran (“Saderat”), and at Bank Tejarat (“Tejarat”) in
Tehran and in Kish for the deposit by NIOC of amounts owed to non-US subsidiaries of Schlumberger for
The principal considerations for our determination that performing procedures relating to uncertain tax positions services rendered in Iran prior to the wind-down and for the maintenance of such amounts previously received.
is a critical audit matter are the significant judgment applied by management in determining these liabilities One non-US subsidiary also maintained an account at Tejarat for payment of local expenses such as taxes.
including a high degree of estimation uncertainty due to the uncertain and complex application of tax regulations, Schlumberger anticipates that it will discontinue dealings with Saderat and Tejarat following the receipt of all
which in turn led to a high degree of auditor judgment, subjectivity, and effort in performing procedures to amounts owed to Schlumberger for prior services rendered in Iran.
evaluate management’s estimates.
Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.
our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness
of controls relating to the identification and recognition of uncertain tax positions. These procedures also None.
included, among others (i) evaluating management’s process for determining the estimated liabilities for
uncertain tax positions, (ii) testing the completeness and reasonableness of uncertain tax positions recorded in the
consolidated financial statements, and (iii) evaluating assessments received from the relevant tax authorities.
Professionals with specialized skill and knowledge were used to assist in evaluating the reasonableness of
assumptions used by management, including management’s assessment of whether tax positions are more-likely-
than-not of being sustained.
/s/ PricewaterhouseCoopers LLP

Houston, Texas
January 26, 2022
We have served as the Company’s auditor since 1952.
82 83
PART III PART IV
Item 10. Directors, Executive Officers and Corporate Governance of Schlumberger. Item 15. Exhibits and Financial Statement Schedules.
(a) The following documents are filed as part of this Report:
See “Item 1. Business—Information About Our Executive Officers” of this Report for information regarding the
executive officers of Schlumberger. The information set forth under the captions “Election of Directors,” Page(s)
“Corporate Governance—Process for Selecting New Directors” and “Corporate Governance—Board (1) Financial Statements
Committees” in Schlumberger’s 2022 Proxy Statement is incorporated herein by reference. The information set Consolidated Statement of Income (Loss) for the three years ended
forth under the caption “Stock Ownership Information—Delinquent Section 16(a) Reports” in Schlumberger’s December 31, 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39
2022 Proxy Statement is incorporated herein by reference to the extent any disclosure is required. Consolidated Statement of Comprehensive Income (Loss) for the three
years ended December 31, 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40
Schlumberger has a Code of Conduct that applies to all of its directors, officers and employees, including its Consolidated Balance Sheet at December 31, 2021 and 2020 . . . . . . . . 41
principal executive, financial and accounting officers, or persons performing similar functions. Schlumberger’s Consolidated Statement of Cash Flows for the three years ended
Code of Conduct is posted on its website at https://www.slb.com/who-we-are/guiding-principles/our-code-of- December 31, 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42
conduct. Schlumberger intends to disclose future amendments to the Code of Conduct and any grant of a waiver Consolidated Statement of Stockholders’ Equity for the three years
from a provision of the Code of Conduct requiring disclosure under applicable SEC rules at https://www.slb.com/ ended December 31, 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43 and 44
who-we-are/guiding-principles/our-code-of-conduct. Notes to Consolidated Financial Statements . . . . . . . . . . . . . . . . . . . . . 45 to 79
Report of Independent Registered Public Accounting Firm
Item 11. Executive Compensation. (PCAOB ID 238) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81
The information set forth under the captions “Compensation Committee Report,” “Compensation Discussion and Financial statements of companies accounted for under the equity method and unconsolidated subsidiaries have
Analysis,” “Executive Compensation Tables” and “Director Compensation” in Schlumberger’s 2022 Proxy been omitted because they do not meet the materiality tests for assets or income.
Statement is incorporated herein by reference.
(2) Financial Statement Schedules not required.
(3) Exhibits: See exhibits listed under Part (b) below.
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder
Matters. (b) Exhibits
The information under the captions “Stock Ownership Information—Security Ownership by Management and
Our Board,” “Stock Ownership Information—Security Ownership by Certain Beneficial Owners” and “Executive
Compensation Tables—Equity Compensation Plan Information” in Schlumberger’s 2022 Proxy Statement is
incorporated herein by reference.
Item 13. Certain Relationships and Related Transactions, and Director Independence.
The information under the captions “Corporate Governance—Director Independence” and “Corporate
Governance—Certain Relationships and Related Person Transactions” in Schlumberger’s 2022 Proxy Statement
is incorporated herein by reference.
Item 14. Principal Accounting Fees and Services.

The information under the caption “Ratification of Appointment of Independent Auditors for 2022” in
Schlumberger’s 2022 Proxy Statement is incorporated herein by reference.
84 85
INDEX TO EXHIBITS Exhibit
Second Supplemental Indenture dated as of February 4, 2019, by and between Schlumberger 4.10
Exhibit Holdings Corporation, as issuer, and The Bank of New York Mellon, as trustee (including forms of
Articles of Incorporation of Schlumberger Limited (Schlumberger N.V.) (incorporated by reference 3.1 global notes representing 3.750% Senior Notes due 2024 and 4.300% Senior Notes due 2029)
to Exhibit 3.1 to Schlumberger’s Current Report on Form 8-K filed on April 6, 2016) (incorporated by reference to Exhibit 4.10 to Schlumberger’s Annual Report on Form 10-K filed on
January 27, 2021)
Amended and Restated By-Laws of Schlumberger Limited (Schlumberger N.V.) (incorporated by 3.2
reference to Exhibit 3 to Schlumberger’s Current Report on Form 8-K filed on July 22, 2019) Third Supplemental Indenture dated as of April 11, 2019, by and between Schlumberger Holdings 4.11
Corporation, as issuer, and The Bank of New York Mellon, as trustee (including form of global notes
Description of Common Stock of Schlumberger Limited (incorporated by reference to Exhibit 4.1 to 4.1 representing 3.900% Senior Notes due 2028) (incorporated by reference to Exhibit 4.11 to
Schlumberger’s Annual Report on Form 10-K filed on January 27, 2021) Schlumberger’s Annual Report on Form 10-K filed on January 27, 2021)
Indenture dated as of December 3, 2013, by and among Schlumberger Investment SA, as issuer, 4.2 Schlumberger Limited Supplementary Benefit Plan, as established effective June 1, 1995 and 10.1
Schlumberger Limited, as guarantor, and The Bank of New York Mellon, as trustee (incorporated by conformed to include amendments through January 1, 2019 (incorporated by reference to Exhibit
reference to Exhibit 4.1 to Schlumberger’s Current Report on Form 8-K filed on December 3, 2013) 10.1 to Schlumberger’s Annual Report on Form 10-K for the year ended December 31, 2018) (+)
First Supplemental Indenture dated as of December 3, 2013, by and among Schlumberger Investment 4.3 Schlumberger Limited Restoration Savings Plan, as established effective June 1, 1995 and conformed 10.2
SA, as issuer, Schlumberger Limited, as guarantor, and The Bank of New York Mellon, as trustee to include amendments through January 1, 2019 (incorporated by reference to Exhibit 10.2 to
(including form of global notes representing 3.650% Senior Notes due 2023) (incorporated by Schlumberger’s Annual Report on Form 10-K for the year ended December 31, 2018) (+)
reference to Exhibit 4.2 to Schlumberger’s Current Report on Form 8-K filed on December 3, 2013)
Schlumberger Technology Corporation Supplementary Benefit Plan, as established effective 10.3
Second Supplemental Indenture dated as of June 26, 2020, by and among Schlumberger Investment 4.4 January 1, 1995 and conformed to include amendments through January 1, 2019 (incorporated by
SA, as issuer, Schlumberger Limited, as guarantor, and The Bank of New York Mellon, as trustee reference to Exhibit 10.3 to Schlumberger’s Annual Report on Form 10-K for the year ended
(including form of global notes representing 2.650% Senior Notes due 2030) (incorporated by December 31, 2018) (+)
reference to Exhibit 4.1 to Schlumberger’s Current Report on Form 8-K filed on June 26, 2020)
Schlumberger 2010 Omnibus Stock Incentive Plan, as amended and restated as of July 19, 2017 10.4
Officers’ Certificate dated as of August 11, 2020, executed by Schlumberger Investment SA, as 4.5 (incorporated by reference to Exhibit 10.8 to Schlumberger’s Annual Report on Form 10-K for the
issuer, and Schlumberger Limited, as guarantor (including form of global notes representing 2.650% year ended December 31, 2018) (+)
Senior Notes due 2030) (incorporated by reference to Exhibit 4.1 to Schlumberger’s Current Report
on Form 8-K filed on August 11, 2020) Form of Option Agreement (Employees in France), Incentive Stock Option, under Schlumberger 10.5
2010 Omnibus Stock Incentive Plan (incorporated by reference to Exhibit 10.10 to Schlumberger’s
Indenture dated as of September 18, 2020, by and among Schlumberger Finance Canada Ltd., as 4.6 Quarterly Report on Form 10-Q for the quarter ended June 30, 2013) (+)
issuer, Schlumberger Limited, as guarantor, and The Bank of New York Mellon, as trustee
(incorporated by reference to Exhibit 4.1 to Schlumberger’s Current Report on Form 8-K filed on Form of Option Agreement (Employees in France), Non-Qualified Stock Option, under 10.6
September 18, 2020) Schlumberger 2010 Omnibus Stock Incentive Plan (incorporated by reference to Exhibit 10.11 to
Schlumberger’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2013) (+)
First Supplemental Indenture dated as of September 18, 2020, by and among Schlumberger Finance 4.7
Canada Ltd., as issuer, Schlumberger Limited, as guarantor, and The Bank of New York Mellon, as 2018 Rules of the Schlumberger 2010, 2013 and 2017 Omnibus Incentive Plans for Employees in 10.7
trustee (including form of global notes representing 1.400% Senior Notes due 2025) (incorporated by France (incorporated by reference to Appendix B to Schlumberger’s Definitive Proxy Statement on
reference to Exhibit 4.2 to Schlumberger’s Current Report on Form 8-K filed on September 18, 2020) Schedule 14A filed with the SEC on March 2, 2018) (+)
Indenture dated as of December 21, 2015, by and between Schlumberger Holdings Corporation, as 4.8 Schlumberger 2013 Omnibus Stock Incentive Plan, as amended and restated as of July 19, 2017 10.8
issuer, and The Bank of New York Mellon, as trustee (incorporated by reference to Exhibit 4.8 to (incorporated by reference to Exhibit 10.15 to Schlumberger’s Annual Report on Form 10-K for the
Schlumberger’s Annual Report on Form 10-K filed on January 27, 2021) year ended December 31, 2018) (+)
First Supplemental Indenture dated as of December 21, 2015, by and between Schlumberger 4.9 Form of Option Agreement, Incentive Stock Option, under Schlumberger 2013 Omnibus Stock 10.9
Holdings Corporation, as issuer, and The Bank of New York Mellon, as trustee (including forms of Incentive Plan (incorporated by reference to Exhibit 10.1 to the Schlumberger’s Quarterly Report on
global notes representing 3.625% Senior Notes due 2022 and 4.000% Senior Notes due 2025) Form 10-Q for the quarter ended June 30, 2015) (+)
(incorporated by reference to Exhibit 4.9 to Schlumberger’s Annual Report on Form 10-K filed on
January 27, 2021) Form of Restricted Stock Unit Award Agreement under Schlumberger 2013 Omnibus Stock 10.10
Incentive Plan (three-year vesting) (incorporated by reference to Exhibit 10.2 to Schlumberger’s
Quarterly Report on Form 10-Q for the quarter ended June 30, 2015) (+)
86 87
Exhibit Exhibit
Form of Restricted Stock Unit Award Agreement under Schlumberger 2013 Omnibus Stock 10.11 Significant Subsidiaries (*) 21
Incentive Plan (ratable vesting) (incorporated by reference to Exhibit 10.15 to Schlumberger’s
Annual Report on Form 10-K filed on January 27, 2021) (+) Issuers of Registered Guaranteed Debt Securities (*) 22
Form of Restricted Stock Unit Award Agreement under Schlumberger 2017 Omnibus Stock 10.12 Consent of Independent Registered Public Accounting Firm (*) 23
Incentive Plan (incorporated by reference to Exhibit 10.4 to Schlumberger’s Quarterly Report on
Form 10-Q for the quarter ended March 31, 2017) (+) Powers of Attorney (*) 24
Addendum to Restricted Stock Unit Award Agreements, Performance Share Unit Agreements, 10.13 Certification of Chief Executive Officer pursuant to Rule 13a-14(a) as adopted pursuant to 31.1
Incentive Stock Option Agreements, and Non-Qualified Stock Option Agreements Issued Prior to Section 302 of the Sarbanes-Oxley Act of 2002 (*)
July 19, 2017 (incorporated by reference to Exhibit 10.27 to Schlumberger’s Annual Report on Form
10-K for the year ended December 31, 2018) (+) Certification of Chief Financial Officer pursuant to Rule 13a-14(a) as adopted pursuant to 31.2
Section 302 of the Sarbanes-Oxley Act of 2002 (*)
Form of 2020 Two-Year Performance Share Unit Award Agreement (with relative TSR modifier) 10.14
under Schlumberger 2017 Omnibus Stock Incentive Plan (incorporated by reference to Exhibit 10.2 Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to 32.1
to Schlumberger’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2020) (+) Section 906 of the Sarbanes-Oxley Act of 2002 (**)
Form of 2020 Three-Year Performance Share Unit Award Agreement (with relative TSR modifier) 10.15 Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to 32.2
under Schlumberger 2017 Omnibus Stock Incentive Plan (incorporated by reference to Exhibit 10.1 Section 906 of the Sarbanes-Oxley Act of 2002 (**)
to Schlumberger’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2020) (+)
Mine Safety Disclosure (*) 95
Form of 2021 Performance Share Unit Award Agreement (Based on Return on Capital Employed 10.16
Performance) under the Schlumberger 2017 Omnibus Stock Incentive Plan (incorporated by Inline XBRL Instance Document (*) 101.INS
reference to Exhibit 10.1 to Schlumberger’s Quarterly Report on Form 10-Q for the quarter ended
March 31, 2021) (+) Inline XBRL Taxonomy Extension Schema Document (*) 101.SCH
Form of 2021 Performance Share Unit Award Agreement (Based on Free Cash Flow Margin 10.17 Inline XBRL Taxonomy Extension Calculation Linkbase Document (*) 101.CAL
Performance) under the Schlumberger 2017 Omnibus Stock Incentive Plan (incorporated by
reference to Exhibit 10.3 to Schlumberger’s Quarterly Report on Form 10-Q for the quarter ended Inline XBRL Taxonomy Extension Definition Linkbase Document (*) 101.DEF
March 31, 2021) (+)
Inline XBRL Taxonomy Extension Label Linkbase Document (*) 101.LAB
Form of 2021 Performance Share Unit Award Agreement (Based on Relative TSR Performance) 10.18
under the Schlumberger 2017 Omnibus Stock Incentive Plan (incorporated by reference to Inline XBRL Taxonomy Extension Presentation Linkbase Document (*) 101.PRE
Exhibit 10.3 to Schlumberger’s Quarterly Report on Form 10-Q for the quarter ended March 31,
2021) (+) Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) 104
Schlumberger 2017 Omnibus Stock Incentive Plan, as amended and restated effective January 21, 10.19 (*) Filed with this Form 10-K
2021 (incorporated by reference to Exhibit 10.1 to Schlumberger’s Current Report on Form 8-K filed
on April 7, 2021) (+) (**) Furnished with this Form 10-K
Schlumberger Discounted Stock Purchase Plan, as amended and restated effective January 1, 2021 10.20 (+) Management contracts or compensatory plans or arrangements
(incorporated by reference to Exhibit 10.2 to Schlumberger’s Current Report on Form 8-K filed on
April 7, 2021) (+) The Exhibits filed herewith do not include certain instruments with respect to long-term debt of Schlumberger
Limited and its subsidiaries, inasmuch as the total amount of debt authorized under any such instrument does not
Schlumberger Limited 2004 Stock and Deferral Plan for Non-Employee Directors, as amended and 10.21 exceed 10 percent of the total assets of Schlumberger Limited and its subsidiaries on a consolidated basis.
restated effective January 21, 2021 (incorporated by reference to Exhibit 10.3 to Schlumberger’s Schlumberger agrees, pursuant to Item 601(b)(4)(iii) of Regulation S-K, that it will furnish a copy of any such
Current Report on Form 8-K filed on April 7, 2021) (+) instrument to the SEC upon request.
Form of Indemnification Agreement (incorporated by reference to Exhibit 10 to Schlumberger’s 10.22

Item 16. Form 10-K Summary.
Current Report on Form 8-K filed on October 21, 2013) (+)
None.
88 89
SIGNATURES Name Title
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has * Director
duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized. Henri Seydoux
Date: January 26, 2022 SCHLUMBERGER LIMITED * Director

Jeff W. Sheets
By: /S/ HOWARD GUILD
Howard Guild * Director
Chief Accounting Officer
Ulrich Spiesshofer
Pursuant to the requirements of the Securities Exchange Act of 1934, this Report has been signed below by the /S/ DIANNE B. RALSTON January 26, 2022
following persons on behalf of the Registrant and in the capacities and on the dates indicated.
*By Dianne B. Ralston, Attorney-in-Fact
Name Title
* Chief Executive Officer and Director

Olivier Le Peuch (Principal Executive Officer)
/S/ STEPHANE BIGUET Executive Vice President and Chief Financial Officer
Stephane Biguet (Principal Financial Officer)
/S/ HOWARD GUILD Chief Accounting Officer

Howard Guild (Principal Accounting Officer)
* Director
Peter Coleman
* Director
Patrick de La Chevardière
* Director
Miguel M. Galuccio
* Director
Samuel Leupold
* Director
Tatiana A. Mitrova
* Director
Maria Moræus Hanssen
* Director
Vanitha Narayanan
* Chairman of the Board

Mark G. Papa
90 91
Exhibit 21 Exhibit 22
Significant Subsidiaries Issuers of Registered Guaranteed Debt Securities

Listed below are the significant subsidiaries of the Registrant as of December 31, 2021, and the states or Schlumberger Investment SA, a société anonyme incorporated under the laws of the Grand Duchy of
jurisdictions in which they are incorporated or organized. The indentation reflects the principal parenting of each Luxembourg (“SISA”), and Schlumberger Finance Canada Ltd., a corporation incorporated under the laws of the
subsidiary. The names of other subsidiaries have been omitted from the list below, since they would not Province of Alberta, Canada (“SFCL”), are both indirect wholly-owned subsidiaries of Schlumberger Limited
constitute, in the aggregate, a significant subsidiary as of December 31, 2021. (the “Guarantor”).
Schlumberger B.V., Netherlands As of December 31, 2021, (i) SISA was the issuer of its 3.650% Senior Notes due 2023 and 2.650% Senior Notes
Schlumberger Canada Limited, Canada due 2030 (together, the “SISA Notes”), and (ii) SFCL was the issuer of its 1.400% Senior Notes due 2025 (the
Schlumberger Holdings Corporation, Delaware “SFCL Notes”). The Guarantor fully and unconditionally guarantees the SISA Notes and the SFCL Notes on a
Cameron International Corporation, Delaware senior unsecured basis.
Cameron Lux Global Finance S.à r.l., Luxembourg
Schlumberger Technology Corporation, Texas
Smith International Inc., Delaware
Schlumberger Norge AS, Norway
Schlumberger SA, France
Services Petroliers Schlumberger, France
Schlumberger UK Limited, UK
Schlumberger Plc, UK
Schlumberger Oilfield UK Limited, UK
Schlumberger Oilfield Holdings Limited, BVI

Schlumberger Holdings II Limited, BVI
Dowell Schlumberger Corporation, BVI
Schlumberger Logelco, Inc., Panama
Schlumberger Middle East SA., Panama
Schlumberger Offshore Services Limited, BVI
Schlumberger Oilfield Eastern Ltd., BVI
Schlumberger Overseas, SA, Panama
Schlumberger Seaco, Inc., Panama
Exhibit 23 Exhibit 24
Consent of Independent Registered Public Accounting Firm Powers of Attorney

We hereby consent to the incorporation by reference in the Registration Statements on Form S-8 (Nos.
Each of the undersigned, in the capacity or capacities set forth below his or her signature as a member of the
333-124534; 333-151920; 333-173055, as amended by post-effective amendment on Form S-8; 333-188590;
Board of Directors and/or an officer of Schlumberger Limited, a Curaçao company, hereby appoints Howard
333-218181; 333-218182; 333-231025; and 333-261482); on Form S-3 (Nos. 333-231029; 333-248675; and
Guild and Dianne B. Ralston, or either of them, the attorney or attorneys of the undersigned, with full power of
333-249669); on Form S-4 (No. 333-97899); and on Form S-4 as amended by post-effective amendment on Form
substitution and revocation, for and in the name, place and stead of the undersigned, to execute and file with the
S-8 (No. 333-207260) of Schlumberger Limited of our report dated January 26, 2022 relating to the consolidated
Securities and Exchange Commission the Annual Report on Form 10-K under the Securities Exchange Act of
financial statements and the effectiveness of internal control over financial reporting, which appears in this Form
1934 (the “Exchange Act”) for the fiscal year ending December 31, 2021, and any amendment or amendments to
10-K.
any such Annual Report on Form 10-K, and any agreements, consents or waivers related thereto, and to take any
and all such other action for and in the name and place and stead of the undersigned as may be necessary or
/s/ PricewaterhouseCoopers LLP
desirable in order to comply with the Exchange Act or the rules and regulations thereunder.
Houston, Texas
January 26, 2022
/s/ Peter Coleman /s/ Maria Moræus Hanssen
Peter Coleman Maria Moræus Hanssen
Director Director
/s/ Patrick de La Chevardière /s/ Vanitha Narayanan

Patrick de La Chevardière Vanitha Narayanan
Director Director
/s/ Miguel M. Galuccio /s/ Mark G. Papa

Miguel M. Galuccio Mark G. Papa
Director Chairman of the Board
/s/ Olivier Le Peuch /s/ Henri Seydoux

Olivier Le Peuch Henri Seydoux
Chief Executive Officer and Director Director
/s/ Samuel Leupold /s/ Jeff W. Sheets

Samuel Leupold Jeff W. Sheets
Director Director
/s/ Tatiana A. Mitrova /s/ Ulrich Spiesshofer

Tatiana A. Mitrova Ulrich Spiesshofer
Director Director
Date: January 20, 2022

Exhibit 31.1 Exhibit 31.2
CERTIFICATION OF CHIEF EXECUTIVE OFFICER CERTIFICATION OF CHIEF FINANCIAL OFFICER

I, Olivier Le Peuch, certify that: I, Stephane Biguet, certify that:
1. I have reviewed this Annual Report on Form 10-K of Schlumberger N.V. (Schlumberger Limited); 1. I have reviewed this Annual Report on Form 10-K of Schlumberger N.V. (Schlumberger Limited);
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this report; statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, 3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations and cash flows of the registrant fairly present in all material respects the financial condition, results of operations and cash flows of the registrant
as of, and for, the periods presented in this report; as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure 4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over
financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a) Designed such disclosure controls and procedures, or caused such disclosure controls and a) Designed such disclosure controls and procedures, or caused such disclosure controls and
procedures to be designed under our supervision, to ensure that material information relating to the procedures to be designed under our supervision, to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to us by others within those registrant, including its consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this report is being prepared; entities, particularly during the period in which this report is being prepared;
b) Designed such internal control over financial reporting, or caused such internal control over b) Designed such internal control over financial reporting, or caused such internal control over
financial reporting to be designed under our supervision, to provide reasonable assurance regarding financial reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes the reliability of financial reporting and the preparation of financial statements for external purposes
in accordance with generally accepted accounting principles; in accordance with generally accepted accounting principles;
c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of this report our conclusions about the effectiveness of the disclosure controls and procedures, as of
the end of the period covered by this report based on such evaluation; and the end of the period covered by this report based on such evaluation; and
d) Disclosed in this report any change in the registrant’s internal control over financial reporting that d) Disclosed in this report any change in the registrant’s internal control over financial reporting that
occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in
the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the case of an annual report) that has materially affected, or is reasonably likely to materially affect,
the registrant’s internal control over financial reporting; and the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of 5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of
internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s
board of directors (or persons performing the equivalent functions): board of directors (or persons performing the equivalent functions):
a) All significant deficiencies and material weaknesses in the design or operation of internal control a) All significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the registrant’s ability to over financial reporting which are reasonably likely to adversely affect the registrant’s ability to
record, process, summarize and report financial information; and record, process, summarize and report financial information; and
b) Any fraud, whether or not material, that involves management or other employees who have a b) Any fraud, whether or not material, that involves management or other employees who have a
significant role in the registrant’s internal control over financial reporting. significant role in the registrant’s internal control over financial reporting.
Date: January 26, 2022 /s/ Olivier Le Peuch Date: January 26, 2022 /s/ Stephane Biguet
Olivier Le Peuch Stephane Biguet
Chief Executive Officer Executive Vice President and Chief Financial Officer
Exhibit 32.1 Exhibit 32.2
CERTIFICATION OF CHIEF EXECUTIVE OFFICER CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO PURSUANT TO
18 U.S.C. SECTION 1350 18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Annual Report on Form 10-K of Schlumberger N.V. (Schlumberger Limited) (the In connection with the Annual Report on Form 10-K of Schlumberger N.V. (Schlumberger Limited) (the
“Company”) for the year ended December 31, 2021 as filed with the Securities and Exchange Commission on the “Company”) for the year ended December 31, 2021 as filed with the Securities and Exchange Commission on the
date hereof (the “Report”), I, Olivier Le Peuch, Chief Executive Officer of the Company, certify, pursuant to 18 date hereof (the “Report”), I, Stephane Biguet, Executive Vice President and Chief Financial Officer of the
U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that: Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of
2002, that:
(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”), and (1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”), and
(2) The information contained in the Report fairly presents, in all material respects, the financial
condition and results of operations of the Company. (2) The information contained in the Report fairly presents, in all material respects, the financial
condition and results of operations of the Company.
Date: January 26, 2022 /s/ Olivier Le Peuch
Olivier Le Peuch Date: January 26, 2022 /s/ Stephane Biguet
Chief Executive Officer Stephane Biguet
Executive Vice President and Chief Financial Officer
A signed original of this written statement required by Section 906 has been provided to Schlumberger Limited
and will be retained by Schlumberger Limited and furnished to the Securities and Exchange Commission or its A signed original of this written statement required by Section 906 has been provided to Schlumberger Limited
staff upon request. and will be retained by Schlumberger Limited and furnished to the Securities and Exchange Commission or its
staff upon request.
This certification accompanies the Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall
not be deemed filed by the Company for purposes of Section 18 of the Exchange Act. This certification accompanies the Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall
not be deemed filed by the Company for purposes of Section 18 of the Exchange Act.
Exhibit 95
Mine Safety Disclosure
The following disclosure is provided pursuant to Section 1503(a) of the Dodd-Frank Wall Street Reform and
Consumer Protection Act, which requires certain disclosures by companies required to file periodic reports under
the Securities Exchange Act of 1934, as amended, that operate mines regulated under the Federal Mine Safety
and Health Act of 1977.
The table that follows reflects citations, orders, violations and proposed assessments issued by the Mine
Safety and Health Administration (the “MSHA”) to indirect subsidiaries of Schlumberger. The disclosure is with
respect to the full year ended December 31, 2021. Due to timing and other factors, the data may not agree with
the mine data retrieval system maintained by the MSHA at www.MSHA.gov.
Full Year 2021

(whole dollars)
Received
Notice
of
Received Potential
Notice of to
Pattern of Have Legal
Section Total Dollar Total Violations Pattern Actions Legal Legal
104(d) Value of Number of Under Under Pending as Actions Actions
Section Section Citations Section Section MSHA Mining Section Section of Last Initiated Resolved
Mine or Operating Name/MSHA 104 S&S 104(b) and 110(b)(2) 107(a) Assessments Related 104(e) 104(e) Day of During During
Identification Number Citations Orders Orders Violations Orders Proposed (1) Fatalities (yes/no) (yes/no) Period Period Period
Amelia Barite Plant/1600825 - - - - - - - N N - - -
Battle Mountain Grinding Plant/

2600828 - - - - - $125 - N N - - - This Page Intentionally Left Blank.
Freedom Proppants Monahans Mine/
4105336 - - - - - $552 - N N - - -
Freedom Proppants Kermit Mine/

4105321 - - - - - $1,314 - N N - - -
Greybull Milling Operation/4800602 - - - - - $632 - N N - - -
Greybull Mining Operation/4800603 - - - - - - - N N - - -
Greystone Mine/2600411 - - - - - $125 - N N - - -

Mountain Springs Beneficiation Plant/
2601390 - - - - - $125 - N N - - -
Wisconsin Proppants Hixton Mine/

4703742 - - - - - $625 - N N - - -
(1) Amounts included are the total dollar value of proposed assessments received from MSHA on or before
December 31, 2021, regardless of whether the assessment has been challenged or appealed, for citations and
orders occurring during the full year 2021. Citations and orders can be contested and appealed, and as part
of that process, are sometimes reduced in severity and amount, and sometimes dismissed. The number of
citations, orders, and proposed assessments vary by inspector and vary depending on the size and type of the
operation.
This Page Intentionally Left Blank. This Page Intentionally Left Blank.
Board of Directors Corporate Officers Corporate Information
Peter Coleman 3, 4 Olivier Le Peuch Stockholder Information Duplicate Mailings

Former CEO and Managing Director Chief Executive Officer Schlumberger’s common stock When a stockholder owns shares
Woodside Petroleum is listed on the New York Stock in more than one account, or when
Dalkeith, Australia Khaled Al Mogharbel Exchange, trading symbol “SLB,” stockholders live at the same
Executive Vice President, and on the Euronext Paris. address, duplicate mailings may
Patrick de La Chevardière 1, 3 Geographies result. If you receive duplicate
Former Chief Financial Officer For quarterly earnings dividend reports, you can help eliminate the
Total S.A. Ashok Belani announcements and other added expense by requesting that
London, United Kingdom Executive Vice President, information, please call only one copy be sent. To eliminate
Schlumberger New Energy +1 (713) 375-3535 or e-mail duplicate mailings, contact
Miguel Galuccio 3 [email protected]. Computershare at the address
Chairman and Chief Executive Officer Stéphane Biguet You may also visit at left.
Vista Oil & Gas Executive Vice President and investorcenter.slb.com.
Buenos Aires, Argentina Chief Financial Officer Sustainability in Schlumberger
Stock Transfer Agent In line with our commitment to
Olivier Le Peuch Hinda Gharbi and Registrar contribute to the UN Sustainable
Chief Executive Officer Executive Vice President, Computershare Trust Company, N.A. Development Goals, Schlumberger
Schlumberger Services and Equipment P.O. Box 505000 has three sustainability focus areas:
Louisville, KY 40233 taking climate action, creating
Samuel Leupold 1, 3, 5 Abdellah Merad +1 (877) 745-9341 opportunity, and empowering local
Former Chief Executive Officer Executive Vice President, +1 (781) 575-2707 teams. Commitments to these are
Ørsted Wind Power A/S Performance Management incorporated into management
Stettlen, Switzerland For Overnight Delivery compensation, social investment
Katharina Beumelburg Computershare Trust Company, N.A. programs, and the dedication of
Tatiana A. Mitrova 1, 3, 5 Chief Strategy and 462 South 4th Street, Suite 1600 our employees to volunteering in
Fellow, SIPA Center on Global Sustainability Officer Louisville, KY 40202 their local communities. To learn
Energy Policy +1 (877) 745-9341 more about these programs,
Columbia University Demosthenis Pafitis +1 (781) 575-2707 please see the latest edition of the
Moscow, Russia Chief Technology Officer General stockholder Schlumberger Sustainability Report
information is available on at www.slb.com/sustainability.
This Page Intentionally Left Blank. Maria Moræus Hanssen 2, 4, 5
Dianne Ralston the Computershare website
Former Deputy Chief Executive Chief Legal Officer and Secretary at computershare.com.
Officer & COO Internet
Wintershall Dea GmbH Gavin Rennick E-mail Alerts For information on Schlumberger
Oslo, Norway Vice President, Human Resources To receive Schlumberger technology, services, and solutions,
press releases and daily visit slb.com. For information on
Vanitha Narayanan 2, 4 Pierre Chérèque news, sign up at career and job opportunities at
Former Chairman and Vice President and Director of Taxes investorcenter.slb.com. Schlumberger, visit careers.slb.com.
Managing Director
*Mark of Schlumberger or Schlumberger
IBM India Kevin Fyfe Form 10-K companies.
Plano, Texas Vice President and Controller The Schlumberger 2021 annual
report on Form 10-K filed with Other company, product, and service names
Mark G. Papa 4 Howard Guild the Securities and Exchange are the properties of their respective owners.
Former Chairman and Chief Accounting Officer Commission is available
Chief Executive Officer without charge. To obtain a
Centennial Resource Development, Inc. Claudia Jaramillo copy, please call +1 (713) 375-3535,
Houston, Texas Vice President and Treasurer or e-mail [email protected].
You may also visit
Henri Seydoux 2, 4, 5 Vijay Kasibhatla investorcenter.slb.com.
Chairman and Chief Executive Officer Director, Mergers and Acquisitions
Parrot S.A.
Paris, France
Jeffrey W. Sheets 1, 2
Former Chief Financial Officer
ConocoPhillips
Houston, Texas
Ulrich Spiesshofer 2, 5
Former President and CEO
ABB Ltd.
Zollikon, Switzerland
1 Member, Audit Committee

2 Member, Compensation Committee
3 Member, Finance Committee
4 Member, Nominating and Governance Committee
5 Member, New Energy and Innovation Committee
All director and officer roles as of February 1, 2022
42 rue Saint-Dominique
75007 Paris
France
5599 San Felipe

Houston, Texas 77056
United States
62 Buckingham Gate
London SW1E 6AJ
United Kingdom
Parkstraat 83
2514 JG The Hague
The Netherlands
slb.com

2021 Annual Report: Schlumberger Limited

Uploaded by

2021 Annual Report: Schlumberger Limited

Uploaded by

2021 Annual Report

TRIF (Total Recordable Injury Frequency)

Schlumberger (SLB: NYSE) is a technology company

per million work-hours

For reconciliations of (i) adjusted EBITDA to income

before taxes on a GAAP basis and (ii) free cash flow

Schlumberger Limited | 2021 Annual Report Performing with Purpose 1

Outperforming in Our Core Performed by Schlumberger

2021 was an excellent year of performance and a turning point for

Reduction in Global technologies will enable operational

2 Schlumberger Limited | 2021 Annual Report Performing with Purpose 3

At the same time, our new organization and high-graded portfolio

to decarbonize oil and gas Schlumberger ISO- and API-certified

4 Schlumberger Limited | 2021 Annual Report Performing with Purpose 5

DELFI GROWTH IN 2021 Advancing a Digital Ecosystem for the Future

6 Schlumberger Limited | 2021 Annual Report Performing with Purpose 7

GLOBAL ENERGY INVESTMENT

and the wider industry to achieve new levels of performance that

share how we are using

of our platform and the domain knowledge

capture and storage (CCS), geothermal,

8 Schlumberger Limited | 2021 Annual Report Performing with Purpose 9

“ Our commitment to join

10 Schlumberger Limited | 2021 Annual Report Performing with Purpose 11

The people of Schlumberger are always seeking ways to make a

12 Schlumberger Limited | 2021 Annual Report Performing with Purpose 13

14 Schlumberger Limited | 2021 Annual Report Performing with Purpose 15

16 Schlumberger Limited | 2021 Annual Report Performing with Purpose

Strengthen the Core

Comparison of Five-Year Cumulative Total Return Among

Comparison of Cumulative Five-Year Total Return

Pretax Tax Net

North America pressure pumping impairment . . . . . . 587 133 454

Basic earnings (loss) per share of Schlumberger . . . . . . . . . . . . . . . . $ 1.34 $ (7.57) $ (7.32)

Diluted earnings (loss) per share of Schlumberger . . . . . . . . . . . . . . . $ 1.32 $ (7.57) $ (7.32)

Average shares outstanding:

See the Notes to Consolidated Financial Statements

(Stated in millions) (Stated in millions)

Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,928 $ (10,486) $ (10,107) ASSETS

See the Notes to Consolidated Financial Statements

See the Notes to Consolidated Financial Statements

Multiclient Seismic Data Net Income (Loss) Average

Assumed exercise of stock options . . . . . . . . . . . . . . . . . . . - -

Concentration of Credit Risk

3. Charges and Credits Pretax Tax Net

Digital & Reservoir Well Production

Options Outstanding Options Exercisable

The following table summarizes information related to restricted stock transactions:

2021 2020 2019 (Stated in millions)

Discounted Stock Purchase Plan

Total Stock-based Compensation Expense $ (94) $ (19)

Restricted stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 254 293 274

2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 191 2021

14. Contingencies 2020

2019 (Stated in millions)

2019 (Stated in millions)

Amounts Recognized in Balance Sheet

Amounts Recognized in Accumulated Other

Postretirement Benefits Other Than Pensions

Benefit Obligations Net Periodic Benefit

(Stated in millions) (Stated in millions)

2021 2020 2019 2021 2020

Amounts Recognized in Accumulated Other Comprehensive Loss

2021 2020 2019

Definition and Limitations of Internal Control over Financial Reporting

/s/ PricewaterhouseCoopers LLP

We have served as the Company’s auditor since 1952.

Item 14. Principal Accounting Fees and Services.

Form of Indemnification Agreement (incorporated by reference to Exhibit 10 to Schlumberger’s 10.22

Date: January 26, 2022 SCHLUMBERGER LIMITED * Director

* Chief Executive Officer and Director

/S/ HOWARD GUILD Chief Accounting Officer

* Chairman of the Board

Significant Subsidiaries Issuers of Registered Guaranteed Debt Securities

Schlumberger Oilfield Holdings Limited, BVI

Consent of Independent Registered Public Accounting Firm Powers of Attorney