In response to what will likely be the most severe activity decline in our industry, we acted swiftly to protect the company and the long-term value for our shareholders. First, we significantly reduced our capital spend and prudently adjusted our dividend policy to reflect the reduced activity and uncertain outlook. These actions resulted in very resilient cash flow generation throughout 2020.
Second, we accelerated the execution of our performance strategy, which I unveiled in 2019. In North America, the very timely execution of our scale-to-fit and portfolio high-grading approach led to a unique win-win transaction with our partner, Liberty Oilfield Services. In addition, we initiated the largest restructure in company history, making Schlumberger much leaner and more responsive to customers.
The company is now composed of four Divisions operating in five distinct Basins, aligned with key customer workflows and critical hubs of activity. The restructure permanently removed significant structural costs, resetting our margins and our operating leverage for the future. The effectiveness of this new structure was highlighted during the last few months of the year, which resulted in peer-leading market performance and financial results during the last quarter.
This strategic step was designed to also address the emerging trends in the new landscape, which call for a step change in efficiency and resilience—in particular, by delivering upon the digital transformation imperative and the sustainability and decarbonization mandate for the industry. During the year, we made impressive progress on our Digital platform strategy, with significant expansion of our digital partner ecosystem and several anchor enterprise contracts with our customers, paving the way to our stated ambition of leading the industry and doubling the size of our digital solutions business.
Similarly, our sustainability commitment translated into a 14% reduction of our Scope 1 and 2 greenhouse gas (GHG) emissions intensity within one year—well on the path to our stated 2025 emissions reduction goal. With our customers, we accelerated engagement to provide solutions for the decarbonization of oil and gas operations through our digital solutions and environmental impact-reducing technologies.
To ready the company for the future, we launched Schlumberger New Energy, and are using our strengths to establish market positions and develop differentiated, groundbreaking technology in multiple low- and zero-carbon energy ventures. We are applying our unique knowledge and executional capabilities to develop sustainable technology solutions across several sectors of the energy transition.
As we look toward 2021 and the prospect of demand recovery for our industry, the strategic actions we took this year will prove essential to adapt the company for the new landscape and to create formidable operating leverage as the industry upcycle commences.
This could not have happened without the diversity, unique spirit, and will of the people of Schlumberger. I am very proud of how they responded and what they created. Despite the pandemic, our people demonstrated resilience and delivered record safety and operational integrity results that were differentiating factors for customers. Our people have shown that they are prepared to innovate and drive industry performance across the energy transition and are well positioned to create significant long-term shareholder value.
We opened a new industry chapter during 2020 and exited the year in a leading position as the market shifts to increased international production, digital transformation accelerates, and we prepare to contribute significantly to a more sustainable energy supply. We responded as a team with drive and purpose, reinventing ourselves in a time of crisis for a new future.
In 2021, I look forward to continuing to meet the world’s energy challenges with an innovative spirit and a renewed focus on shareholder value and sustainability. Together, we will define and drive high performance in the new landscape for our people, our customers, our shareholders, and our world.
Olivier Le Peuch
Chief Executive Officer
