2022 Annual Report
For a balanced
planet
2022 Annual Report
2022 Annual Report
As innovators, that's been our mission for nearly 100 years. Today, it's a global imperative. We are facing the world's greatest balancing act—simultaneously reducing emissions while meeting the world's growing energy demands. We're working on the answers.
Every day, a step closer. Our collective future depends on decarbonizing the fossil fuel industry, while innovating a new energy landscape. It's what drives us. Ensuring progress for people and the planet, on the journey to net zero and beyond.
For a balanced planet.
>70
Our more than 70 global technology centers driving innovation each day
>100
We have a global footprint in more than 100 countries and employees representing almost twice as many nationalities
Absent a major market disruption, we maintain the view that upstream spending is very resilient and decoupled from near-term demand. We foresee capital investment continuing to grow at double-digit compound annual growth rate (CAGR) in the upstream sector for years ahead across Middle East, North America Land, and Offshore basins.
This represents a very favorable backdrop to SLB market positions and will continue to support our ambition for outperformance in this upcycle.
Upstream oil and gas investment 2021-2025
Source: SLB analysis, Rystad, S&P, IEA.
The quest for capital efficiency, asset teams’ productivity, and cycle-time reduction requires digital transformation in our industry. We continue to expand our digital market position and deliver a high rate of revenue growth and highly accretive margin results.
>1,500
Software customers
>85%
Top 100 oil and gas producers use our software
2x
Expected digital revenue growth from 2021-2025
The size of the energy transition opportunity is immense for SLB. The rate of market growth is very significant. We are building a broad, diverse portfolio across New Energy sectors, selected for their materiality and adjacency to our existing market strengths, and where we can offer technology differentiation.
+20%*
Expected increase in energy demand by 2050
-25 GtCO2*
Required annual reduction in industrial and power-related emissions to achieve net zero
>$700B
Estimated total addressable market
*Source: IEA 2022.
Because our exceptional and diverse people are the pulse and spirit of who we are.
99,000
Employees
>85
We recruited in more than 85 countries in 2022
Because our passion for exploring enables us to solve the world's energy challenges.
>150
New technologies introduced across the portfolio over the past three years
>30%
Year-on-year revenue growth for our Transition Technologies portfolio in 2022
Because together, we deliver outstanding results to build a sustainable future.
23%
Revenue growth vs 2021
81%
Increase in GAAP EPS year-on-year; 70% growth in EPS excluding charges and credits†
We have a bold vision for what energy can be—and with our technology and expertise, we are delivering on it.
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