SLB CEO Olivier Le Peuch on Resilient Oil Markets and Growth

Q1 Earnings and Market Resilience

• 💡 SLB's earnings demonstrate resilience in the market, with international growth and margin expansion.
• 📈 The company is well-positioned for the year despite market volatility and uncertainty.

Oil Market Fundamentals

• ⛽ Despite increased drilling and OPEC+ supply adjustments, oil market fundamentals remain intact.
• 🇨🇳 Increased supply has coincided with summer demand and stock refilling from China, with global inventories at low historical levels.
• 🌍 While short-cycle markets like North America may see adjustments, long-cycle markets and capacity expansions in the Middle East will continue to attract investment.
• 🚀 The SLB CEO remains optimistic and confident in the continued resilience of the oil market.

ChampionX Deal and Enhanced Oil Recovery

• 🤝 The acquisition of ChampionX complements SLB's portfolio by adding expertise in enhanced oil recovery (EOR).
• 💰 Customers prioritize maximizing production from existing assets through improved operating and capital efficiency, with a focus on lower emissions.
• 🧩 ChampionX offers a full suite of technologies that, when integrated with SLB's digital capabilities and subsurface expertise, can transform the EOR market.
• 📈 Unlocking recovery from existing assets is key to adding reserves, production, and sustaining output over time, aligning with customer focus on capital and operating efficiency.