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2017 Annual Report France Schlumberger Limited 5599 San Felipe Houston, Texas 77056 United States

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2017 Annual Report France Schlumberger Limited 5599 San Felipe Houston, Texas 77056 United States Schlumberger Limited 42 rue Saint-Dominique 75007 Paris 2017 Annual Report France Schlumberger Limited 5599 San Felipe Houston, Texas 77056 United States 62 Buckingham Gate London SW1E 6AJ United Kingdom Parkstraat 83 2514 JG The Hague The Netherlands www.slb.com 14781schD1R2.indd 1 2/15/18 9:13 AM Board of Directors Corporate Officers Peter L.S. Currie 2, 4 Paal Kibsgaard Claudia Jaramillo Form 10-K President, Currie Capital LLC Chairman and Chief Executive Officer Vice President and The Schlumberger 2017 annual Palo Alto, California Treasurer report on Form 10-K filed with Simon Ayat the Securities and Exchange V. Maureen Kempston Darkes 1, 3 Executive Vice President Vijay Kasibhatla Commission is available without Former Group Vice President and Chief Financial Officer Director Mergers and charge. To obtain a copy, call General Motors Corporation Acquisitions (800) 997-5299 within North Detroit, Michigan Alexander C. Juden America and +1 (813) 774-5043 Secretary and General Counsel Guy Arrington outside North America. Paal Kibsgaard Vice President Operations Planning Alternatively, you can view and Chairman and Chief Executive Officer Ashok Belani and Resource Management print all of our SEC filings online Schlumberger Executive Vice President Technology at www.slb.com/ir or write to: Saul Laureles Vice President Investor Relations Nikolay Kudryavtsev 1, 3, 5 Jean-François Poupeau Director Corporate Legal and Schlumberger Limited Rector Executive Vice President Corporate Assistant Secretary 5599 San Felipe, 17th Floor Moscow Institute of Physics Engagement Houston, Texas, 77056. and Technology Eileen Hardell Moscow, Russia Patrick Schorn Assistant Secretary Duplicate Mailings Executive Vice President When a stockholder owns shares Helge Lund 1, 3 New Ventures Corporate Information in more than one account, or when Former Chief Executive Officer stockholders live at the same BG Group plc Aaron Gatt Floridia address, duplicate mailings may President Western Hemisphere Stockholder Information result. If you receive duplicate Michael E. Marks 1 Schlumberger’s common stock reports, you can help eliminate the Managing Partner Khaled Al Mogharbel is listed on the New York Stock added expense by requesting that Riverwood Capital, LLC President Eastern Hemisphere Exchange, trading symbol “SLB,” only one copy be sent. To elimi- Palo Alto, California and on the Euronext Paris, London, nate duplicate mailings, contact Stephane Biguet and SIX Swiss Stock Exchanges. Computershare Trust Company, Indra K. Nooyi 1, 2 Vice President Finance N.A., Stock Transfer Agent and Chairman and For quarterly earnings dividend Registrar. Chief Executive Officer Pierre Cheréque announcements and other informa- PepsiCo Vice President and Director of Taxes tion, please call (800) 997-5299 Nonprofit Community Purchase, New York from the United States and Canada, Development Programs Stephanie Cox or +1 (813) 774-5043 outside Schlumberger supports and Lubna S. Olayan 3, 4 Vice President Human Resources North America. You may also visit encourages a range of community Chief Executive Officer www.slb.com/ir. development programs—both local Olayan Financing Company Catherine MacGregor and global—many of which are Riyadh, Saudi Arabia President Drilling Group Stock Transfer Agent supported by employee volunteers. and Registrar We have chosen to focus on Leo Rafael Reif 2, 4, 5 Hinda Gharbi Computershare Trust Company, N.A. science, technology, engineering, President President Reservoir P.O. Box 30170 and mathematics (STEM) education Massachusetts Institute Characterization Group College Station, Texas 77842 and community health and safety. of Technology Cambridge, +1 (877) 745-9341 To learn more about these programs, Financial Performance Massachusetts Olivier Le Peuch +1 (781) 575-2707 please see the latest edition of the President Cameron Group Schlumberger Global Stewardship (Stated in millions, except per-share amounts) Tore I. Sandvold 3, 4 For Overnight Delivery: Report at www.slb.com. Year ended December 31 2017 2016 2015 Executive Chairman Abdellah Merad Computershare Trust Company, N.A. Sandvold Energy AS President Production Group 211 Quality Circle, Suite 210 World Wide Web Revenue $ 30,440 $ 27,810 $ 35,475 Oslo, Norway College Station, Texas 77845 For information on Schlumberger Net income (loss) attributable to Schlumberger $ (1,505) $ (1,687) $ 2,072 Imran Kizilbash +1 (877) 745-9341 technology, services and solutions, Henri Seydoux 3, 4, 5 Vice President Schlumberger +1 (781) 575-2707 visit www.slb.com. For information $ (1.08) $ (1.24) $ 1.63 Diluted earnings (loss) per share Chairman and Venture Fund on career and job opportunities Cash dividends per share $ 2.00 $ 2.00 $ 2.00 Chief Executive Officer General stockholder at Schlumberger, visit Cash flow from operations $ 5,663 $ 6,261 $ 8,805 Parrot S.A. Simon Farrant information is available on www.careers.slb.com. Paris, France Vice President Investor Relations the Computershare website at www.computershare.com. * Mark of Schlumberger Miguel Galuccio 3, 5 Howard Guild Other company, product, and service names are the properties of their respective owners. Safety Performance Chairman and Chief Accounting Officer E-mail Alerts Chief Executive Officer To receive Schlumberger press 2017 2016 2015 Photography by John Hafemeister and Gary Year ended December 31 Vista Oil and Gas Kevin Fyfe releases and daily news, Ranos (cover, 3c, 13a); Stuart Conway (inside Combined Lost Time Injury Frequency (CLTIF)—Industry Recognized 0.90 0.90 0.95 Mexico City, Mexico Vice President sign up at www.slb.com/ir. front cover); Robert Seale (3a); Ken Childress Controller Operations (3d, 9); John Hafemeister (12); Ragnar Auto Accident Rate mile (AARm)—Industry Recognized 0.34 0.25 0.21 1 Member, Audit Committee Vikoeren (16). 2 Member, Compensation Committee 3 Member, Finance Committee 4 Member, Nominating and Governance Committee 5 Member, Science and Technology Committee 14781schD1R2.indd 2 2/14/18 5:18 PM Schlumberger is the world’s leading provider of technology for reservoir characterization, drilling, production, and processing to the oil and gas industry. Working in more than 85 countries and employing approximately 100,000 people who represent over 140 nationalities, Schlumberger supplies the industry’s most comprehensive range of products and services, from exploration through production, and integrated pore to pipeline solutions that optimize hydrocarbon recovery to deliver reservoir performance. Front Cover Contents Digital technology is helping the E&P industry make better Financial and Safety Performance Inside Front Cover use of all the data and expertise it possesses by getting the right 2 Letter to Shareholders information to the right people at the right time. Engineers will 5 Performed by Schlumberger be able to use digital well construction planning and operations 6 Digital Technology Integration software in the DELFI* cognitive E&P environment to enhance 8 Establish a New Way of Working collaboration and optimize the drilling process. For example, 8 System-Level Optimization the DrillPlan* digital well construction planning solution 11 Reduce Uncertainty, Accelerate Decision Making provides a new way of working for drilling engineers in the field 11 Increase Efficiency, Minimize Risks collaborating with domain experts at remote monitoring centers. 13 Decrease Cost per Barrel Inside Front Cover 16 Digitally Enable End-to-End Solutions The sun sets on an Integrated Production Services well 17 Annual Report on Form 10-K intervention plug and abandonment operation in Brunei. Directors, Officers, and Corporate Information Inside Back Cover 1 14781schD2R3.nar.indd 1 2/13/18 11:18 PM Letter to Shareholders In 2017, Schlumberger celebrated the 90th anniversary of the first well logging survey, which took place in the Pechelbronn oil field in France in September 1927. This log established the science of subsurface metrology and provided the impetus for the business venture that eventually became Schlumberger. Paal Kibsgaard Chairman and Chief Executive Officer Schlumberger full-year 2017 revenue of $30.4 billion increased 9% year on year. This reflects a full year of activity from the acquired Cameron businesses compared with only three quarters of activity in 2016. In addition to the impact of Cameron, revenue growth was driven by unconventional land resource developments in North America due to the recovery in activity combined with market share gains and improved pricing as the oil and gas industry began to emerge from the longest and deepest downturn in 30 years. Following two successive years of E&P investment cuts, operators increased their upstream spend in North America by more than 30% in 2017. The increase in oil price afforded by the OPEC agreement gave US producers a means to increase their investment in tight oil. However, apprehension related to growing US supply, and uncertainty surrounding the duration of OPEC- and Russia-led production cuts held international spending to a level 3% below 2016. During 2017, the outlook improved for international markets, evidenced by a significant increase in the sanctioning of new projects. The number of final investment decisions tripled in 2017 compared with 2016, with 75% of the new projects planned for shallow and deepwater offshore environments. After starting the year at $55 per barrel, Brent prices fell to $44 in June and then recovered to $67 by the end of the year. The price increase resulted from 2017 demand growth of 1.5 million barrels
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