SLB N.V. (SLB Limited)

SLB N.V. (SLB Limited) is the world's largest oilfield services company, providing the technology, equipment, and expertise that oil and gas operators use to find, drill, complete, and produce hydrocarbon reserves across more than 100 countries, generating $35.7 billion in revenue in fiscal 2025. The company, formerly known as Schlumberger before its 2023 rebranding, sits at the intersection of every major energy debate — upstream investment cycles, the pace of the energy transition, digital transformation of industrial workflows, and the geopolitics of supply security.

This is a story about a century-old franchise that has systematically repositioned itself for a future where the most valuable services are not drilling wells but recovering more from the wells already drilled and embedding intelligence across every stage of production. The ChampionX acquisition, the build-out of a data center solutions business, and the rapid growth of a digital platform now generating over $1 billion in annual recurring revenue are not diversions — they are deliberate bets that the industry's center of gravity is shifting from capital expenditure on new wells toward operating expenditure on existing ones. The file turns on a single question: whether these newer, higher-margin, less-cyclical revenue streams can grow fast enough to change how the market values the franchise before the next upstream downturn arrives.