SLB 8-K Report, Regulation FD Disclosure (Jun 24, 2025)

SLB's CEO Olivier Le Peuch, speaking at the J.P.

Morgan Energy, Power & Renewables Conference on June 24, 2025, gave a second-quarter 2025 operational update that flagged a weaker activity mix and a modest downgrade to near-term profitability expectations. He cited elevated uncertainty across energy markets, including OPEC+ decisions, tariff negotiations, and geopolitical escalations. Activity has declined more than planned in Saudi Arabia, where several rigs were demobilized and Jafurah unconventional work paused pending new tender results, and short-cycle activity in Latin America remains soft.

These declines were partly offset by growth in the Middle East and North Africa. Management still expects second-quarter revenue to be roughly flat sequentially, excluding any impact from conflict in the Persian Gulf. However, the unfavorable geographic mix is pressuring margins, so company-wide EBITDA in dollar terms is now expected to be flat sequentially, slightly below the prior guidance given on the first-quarter call.

The pressure is concentrated in Well Construction, while Production Systems, Reservoir Performance, and Digital & Integration margins have held up. SLB reaffirmed its commitment to return at least $4 billion^a to shareholders in 2025. The update is largely a refinement of expectations rather than a change in strategy, but it signals softer short-cycle demand and Middle East exposure risk.

Investors should look to the second-quarter earnings call, scheduled for a few weeks out, for updated second-half 2025 guidance. This filing is furnished under Item 7.01 and is not deemed filed for Exchange Act purposes.