SLB: Digital CMD – Part 1: The Vision

Research evidence excerpt

SLB: Digital CMD – Part 1: The Vision

18 June 2026

Guillaume Delaby

+33 1 42 13 62 29

Global Oil Services guillaume.delaby@bernsteinsg.com

Schlumberger Ltd Luis-Fernando Sarmiento

+44 20 7762 1851

Rating luis-fernando.sarmiento@bernsteinsg.com

Outperform Specialist Sales

Price Target Gareth Williams

+44 20 7762 5256

SLB 71.00 USD gareth.b.williams@bernsteinsg.com

SLB: Digital CMD — Part 1: The Vision

SLB’s Digital advantage. SLB’s Digital CMD on 17 June 2026 in NYC (which we attended Close Date 17 Jun 2026

remotely) was the first of its kind since the Nov. 2022 CMD (which we attended in person). It

SLB Close Price (USD) 50.33

follows AIDE Institute Enterprise having recently awarded SLB a “perfect score for AI adoption”

Price Target (USD) 71.00

– a distinction only also achieved by Nvidia, Amazon, and Meta. Digital is reshaping how energy

Upside/(Downside) 41%

is discovered, developed, and produced. It is no longer an “enabler” to improve workflows; it has

52-Week Range 58.82/31.64

become “foundational”. To unlock the full potential of Digital, four conditions need to be met.

SPX 7,420.10

1) Domain expertise - a deep understanding of the physics, workflows and constraints. 2)

FYE Dec

Global scale - enabled by architecture and platforms that allow different systems/workflows

Div Yield 2.3%

to interoperate. 3) Trusted relationships - identifying the right partners to engage with. 4)

Market Cap (USD) (M) 75,246

A digital platform foundation - to connect the various stages of energy operations. SLB’s

EV (USD) (M) 84,643

digital advantage lies in being the only company that meets those four conditions, which are

very difficult to replicate. This architecture, built over many decades, is now ready to harvest. Performance YTD 1M 6M 12M

Absolute (%) 31.1 (11.9) 32.0 40.4