Schlumberger revenue 2010-2023

Schlumberger Limited (SLB) generated 33.14 billion U.S. dollars in revenue in its 2023 financial year. This was an increase of some five billion U.S. dollars compared to the previous year. Founded in France in 1926, today the company is one of the leading oil service providers worldwide, with four main offices in Houston, Paris, London, and The Hague.

Investment in hydraulic fracturing

Schlumberger Limited is a major manufacturer of the technology used in hydraulic fracturing, which gained speed in the United States following instability in the global oil market during the 2008 financial crisis. Now an economically viable method of extraction, hydraulic fracturing (or “fracking”) made shale and tight oil accessible to U.S. drilling companies, with large reserves of sandstone found in states such as Texas and North Dakota.

Shale oil shifts the market

Like many other oilfield services providers in the 2010s, Schlumberger initially recovered from the global recession, nearly doubling its revenue from 2008 to 2014. As the shale oil market expanded, crude oil production in the U.S. soared, and an oversupply soon followed. After 2014, revenues plummeted across the industry, leading Schlumberger to shift its focus in recent years from its U.S. shale operations to projects in Africa, Asia and the Middle East, and Latin America.