SLB Reorganizes, Braces for More Job Cuts: Source

HOUSTON--(BUSINESS WIRE)--Oct. 24, 2022-- SLB (NYSE: SLB) today announced its new name—SLB—underscoring the company’s vision for a decarbonized energy future and affirming its transformation from the world’s largest oilfield services company to a global technology company focused on driving energy innovation for a balanced planet. Beginning today, the legacy Schlumberger brand and nearly all of its affiliated brands will become one under the new SLB brand, which introduces a refreshed visual identity, including a new logo for the company—a symbol of where it is today and where it is heading. “Today we face the world’s greatest balancing act—providing reliable, accessible and affordable energy to meet growing demand, while rapidly decarbonizing for a sustainable future,” said Olivier Le Peuch, chief executive officer, SLB. “This dual challenge requires a balance of energy affordability, energy security and sustainability. It requires a balance of innovation and decarbonization in the oil and gas industry as well as clean energy solutions. It requires a balanced energy mix for a balanced planet. Our new identity symbolizes SLB's commitment to moving farther and faster in facilitating the world's energy needs today and forging the road ahead for the energy transition. It’s a bold challenge. But the legacy of our people, technology and performance are unmatched, and we are ready to answer this challenge.” Brand evolution The SLB brand builds on nearly a century of technology innovation and industrialization expertise in the energy services industry. The company has spent the last three years laying the groundwork for its increasing focus on low- and zero-carbon energy technology solutions while continuing to drive innovation, decarbonization and performance for the oil and gas industry: In 2020, SLB launched its New Energy business to explore partnerships and opportunities in low-carbon and carbon-neutral technologies. This set in motion a years-long journey for the company to expand its role in the new energy future through the development of new technologies and partnerships. In 2021, SLB became the first company in the energy services industry to commit to a net-zero target inclusive of total Scope 3 emissions from the use of its technologies. In tandem with this commitment, SLB introduced a portfolio of Transition Technologies™ with a quantifiable, science-based emissions reduction benefit. One example is SLB’s Zero-Flaring Well Test and Cleanup technique, which has been used by customers to reduce up to 80,000 tons of CO2 emissions—the equivalent of nearly 18,000 cars off the road for a year. Earlier this year, the company announced SLB End-to-end Emissions Solutions (SEES), a dedicated business for eliminating methane emissions from oil and gas operations. Methane is an important industry target because its warming effect is 84 times greater than CO2 over a 20-year period and 28 times over a century. SLB recently joined the Oil and Gas Climate Initiative’s “Aiming for Zero Methane Emissions Initiative” to support energy companies’ efforts to curb the warming impact of their operational methane emissions. SLB today Leveraging this progress and guided by its brand promise to drive energy innovation for a balanced planet, SLB will focus on delivering results-driven solutions for its customers in four areas: New energy systems—SLB is focusing on creating and scaling the new energy systems of tomorrow. With its New Energy business evolving to a strategic driver for the company, SLB will continue forging partnerships across various industries to develop technologies across five areas: carbon solutions, hydrogen, geothermal and geoenergy, energy storage and critical minerals. This includes the company’s Celsius Energy business, which reduces the carbon footprint of buildings by making energy accessible from the earth, as well as Genvia, a clean hydrogen technology company formed as a public/private partnership with France’s renewables research agency, CEA, and other partners. Industrial decarbonization—Reducing emissions, particularly from hard-to-abate industries, is critical to achieving net zero targets. SLB is already working to make an impact in this area. Last month, it announced plans to develop a digital sustainability platform that will provide sustainability solutions for hard-to-abate industrial sectors. SLB is also focused on expanding technologies and opportunities for carbon capture, utilization and sequestration (CCUS), which is one of the most significant levers for decarbonizing multiple industries. Digital at scale—Digital capabilities continue to grow throughout the energy industry and have become a key performance and efficiency driver. SLB’s customers will be able to use the company’s digital products and services to help hel