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Olivier Le Peuch Chief Executive Officer

Message from the CEO

Schlumberger’s vision is to define and drive high performance, sustainably. We are focused on our purpose: creating amazing technology that unlocks access to energy, for the benefit of all.

Schlumberger is committed to being at the forefront of our industry’s shift toward more sustainable energy production—challenging not only ourselves, but also our customers, suppliers, and peers to partner on delivering measurable social and environmental progress. We are uniquely positioned to impact both our own environmental and social footprint and to help our customers reach their goals. Our corporate purpose reiterates our commitment to being a more sustainable industry partner.

The health and safety of our people, customers, contractors, and surrounding communities have always been a top priority in Schlumberger, and this has been in sharper focus during the recent pandemic. I am very proud of the example the people of Schlumberger have set by responding with resilience and generosity, and for safely continuing to deliver high performance for customers and making meaningful contributions to the health of our communities. In 2019, we achieved the lowest total recordable injury frequency and automotive accident rate Schlumberger has ever recorded.

In this context, you can see our culture of stewardship grows from one of our long-established values—people. Exceptional people join us from around the world because of who we are—and then they make us what we are. Schlumberger seeks to continually increase diversity and promote inclusion in our workforce, supply chains, and communities where we work and live. We believe caring for people and communities is fundamental to drive better performance for all our stakeholders; this is why sustainability is at the core of everything we do. Recent events have increased the sense of urgency and reinforced our commitment to industry-wide sustainability.

Indeed, companies across all industries are being challenged to innovate and create more value while strengthening positive environmental and social performance. I personally accept this challenge and commit to added accountability, transparency, and stakeholder engagement across our ESG strategic elements.

We believe good stewardship starts with committing to change, and accountability starts with setting key corporate goals and targets with the right governance in place to ensure we make progress. Two of our stewardship ambitions for 2025 are a salaried workforce comprising 25% women and a reduction of our Scope 1 and 2 emissions by 30%. My global management teams and I share both these goals in key objectives that are tied to annual compensation.

The United Nations Sustainable Development Goals continue to serve as a primary framework for translating our corporate priorities into locally relevant social and environmental programs. Our focus on addressing climate change aligns to recommendations made by the Task Force on Climate-related Financial Disclosures (TCFD)—efforts we proudly support. Additionally, we view the Sustainability Accounting Standards Board (SASB) metrics as relevant to our management of both financial and non-financial risks related to ESG performance. Our commitment to transparency on key ESG priorities will strengthen our contributions to sustainable change beyond our own environmental footprint.

We are proud that in 2019, our company became the first in upstream exploration and production services to commit to setting a science-based target to reduce greenhouse gas emissions. This is significant, because it challenges us with targets verified by the Science Based Targets initiative, not only to reduce our fuel and power consumption, but to also work with our suppliers and customers to reduce their consumption. We will set our reduction target, in line with SBTi’s defined criteria, by 2021. Through strong collaboration with our business partners across our industry, we are committed to making measurable progress in addressing climate change. These efforts will be in and beyond oil and gas, strengthening our commitment to provide customers with innovative energy technologies.

I am proud of the achievements we have made in 2019 to advance sustainability. I would like to thank our employees, customers, suppliers, and partners for their dedication and support in delivering the results in this report. Our industry has an important role to play in the future of energy, and Schlumberger is evolving for that exciting future. We continue to build the Schlumberger of tomorrow to define and drive high performance, sustainably.

Olivier Le Peuch Chief Executive Officer

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