全球油服行业研究：斯伦贝谢数字战略竞争力解析

Luis-Fernando Sarmiento+44 20 7762 1851luis-fernando.sarmiento@bernsteinsg.com Specialist Sales Price Target Gareth Williams+44 20 7762 5256gareth.b.williams@bernsteinsg.com 71.00 USD SLB SLB: Digital CMD — Part 1: The Vision SLB’s Digital advantage.SLB’s Digital CMD on 17 June 2026 in NYC (which we attendedremotely) was the first of its kind since the Nov. 2022 CMD (which we attended in person). Itfollows AIDE Institute Enterprise having recently awarded SLB a “perfect score for AI adoption”– a distinction only also achieved by Nvidia, Amazon, and Meta. Digital is reshaping how energyis discovered, developed, and produced. It is no longer an “enabler” to improve workflows; it hasbecome “foundational”. To unlock the full potential of Digital, four conditions need to be met.1)Domain expertise- a deep understanding of the physics, workflows and constraints.2)Global scale- enabled by architecture and platforms that allow different systems/workflowsto interoperate.3)Trusted relationships- identifying the right partners to engage with.4)A digital platform foundation- to connect the various stages of energy operations. SLB’sdigital advantage lies in being the only company that meets those four conditions, which arevery difficult to replicate. This architecture, built over many decades, is now ready to harvest. SLB = Microsoft?This is powerful comparison. Both Microsoft’s and SLB’s digitalecosystem are based on the same three layers.1) Product suite/workflows– Word, Excel,and PowerPoint for Microsoft; Petrel, Techlog, DrillPlan, OptiFlow for SLB. Those productsare bound together by a cloud-native digital platform (Microsoft 365, Delfi).2) Data and AI– Azure or OneDrive for Microsoft, Lumi for SLB.3)AI assistant– Copilot for Microsoft, Telafor SLB. This framework is consistent with what we refer to in our research as a ‘Digital City’. Do you want to be my partner?Selecting the right partners is absolutely key. They need tobe ‘la crème de la crème’ and to include:1)Hyperscalers– AWS, Google Cloud, Microsoft;2) Edge– Litmus, Qualcomm, Zededa;3) AI & Data science– Dataiku, Google, Nvidia;4)Security– Paloalto, Splunk;5) Data– Cognite, S&P Global; and6) OFSE– HP, Nabors,SBM Offshore. Our view – A convincing grand vision, true to SLB’s culture (albeit with a novel twist).The 17 June CMD was totally consistent with SLB’s traditional culture of: 1) technologicalleadership; and 2) ability to scale at size. The novel element, however, is that building thisinfrastructure over the past 12 years was only made possible by partnering with othercompanies – this collaborative approach is very new when looking at the company’s 100-year history. As building this digital architecture is now essentially complete, the company isentering the harvesting phase. INVESTMENT IMPLICATIONS We reiterate our Outperform rating. BERNSTEIN TICKER TABLE I. REQUIRED DISCLOSURES References to "Bernstein" or the “Firm” in these disclosures relate to the following entities: Bernstein Institutional Services LLC(April 1, 2024 onwards), Sanford C. Bernstein & Co., LLC (pre April 1, 2024), Bernstein Autonomous LLP, BSG France S.A. (April 1,2024 onwards), Sanford C. Bernstein (Hong Kong) Limited盛博香港有限公司,Sanford C. Bernstein (Canada) Limited, SanfordC. Bernstein (India) Private Limited (SEBI registration no. INH000006378), Sanford C. Bernstein (Singapore) Private Limited,Sanford C. Bernstein Japan KK(サンフォード・C・バーンスタイン株式会社)and analysts employed by Société GénéraleAfrica Technologies & Services to produce Bernstein research under a Global Services Agreement in place between Bernsteinand Société Générale. Bernstein is part of a joint venture between Société Générale (SG) and AllianceBernstein, L.P. (AB). Unless specifically notedotherwise, for purposes of these disclosures, references to Bernstein’s “affiliates” relate to both SG and AB and their respectiveaffiliates. VALUATION METHODOLOGY Schlumberger Ltd Our $71.0 PT is based on a DCF with an 8% WACC, 3.5% LT growth and $5,640m normalized FCF to perpetuity. RISKS Schlumberger Ltd Downside risks: 1) SLB is the most exposed of its peers to the International and offshore markets. We expect these to displayincreasing strength over 2023-30. If this improvement fails to materialize as we expect, it could have an adverse impact on ourSLB target price. 2) The international capex cycle is generally considered to be essentially supply driven with the North America'scycle is essentially demand driven. It remains to be seen whether a new decline in the oil price may also translate into a reductionin offshore capex. 3) SLB's ability to transform itself from an oil services into a new energy giant with the same level of marginsremains a key element of uncertainty. RATINGS DEFINITIONS, BENCHMARKS AND DISTRIBUTION EQUITY RATINGS DEFINITIONS Bernstein brand The Bernstein brand rates stocks based on forecasts of relative performance for the next 12 months versus the S&P 500 forstocks listed on the U.S. a