Aramco Awards SLB Long-Term Contract to Support Kingdom’s Unconventional Gas Production Growth

Key Terms

unconventional gas technical

Unconventional gas is natural gas trapped in dense rock or coal formations that won’t flow freely into a well and must be recovered using special methods like horizontal drilling and hydraulic fracturing; think of it as squeezing juice from a tightly packed fruit rather than pouring from a bottle. It matters to investors because it expands available supply, changes production costs and reserve estimates, and is sensitive to technology, regulation and commodity prices, all of which affect company value and earnings.

well intervention technical

Well intervention is work done on an oil or gas well after it has started producing to restore, boost, or safely manage output — like servicing a machine to fix a leak, clear a blockage, or replace worn parts. For investors it matters because interventions affect how much oil or gas a well yields, how long it stays productive, and the timing and size of repair costs and downtime, all of which influence revenue and asset value.

frac automation technical

Frac automation is the use of sensors, software and remote controls to run and monitor hydraulic fracturing operations in oil and gas wells, replacing manual tasks with automated systems. For investors, it matters because automation can lower operating costs, improve consistency of production, reduce safety incidents and cut downtime—much like automating a factory line or using a smart thermostat makes a building more efficient and easier to manage.

• Five-year contract to drive innovation in stimulation, intervention, digital and frac automation
• Agreement underscores gas as a pivotal fuel for global energy demand and a bridge to lower-carbon systems

HOUSTON--(BUSINESS WIRE)-- Global technology company SLB (NYSE: SLB) has been awarded a five-year contract by Aramco to provide stimulation services for its unconventional gas fields. This award is part of a broader multi-billion contract, supporting one of the largest unconventional gas development programs globally.

The contract encompasses advanced stimulation, well intervention, frac automation, and digital solutions, which are important to unlocking the potential of Saudi Arabia’s unconventional gas resources.

The contract encompasses advanced stimulation, well intervention, frac automation, and digital solutions, which are important to unlocking the potential of Saudi Arabia’s unconventional gas resources — a cornerstone of the Kingdom’s strategy to diversify its energy portfolio and support the global energy transition.

“This agreement is an important step forward in Aramco’s efforts to diversify its energy portfolio in line with Vision 2030 and energy transition goals,” said Steve Gassen, executive vice president, Geographies, SLB. “With world-class technology, deep local expertise, and a proven track record in safety and service quality, SLB is well positioned to deliver tailored solutions that could help redefine operational performance in the development of Saudi Arabia’s unconventional resources.”

These solutions provide the tools to work toward new performance benchmarks in unconventional gas development.

About SLB

SLB (NYSE: SLB) is a global technology company that drives energy innovation for a balanced planet. With a global footprint in more than 100 countries and employees representing almost twice as many nationalities, we work each day on innovating oil and gas, delivering digital at scale, decarbonizing industries, and developing and scaling new energy systems that accelerate the energy transition. Find out more at slb.com.

Cautionary Statement Regarding Forward-Looking Statements:

This press release contains “forward-looking statements” within the meaning of the U.S. federal securities laws — that is, statements about the future, not about past events. Such statements often contain words such as “expect,” “may,” “can,” “estimate,” “intend,” “anticipate,” “will,” “potential,” “projected" and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain, such as forecasts or expectations regarding the deployment of, or anticipated benefits of, SLB’s new technologies and partnerships; statements about goals, plans and projections with respect to sustainability and environmental matters; forecasts or expectations regarding energy transition and global climate change; and improvements in operating procedures and technology. These statements are subject to risks and uncertainties, including, but not limited to, the inability to achieve net-negative carbon emissions goals; the inability to recognize intended benefits of SLB’s strategies, initiatives or partnerships; legislative and regulatory initiatives addressing environmental concerns, including initiatives addressing the impact of global climate change; the timing or receipt of regulatory approvals and permits; and other risks and uncertainties detailed in SLB’s most recent Forms 10-K, 10-Q and 8-K filed with or furnished to the U.S. Securities and Exchange Commission. If one or more of these or other risks or uncertainties materialize (or the consequences of such a development changes), or should underlying assumptions prove incorrect, actual outcomes may vary materially from those reflected in our forward-looking statements. The forward-looking statements speak only as of the date of this press release, and SLB disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.

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Media

Josh Byerly – SVP of Global Communications

Moira Duff – Director of External Communications

Tel: +1 (713) 375-3407

media@slb.com

Investors

James R. McDonald – SVP of Investor Relations & Industry Affairs

Joy V. Domingo – Director of Investor Relations

Tel: +1 (713) 375-3535

investor-relations@slb.com

Source: SLB