Schlumberger Reports on Payments to Governments for the year ended 31 December 2021

Rhea-AI Summary

Schlumberger Limited disclosed its government payments for 2021 under the French Commercial Code. The report includes payments made to governments in Morocco, the UK, and the US, totaling approximately $3,281.4k. In Morocco, the total was $1,437.5k, mainly for taxes and dividends. The UK reported $162.8k, primarily from royalties, while the US totalled $1,681.0k, with significant taxes from various mining operations. Payments under EUR100,000 were excluded, and currency conversions were based on annual averages.

Positive

• Total payments made in 2021 reached approximately $3,281.4k.
• Detailed reporting enhances transparency and regulatory compliance.

Negative

• High reliance on government payments exposes operational risks.
• Exclusion of smaller payments may limit insights into total government contributions.

PARIS--(BUSINESS WIRE)-- Regulatory News:

Schlumberger Limited is providing the following disclosure pursuant to L. 225-102-3 of the French Commercial Code (“FCC”) , which requires disclosures of certain payments made by Schlumberger Limited and its consolidated subsidiaries (together, the “Company”) to governments for the year ended December 31, 2021 relating to “extractive industries” as defined by, and required under, the FCC. The following schedules disclose the payments made by the Company in 2021 to governments in Morocco, the United Kingdom and the United States in connection with the Company’s extractive activities under the FCC, including its operation of sand and barite mines.

Payments are disclosed in US Dollars. Where a payment or a series of related payments is less than the equivalent of EUR100,000 (USD $118,270) such payments have been excluded (in line with the FCC). Payments made in currencies other than United States Dollars are converted based on the foreign exchange rate at the relevant annual average rate.¹

Taxes exclude taxes levied on consumption such as value added taxes, personal income taxes or sales taxes.

Year ended December 31, 2021 (USD in thousands)

Morocco
Project Report
		Taxes		Royalties2		Licenses and Fees		Production Entitlements		Bonuses		Infrastructure Improvements		Dividends		Total3
COMABAR (Barite)		606.6		0		0		59.1		0		0		771.8		1,437.5
2021 Total		606.6		0		0		59.1		0		0		771.8		$ 1,437.5
Government Report
		Taxes		Royalties2		Licenses and Fees		Production Entitlements		Bonuses		Infrastructure Improvements		Dividends		Total3
General Tax Administration		606.6		0		0		59.1		0		0		0		665.7
Office National des Hydrocarbures et des Mines (ONHYM)		0		0		0		0		0		0		771.8		771.8
2021 Total		606.6		0		0		59.1		0		0		771.8		$ 1,437.5

United Kingdom
Project Report
		Taxes		Royalties2		Licenses and Fees		Production Entitlements		Bonuses		Infrastructure Improvements		Dividends		Total3
Foss Mine (Barite)		26.2		105.0		3.8		0		0		0		0		135.0
Duntanlich (Barite)		8.3		13.7		5.8		0		0		0		0		27.8
2021 Total		34.5		118.7		9.6		0		0		0		0		$ 162.8
Government Report
		Taxes		Royalties2		Licenses and Fees		Production Entitlements		Bonuses		Infrastructure Improvements		Dividends		Total3
Forestry Commission of Scotland		0		118.7		0		0		0		0		0		118.7
Scottish Environment Protection Agency (SEPA)		0		0		9.6		0		0		0		0		9.6
HSE Mines Inspectorate		0		0		0		0		0		0		0		0.0
Scottish Police Authority		0		0		0		0		0		0		0		0.0
HM Revenue and Customs		0.6		0		0		0		0		0		0		0.0
Revenue Scotland LBTT Refund Regs of Scotland Fees & Assignations for leases		6.2		0		0		0		0		0		0		6.2
Perth & Kinross Council		28.3		0		0		0		0		0		0		28.3
2021 Total		34.5		118.7		9.6		0		0		0		0		$ 162.8

United States
Project Report
		Taxes		Royalties2		Licenses and Fees		Production Entitlements2		Bonuses		Infrastructure Improvements		Dividends		Total3
Big Bird (Barite)		0		0		19.5		0		0		0		0		19.5
Greybull Mine (Bentonite)		775.5		39.0		3.3		127.4		0		0		0		945.2
Hixton Mine (Frac Sand)		304.6		0		42.3		0		0		0		0		346.9
Greystone Mine (Barite)		308.1		0		10.4		0		0		0		0		318.5
Mountain Springs (Barite)		38.1		0		12.9		0		0		0		0		51.0
2021 Total		1,426.3		39.0		88.4		127.4		0		0		0		$ 1,681.1
Government Report
		Taxes		Royalties2		Licenses and Fees		Production Entitlements2		Bonuses		Infrastructure Improvements		Dividends		Total
Mine Safety and Health Administration		0		0		0.3		0		0		0		0		0.3
Curran Township		304.6		0		42.3		0		0		0		0		346.9
Elko County		0		0		1.3		0		0		0		0		1.3
Lander County		230.9		0		1.1		0		0		0		0		232.0
State of Nevada		115.3		0		7.9		0		0		0		0		123.2
Air Quality Division of Wyoming		0		0		2.6		0		0		0		0		2.6
Big Horn County		672.0		0		0		0.5		0		0		0		672.5
Bureau of Land Management		0		0		32.5		126.8		0		0		0		159.3
Office of State Lands and Investments of Wyoming		0		39.0		0.3		0		0		0		0		39.3
State of Wyoming		102.8		0		0		0		0		0		0		102.8
Washakie County		0.7		0		0		0.1		0		0		0		0.8
US Department of Agriculture		0		0		0.1		0		0		0		0		0.1
2021 Total		1,426.3		39.0		88.3		127.4		0		0		0		$ 1,681.0

Notes:

1. Payments made in local currencies are translated at the average exchange rate for the year. Conversion of EUR to USD based on a rate of EUR 1 = $1.1827 and of GBP 1 = $1.3757.
2. Royalty payments and production entitlements are paid in cash, except where noted. The value of production entitlements made in kind are calculated with reference to market rates at the time of payment.
3. Totals do not add exactly due to rounding.

About Schlumberger

Schlumberger (SLB: NYSE) is a technology company that partners with customers to access energy. Our people, representing over 160 nationalities, are providing leading digital solutions and deploying innovative technologies to enable performance and sustainability for the global energy industry. With expertise in more than 120 countries, we collaborate to create technology that unlocks access to energy for the benefit of all.

Find out more at www.slb.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220629006010/en/

Ndubuisi Maduemezia – Vice President of Investor Relations, Schlumberger Limited

Joy V. Domingo – Director of Investor Relations, Schlumberger Limited

+1 (713) 375-3535

investor-relations@slb.com

Source: Schlumberger Limited

FAQ

What payments did Schlumberger Limited report for 2021?

Schlumberger reported total payments of approximately $3,281.4k to governments for the year 2021.

Which countries are included in Schlumberger's 2021 payments report?

The report includes payments made in Morocco, the UK, and the US.

How much did Schlumberger pay to the US government in 2021?

Schlumberger paid approximately $1,681.0k to the US government in 2021.

What were the main components of Schlumberger's payments in Morocco?

In Morocco, Schlumberger's payments included $606.6k in taxes and $771.8k in dividends.