SLB Reports on Payments to Governments for the year ended 31 December 2023

Rhea-AI Summary

SLB (NYSE: SLB) released its annual report on payments to governments for the year ending December 31, 2023, as required by the French Commercial Code. The report details payments in Morocco, the United Kingdom, and the United States related to SLB's extractive activities. Significant payments include $4.77 million in Morocco, $234.7 thousand in the United Kingdom, and $652.1 thousand in the United States. These payments encompass taxes, licenses, and fees, with Morocco showing the highest total payments primarily due to barite mining operations. The report adheres to regulations by converting all foreign payments to USD and excluding payments under EUR 100,000.

Positive

• None.

Negative

• Morocco payments totaled $4.77 million, potentially impacting net profits.
• High tax payments in Morocco, totaling $2.41 million.
• United States payments of $652.1 thousand may affect cash flow.

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

SLB (NYSE: SLB) 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, 2023 relating to “extractive industries” as defined by, and required under, the FCC. The following schedules disclose the payments made by the Company in 2023 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 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 $108,245.15), such payments have been excluded (in line with the FCC). Payments made in currencies other than US 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, 2023 (USD in thousands)

Morocco
Project Report
		Taxes		Royalties2		Licenses and Fees		Production Entitlements		Bonuses		Infrastructure Improvements		Dividends		Total3
COMABAR (Barite)		2,410.8		0		0		64.7		0		0		2,294.7		4,770.2
2023 Total		2,410.8		0		0		64.7		0		0		2,294.7		$ 4,770.2
Government Report
		Taxes		Royalties2		Licenses and Fees		Production Entitlements		Bonuses		Infrastructure Improvements		Dividends		Total3
General Tax Administration		2,410.8		0		0		64.7		0		0		0		2,475.5
Office National des Hydrocarbures et des Mines (ONHYM)		0		0		0		0		0		0		2,294.7		2,294.7
2023 Total		2,410.8		0		0		64.7		0		0		2,294.7		$4,770.2

United Kingdom
Project Report
		Taxes		Royalties2		Licenses and Fees		Production Entitlements		Bonuses		Infrastructure Improvements		Dividends		Total3
Foss Mine (Barite)		30.4		68.8		3.8		0		0		0		0		103.0
Duntanlich (Barite)		94.1		21.6		16.0		0		0		0		0		131.7
2023 Total		124.5		90.4		19.8		0		0		0		0		$ 234.7
Government Report
		Taxes		Royalties2		Licenses and Fees		Production Entitlements		Bonuses		Infrastructure Improvements		Dividends		Total3
Forestry Commission of Scotland		0		90.4		0		0		0		0		0		90.4
Scottish Environment Protection Agency (SEPA)		0		0		18.1		0		0		0		0		18.1
HSE Mines Inspectorate		0		0		1.7		0		0		0		0		1.7
Scottish Police Authority		0		0		0		0		0		0		0		0.0
HM Revenue and Customs		0.4		0		0		0		0		0		0		0.4
Revenue Scotland LBTT Refund Regs of Scotland Fees & Assignations for leases		0		0		0		0		0		0		0		0.0
Perth & Kinross Council		124.1		0		0		0		0		0		0		124.1
2023 Total		124.5		90.4		19.8		0		0		0		0		$ 234.7

United States
Project Report
		Taxes		Royalties2		Licenses and Fees		Production Entitlements2		Bonuses		Infrastructure Improvements		Dividends		Total3
Big Bird (Barite)		0		0		19.3		0		0		0		0		19.3
Greystone Mine (Barite)		265.7		0		7.9		0		0		0		0		273.6
Mountain Springs (Barite)		348.3		0		10.9		0		0		0		0		359.2
2023 Total		614.0		0		38.1		0		0		0		0		$ 652.1

Government Report
		Taxes		Royalties2		Licenses and Fees		Production Entitlements2		Bonuses		Infrastructure Improvements		Dividends		Total
Elko County		0		0		1.3		0		0		0		0		1.3
Lander County		63.2		0		1.3		0		0		0		0		64.5
State of Nevada		550.8		0		0		0		0		0		0		550.8
BLM		0		0		35.5		0		0		0		0		35.5
2023 Total		614.0		0		38.1		0		0		0		0		$652.1

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 = $1.0824 and of GBP 1 = $1.2439.
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 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.

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Investors

James R. McDonald – Senior Vice President of Investor Relations and Industry Affairs

Joy V. Domingo – Director of Investor Relations

Office +1 (713) 375-3535

investor-relations@slb.com

Media

Moira Duff – Director of External Communications

Office +1 (713) 375-3407

media@slb.com

Source: SLB

FAQ

What were SLB's total payments to governments in 2023?

SLB's total payments to governments in 2023 amounted to $5,657,000, with significant payments in Morocco, the United Kingdom, and the United States.

How much did SLB pay to the Moroccan government in 2023?

In 2023, SLB paid $4.77 million to the Moroccan government, primarily related to barite mining operations.

What were the payments made by SLB in the United Kingdom in 2023?

SLB's payments in the United Kingdom in 2023 totaled $234.7 thousand, including taxes, royalties, and licenses.

How much did SLB pay to the US government in 2023?

SLB paid $652.1 thousand to the US government in 2023, primarily for taxes and licenses.

What is the conversion rate used for SLB's payments in 2023?

The conversion rates used were EUR 1 = $1.0824 and GBP 1 = $1.2439.