SLB, formerly known as Schlumberger, is the world's largest oilfield services company, providing the equipment, technology and expertise that oil and gas producers need to drill wells and extract crude oil and natural gas. Rather than owning oil and gas reserves itself, SLB is paid by exploration and production companies for services like drilling, well completion and reservoir management, giving it exposure to how much oil and gas producers are spending on drilling activity rather than to commodity prices directly. Its business is global, with a significant share of revenue coming from international and offshore markets rather than concentrated in U.S. shale, giving it different exposure than oilfield service companies focused mainly on domestic drilling. SLB's revenue and profitability track the capital spending cycles of oil and gas producers, which tend to expand when energy prices are high and producers are drilling more wells, and contract when producers pull back spending.