Energy technology company SLB (SLB) just rolled out something that could reshape how it pays dividends to shareholders for years to come.
The company, formerly known as Schlumberger, launched Tela in 2025, an artificial intelligence tool designed to automate processes for energy companies looking to leverage AI for growth.
It’s a move that underscores how critical digital business has become to SLB’s financial health.
For investors watching their dividend checks, that matters more than you might think.
SLB is bullish on digital revenue growth
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Digital revenue is driving SLB’s growth
SLB’s digital sector has emerged as a key driver of revenue growth. The business jumped 11% sequentially in the third quarter, a pace that caught Wall Street‘s attention.
The company started reporting its digital business as a standalone division last quarter. It signals that SLB views digital as a core growth engine, not just a side project.
“We’ve been very successful with this business for the last many years, and absolutely, digital will be an integral part of the success of SLB for many decades to come,” Rakesh Jaggi, SLB’s president of Digital & Integration, told Reuters.
- SLB is forecasting double-digit year-over-year sales growth in the digital segment.
- For a company this size, those numbers represent real money flowing into the business.
- And that cash matters when it comes time to decide dividend policy.
What Tela does for energy companies
Tela gets embedded into SLB’s portfolio of applications and platforms. Users interact with it through a simple conversational interface, similar to how you might use ChatGPT or other AI tools.
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The Tela agents can work alongside humans or operate autonomously to make decisions on tasks such as interpreting well logs, predicting drilling issues, and optimizing equipment performance.
That dual challenge is real.
- Energy companies have announced thousands of job cuts in the past year amid a slump in global crude oil prices.
- The OPEC+ group of oil producers increased output, which pushed prices lower and squeezed profit margins across the industry.
- Companies are scrambling to cut costs while maintaining operations.
- Digital tools like Tela enable more with fewer people, which is precisely what the industry needs right now.
SLB is a dividend growth stock
Here’s the connection to dividends that matters to shareholders.
- Traditional oilfield services revenue tends to fluctuate with oil prices and drilling activity.
- When crude prices drop, energy companies cut back on drilling. That hurts service providers like SLB.
- Digital revenue, on the other hand, is more stable and recurring.
Once energy companies integrate AI tools and digital platforms into their operations, they keep using them regardless of short-term price swings.
That predictable revenue stream gives SLB more flexibility to maintain and grow dividend payments even when the core oilfield services business hits rough patches.
According to data from Tikr.com, between 2025 and 2029, SLB stock is forecast to increase:
- Free cash flow from $3.65 billion to $5.90 billion.
- Annual dividends from $1.14 per share to $1.46 per share.
It suggests the payout ratio for SLB stock will improve from 46% in 2025 to 37% in 2029.
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A narrowing payout ratio provides SLB with additional flexibility to strengthen the balance sheet and target accretive acquisitions.
Moreover, the projected dividend hike will increase the yield-at-cost from 2.43% to 3.12% over the next four years.
The industry is changing fast
Energy companies are facing pressure from multiple directions. The workforce is shrinking as experienced workers retire and fewer young people enter the industry.
At the same time, technical complexity continues to increase as companies drill in more challenging environments.
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Digital tools like Tela address both problems. They can handle routine tasks that would otherwise require experienced workers. And they can process vast amounts of data to spot patterns and optimize operations in ways that humans simply can’t match.
In addition to growing revenue, the success in the digital space is about positioning SLB to thrive in an industry that’s undergoing fundamental change.
The traditional oilfield services model still matters and SLB isn’t abandoning that business. But the energy heavyweight is clearly betting that digital will drive an increasing share of future growth and profitability.
What this means for dividend investors
SLB’s dividend has been solid, but the sustainability of those payments depends on consistent revenue and profit growth. The digital business offers that consistency that traditional business can’t match.
Investors should watch the digital segment’s performance closely in the coming quarters. If SLB hits its double-digit growth targets, it will strengthen the case for dividend increases.
If digital growth stalls, the dividend could come under pressure, especially if oil prices remain weak.
The Tela launch shows SLB is serious about digital. The company isn’t just talking about AI and automation. It’s building actual products and putting them in customers’ hands.
For now, the market likes what it sees. Whether that translates into higher dividends remains to be seen.
But the direction is clear: SLB’s dividend growth increasingly depends on success in digital, not just traditional oilfield services.
That’s a fundamental shift in how investors should think about this stock.