SLB (formerly Schlumberger) is an energy company that provides technology for oil and gas production, drilling, and processing. The company also supplies products and services to the energy industry, from exploration through production and integrated pipeline solutions for hydrocarbon recovery. SLB has been in Sugar Land since the 1950’s and has two headquarters in our city, one for Well Construction and their US Land Headquarters.

Due to market circumstances, SLB was not able to make the improvements on their property as outlined in the original agreement. To date, no incentive payments have been made.

To ensure a good faith effort and flexibility to market changes, as well as retention of an important primary employer, the following changes are recommended:

It is important to note that incentives provided by the Sugar Land Development Corporation (SLDC), a special economic development corporation approved by Sugar Land voters in 1993 and funded by a voter-approved .25 cent sales tax, are for promoting and developing new and expanded business enterprises. This includes recruiting and retaining primary employment, and incentives are strictly performance-based. The company will only receive the full annual benefit if it fully meets all obligations and requirements. The estimated total direct and indirect benefits of any project receiving an incentive from SLDC must exceed the total direct incentives offered.
 
If approved, and subject to SLB meeting all terms of the Performance Agreement, the first of four incentive payments will be issued on April 30, 2024.
 
The proposed Amended and Restated Economic Development Performance Agreement has been recommended to the Economic Development Committee and City Council during Executive Session. Staff recommends approval of the Amended and Restated Economic Development Performance Agreement between the Sugar Land Development Corporation, Schlumberger Limited, and Schlumberger Technology Corporation.