Plus   Neg

Schlumberger To Reduce More Than 21,000 Employees - Quick Facts

Schlumberger Limited (SLB) said, in response to market conditions, the company recorded $3.7 billion of pretax restructuring and asset impairment charges, including $1 billion of severance costs, as of the end of the quarter. The company noted that the severance is associated with reducing its workforce by more than 21,000 employees. The vast majority of this charge is expected to be paid during the second half of 2020. The company said the remaining portion of the charge largely relates to the non-cash impairment of certain assets.

Schlumberger CEO Olivier Le Peuch said: "Looking at the macro view in the near-term, oil demand is slowly starting to normalize and is expected to improve as government measures support consumption. However, subsequent waves of potential COVID-19 resurgence pose a negative risk to this outlook."

For the second quarter, excluding charges & credits, earnings per share was $0.05 compared to $0.35, prior year. On average, 27 analysts polled by Thomson Reuters expected the company to report a loss per share of $0.01, for the quarter. Analysts' estimates typically exclude special items.

Second quarter revenue declined 35% year-on-year to $5.36 billion from $8.27 billion. Analysts expected revenue of $5.36 billion for the quarter.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
United Airlines has rolled out an interactive online "Map Search" feature for its customers in collaboration with search giant Google. The new feature is powered by Google Flight Search Enterprise Technology. United is claimed to be the first airline in the U.S. to add this feature. The new feature, available on United.com, allows customers to easily search, compare and purchase flight tickets. GHSW, LLC. is recalling Trader Joe's Southwest Style Sweet Potato Sauté Bowl citing undeclared milk and egg allergens in the dressing, according to the Food and Drug Administration. The recall was initiated after it was discovered that the dressing in the bowl contains milk and egg, but are not declared on the label. California Gov. Gavin Newsom signed an executive order on Wednesday that bans the sale of new gasoline-powered vehicles in the state by 2035. With this, California plans to phase out the sale of all gasoline-powered vehicles and to drastically reduce demand for fossil fuel in its fight against climate change. The order directs the California Air Resources Board to develop a plan.
Follow RTT