Similar to Halliburton and Baker Hughes, Schlumberger is optimistic about demand recovery continuing in 2021
The oilfield services giant outlined plans for deeper spending cuts after recording a $3.7 billion charge, thousands of job cuts and a pipeline outage in Ecuador.
Halliburton reported a net loss of $1.7 billion, or $1.91 per share, in the second quarter ended June 30, which included a $2.1 billion impairment charge amid a slump in oil prices and the resulting collapse in drilling.
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Schlumberger is the world's largest supplier of products and services to the oil and gas industry. The company operates its business via multiple groups: reservoir characterization, drilling, production, and Cameron. It is investing more than any other services firm to make its offerings more bundled, which it believes is likely to be one of the key industry trends during the next 10 years. Efforts on this front are most visible via the Schlumberger Production Management business, which now accounts for 10% of its revenue.
| Website: | www.slb.com |
| Main Phone: | +1 713 513-2000 |
| Address: | 5599 San Felipe |
| Address 2: | 17th Floor |
| State: | TX |
| City / Town: | Houston |
| Country: | US |
| Postal Code: | 77056 |
| Exchange: | NYE |
| CEO: | Olivier Le Peuch |
| Employees: | 86000 |
| NAICS: | Support Activities for Oil and Gas Operations(213112) |
Similar to Halliburton and Baker Hughes, Schlumberger is optimistic about demand recovery continuing in 2021
The oilfield services giant outlined plans for deeper spending cuts after recording a $3.7 billion charge, thousands of job cuts and a pipeline outage in Ecuador.
Halliburton reported a net loss of $1.7 billion, or $1.91 per share, in the second quarter ended June 30, which included a $2.1 billion impairment charge amid a slump in oil prices and the resulting collapse in drilling.
"This could be the one that gets me," says Andrew Graham, a 20-year Schlumberger veteran cut in April.
The company has cut its 2020 budget by over 20% from the prior year and is restructuring its operations to adjust to declining activities.
The company's capital outlay cuts of $800 million are the steepest by a major energy company so far. Halliburton will reduce other costs by about $1 billion. It has laid off hundreds and furloughed thousands of workers.
Schlumberger is the world’s largest oilfield service company.
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