Schlumberger Reports Lower 2Q Revenue Amid Drop in Oil-Services Demand
24 Juli 2020 - 1:52PM
Dow Jones News
By Matt Grossman
Schlumberger Ltd. on Friday reported a sharp fall in
second-quarter revenue as supply-and-demand imbalances during the
Covid-19 pandemic disrupted the global oil industry.
The Houston-based provider of oil-field services recorded a
first-quarter loss of $3.43 billion, or $2.47 a share, compared
with a profit of $492 million, or 35 cents a share, in the same
period a year earlier.
Excluding charges and credits, the company reported earning a
profit of 5 cents a share. Analysts polled by FactSet had expected
an adjusted loss of 1 cent a share.
Schlumberger's revenue in the quarter was $5.36 billion, a
decline of 35% compared with the $8.27 billion of revenue it
achieved in last year's second quarter. Analysts had forecast
revenue of $5.37 billion.
Revenue from the company's production segment declined 48%
year-over-year to $1.62 billion. Drilling revenue was down 28% to
$1.73 billion, and reservoir-characterization revenue was 32% lower
at $1.05 billion.
Schlumberger's second-quarter adjusted results stripped out more
than $3 billion of after-tax expenses such as workforce-reduction
charges and a variety of impairments. Schlumberger incurred $950
million of after-tax expenses related to workforce reductions in
the quarter, the company said. Fixed-asset impairments were $614
million, inventory write-downs were $554 million and right-of-use
asset impairments were $244 million, all on an after-tax basis.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
July 24, 2020 07:37 ET (11:37 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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