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Schlumberger Cuts 16,000 Jobs in 1H16; Expects Market Turnaround
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Schlumberger Limited reported results for the second quarter of 2016.
Schlumberger Chairman and CEO Paal Kibsgaard commented, "In the second quarter market conditions worsened further in most parts of our global operations, but in spite of the continuing headwinds we now appear to have reached the bottom of the cycle."
"We have made another significant adjustment to our cost and resource base, including the release of more than 16,000 employees during the first half of 2016."
Highlights: Revenue of $7.2 billion increased 10% sequentially Acquisition of Cameron contributed revenue of $1.5 billionEPS:
GAAP loss per share of $1.56 Excluding charges and credits, EPS of $0.23 Asset impairment, workforce reduction, and merger and integration charges totaled $1.79 per shareCash Flow:
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