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Schlumberger Posts $1.0B Loss in 4Q; Further Cuts Workforce
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Schlumberger Limited reported results for full-year 2015 and the fourth quarter of 2015.
Highlights: Full-year 2015 revenue of $35.5 billion decreased 27% year-on-year in line with upstream capex spending cuts that resulted in significantly lower E&P investment levels. With the year-end US land rig count 68% lower than the 2014 peak, at less than 700 rigs, the massive over-capacity in the land services market offers no signs of pricing recovery in the short to medium term. North America fourth-quarter revenue of $2.0 billion decreased 14% sequentially, largely mirroring the US land rig count decline of 15% as customer cash flows diminished and E&P budgets were exhausted. Further workforce reduction of 10,000 employeesSchlumberger Chairman and CEO Paal Kibsgaard commented, "Full-year…
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