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Schlumberger: Stacking Frac Fleets, Layoffs, Exit Basins
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Schlumberger reported its Q4 and full year 2019 results.
Main Takeaways:
Frac business saw revenue decline 33% compared to 3Q19 Reduce workforce by 1,400 employees since 3Q19 Now focused on the three most active basins Reduced deployed frac fleets by 30% Revenue By Area - North America Down, International UpThis continues the trend that the company saw in Q3 2019, with domestic revenues declining while international increases.
Full-year worldwide revenue of $32.9 billion was flat year-on-year, with international revenue growth of 7% Fourth-quarter revenue of $8.2 billion decreased 4% sequentially, with international revenue growth of 2%Meanwhile Schlumberger's Latin America, Europe/CIS/Africa and Middle East/Asia segments posted gains both sequentially and YOY (with the…
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