As reported by Reuters, Schlumberger has reported its second straight quarterly loss after recording US$3.7 billion in impairment and restructuring charges as its major customers pulled back activity amid this year’s oil price crash.
The company reported a net loss of US$3.43 billion in 2Q20, compared with a profit of US$492 million a year earlier.
The company said it took US$1 billion in severance charges during the quarter as it cut over 21 000 employees.