Schlumberger: posts net loss amid charges
(CercleFinance.com) - Oil-field services giant Schlumberger on Friday posted a third-quarter loss, amid hefty charges and a 40% drop in revenue.
The Houston-based company reported a net loss of 82 million dollars, or six cents a share, compared with a loss of 11.4 billion dollars, or 8.22 dollars a share, a year earlier.
Excluding charges and credits, profit was 228 million dollars, or 16 cents a share, Schlumberger said.
Quarterly revenue fell to 5.2 billion dollars, from 8.5 billion dollars in the same period of 2020, it said.
Schlumberger added that its cost-reduction program, aiming to remove 1.5 billion dollars of structural costs on an annual basis, was "progressing well", and expects to realise the vast majority of these savings before the end of the year.
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