7/24, 12:53 PM (Source: TeleTrader)
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Schlumberger's revenue sinks 28% to $5.36B in Q2

Oilfield services company Schlumberger revealed on Friday that its revenue yearly tumbled 28% in the second quarter of the year to land at $5.36 billion. However, the revenue successfully met the estimated values.

Schlumberger's net loss has been reduced by 53% in the same period, arriving at $3.43 billion in the three months ending June 30. Diluted loss per share significantly went down by reaching $2.47, compared to $5.32 registered in the second trimester of 2019.

"Through our decisive actions, we protected our liquidity and cash positions and sustained resilient international margins while navigating the trough of this downcycle," Chief Executive Olivier Le Peuch said. Commenting on the outlook, he said that "oil demand is slowly starting to normalize and is expected to improve as government measures support consumption."

Breaking the News / ND