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Actionable news in SLB: SCHLUMBERGER LIMITED,

Schlumberger Posts Big Loss, Cuts Jobs as CEO Calls Bottom

  • Paal Kibsgaard says worst is over for oil services industry
  • Quarterly loss was $2.16 billion; 16,000 jobs cut in 1st half

Schlumberger Ltd. reported an unexpected loss and cut more jobs as cheap crude has pushed a recovery in the oilfield services market out further than expected. Chief Executive Officer Paal Kibsgaard said the worst may be over.

The second-quarter loss was $2.16 billion, or $1.56 cents a share, compared with a profit of $1.12 billion, or 88 cents, a year earlier, the Houston- and Paris-based company said in a statement Thursday. It was expected to post a $296.3 million profit, according to the average of...


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