Schlumberger Limited (NYSE:SLB) gained ground Friday on the release of first-fiscal-quarter figures.
The company, based in Houston, worldwide revenue of $7.5 billion decreased 9% sequentially and 5% year-on-year. International revenue of $5.1 billion decreased 10% sequentially, but increased 2% year-on-year
North America revenue of $2.3 billion decreased 7% sequentially and 17% year-on-year. GAAP loss per share, including charges of $5.57 per share, was $5.32. Earnings per Share, excluding charges, was $0.25
CEO Olivier Le Peuch commented, "First-quarter revenue … declined … as the unprecedented global health and economic crisis sparked by the COVID-19 pandemic increasingly impacted industry activity during the quarter. The effect of this was amplified late in the quarter by a new battle for market share between the world’s largest oil producers.
"This double black swan event created simultaneous shocks in oil supply and demand resulting in the most challenging environment for the industry in many decades."
"In this environment—the duration of which remains uncertain—we have planned for a range of scenarios and have taken a number of actions. To protect our workforce in the wake of COVID-19, we have taken the steps necessary to keep our people safe by supporting those affected, mandating that as many employees and contractors as possible work from home, and monitoring those who cannot do so and are required to be present at work."
SLB shares picked up 69 cents, or 4.9%, to $14.74.
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