Petroleum Africa
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Monday, January 25, 2016
Q4 2015 numbers are in for Schlumberger with the oilfield serves company posting its first quarterly loss in 12 years. The company recorded more than $2 billion in restructuring and asset impairment charges.
The net loss attributable to the company was $1.02 billion, or 81 cents per share, in the three months ending December 31, 2015, compared with a profit of $302 million, or 23 cents per share, during the same period the previous year.
Schlumberger chose layoffs over investor benefits, which will lead to an estimated 10,000 people losing their jobs. Schlumberger will buy back $10 billion in shares under a new share repurchase program and pay out a $0.50 per share quarterly dividend.
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