Schlumberger (SLB) reports $3.7 billion charges for Q2 2020

Schlumberger (NYSE: SLB) swung to a loss on a GAAP basis in the second quarter of 2020, hurt by the $3.7 billion of pretax restructuring and asset impairment charges. On an adjusted basis, the company reported a profit of 5 cents per share. Revenue declined 35% year-over-year to $5.36 billion.

SLB stock was down about 2% in the pre-marketing trading session.

“The conditions are set in the third quarter for a modest frac completion activity increase in North America, though from a very low base. Internationally, markets may continue to be disrupted by the pandemic and will continue to adjust to budget levels set during the second quarter, but this would be mostly offset by the seasonal return of activity in the Northern Hemisphere and the rebound of Latin America from its second-quarter weakness,” said CEO Olivier Le Peuch.

Looking forward to listening to management/analysts comments on quarterly results? Stay tuned here for Schlumberger Q2 2020 earnings call transcript