Schlumberger reports $8.5B charge for Q1 2020, cuts dividend 75%

Schlumberger Ltd. (NYSE: SLB) reported lower revenue and an $8.5 billion charge for the first quarter of 2020, the last month of which was rocked by a historic oil price crash partly related to the COVID-19 coronavirus pandemic.

The oil field service giant’s worldwide revenue of nearly $7.46 billion was down 9 percent from the fourth quarter of 2019 and down 5 percent year over year. Most of that — more than $5.1 billion — came from international revenue, which was down 10 percent from Q4…

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