Schlumberger NV said on Friday it recorded an $8.5 billion charge to earnings as the world’s top oilfield services provider slashed the value of some of its units following the collapse of oil prices.
The impairment charge led the company to report a net loss of $7.38 billion, or $5.32 per share, in the first quarter ended March 31, compared with a profit of $421 million, or 30 cents per share, a year earlier.
Excluding charges and credits, the company earned 25 cents per share.
Schlumberger also slashed its quarterly dividend by 75% to 12.5 cents per share.
Source: Reuters
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