July 21, 2016 / 8:30 PM / 3 years ago

BRIEF-Schlumberger Q2 GAAP loss per share $1.56

July 21 (Reuters) - Schlumberger NV :

* Qtrly asset impairment, workforce reduction, and merger and integration charges totaled $1.79 per share

* Qtrly quarterly cash dividend of $0.50 per share approved

* Schlumberger decided to further reduce its headcount

* In Q2 market conditions worsened further in most parts of global operations

* Also recognized $335 million in merger and integration charges relating to Cameron acquisition in q2

* Qtrly North America pro forma revenue decreased 20% sequentially as a result of Canadian spring break-up, us land rig count decline of 25%

* “heading more rapidly towards an increasing negative gap between global supply and demand for oil”

* As oil prices nearly doubled from lows of jan 2016, to renegotiate contracts with limited promise of longer-term financial viability

* Capex (excluding multiclient and spm investments) is expected to be $2.2 billion for 2016

* Announces Second-Quarter 2016 results

* Q2 earnings per share $0.23 excluding items

* Q2 gaap loss per share $1.56

* Q2 revenue $7.2 billion versus i/b/e/s view $7.13 billion

* Q2 earnings per share view $0.21 — Thomson Reuters I/B/E/S

* Qtrly pretax operating margin of 10.4% percent versus 19 percent last year

* Schlumberger recorded a $646 million pretax charge during q2 associated with these headcount reductions

* Non-Cash $1.9 billion impairment charge for fixed assets, inventory, and multiclient seismic data in quarter

* “in spite of continuing headwinds we now appear to have reached bottom of cycle”

* Made significant adjustment to our cost and resource base, including release of more than 16,000 employees during first half of 2016

* Second-Quarter revenue increased 10% sequentially, reflecting a full quarter of activity from acquired Cameron businesses

* In q2 market conditions worsened further in most parts of co’s global operations

* As a result of weakness in activity that will persist through 2016, made another significant adjustment to cost and resource base

* As oil prices have nearly doubled from lows of jan 2016, shifting focus to recover temporary pricing concessions that have been made Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1-646-223-8780)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below