Schlumberger Cuts Jobs, Slashes Dividend 75% in Historic Oil Rout


Schlumberger Ltd., the world’s largest oil-field-services company, cut its shareholder dividend 75% and is restructuring businesses, cutting jobs and closing facilities to cope with a historic energy rout.

Chief Executive Olivier Le Peuch said on Friday that Schlumberger is bracing for an acute downturn, with North American oil-field activity set to decline 40% to 60% in the second quarter, the steepest drop in several decades.

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