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Oilfield services provider Schlumberger NV expects to book a charge to earnings of up to $1.4 billion for an accelerated restructuring and new job cuts, Chief Executive Officer Olivier Le Peuch said at an energy conference on Tuesday.
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Le Peuch said the restructuring will include cuts in the companys product lines and focus the companys operations on five key oil basins. It is expected to save about $1.5 billion in annual costs.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SLB | SCHLUMBERGER LIMITED | 19.55 | +0.23 | +1.19% |
The restructuring comes as oil …
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