Fetching News Details
Oilfield services giant, Schlumberger yesterday recorded a first-quarter loss attributed to $8.5 billion in charges, as customers ramped up spending cuts amidst falling oil prices. The firm reported a whopping $7.38 billion in first-quarter net loss, compared with a profit of $421 million a year earlier. The bigger chunk of the $8.5 billion charge to earnings came due to writing down assets in response to the declining oil business.
