BKR - Schlumberger: A Tedious Recovery At Best

Source: The Street

Investment Thesis

The Houston-based Schlumberger (SLB) released its second quarter results on July 24, 2020. The picture was not pretty reflecting a massive downturn in the energy industry, which forced the company to announce 21,000 job cuts.

However, despite a frightening earnings report, with $3.7 billion of pre-tax restructuring and asset impairment charges, the company managed to come up with a slight profit on an adjusted basis, beating expectations.

Chief Executive Olivier Le Peuch was more optimistic for the next half of 2020 and said in the conference call:

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