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: