Schlumberger: Q2 EPS above estimates

(CercleFinance.com) - Schlumberger has reported Q2 2020 adjusted net income that plummeted 86% year-on-year to 69 million dollars.

EPS reached five cents, while the consensus was expecting a loss of about three cents per share.

The oil and gas group's pre-tax operating margin contracted by 4.3 points to 7.4% for revenues that are down 35% to under 5.4 billion dollars, with declines of 58% in North America and 24% internationally.

"Oil demand is slowly starting to normalize and is expected to improve as government measures support consumption," said CEO Olivier Le Peuch, who nevertheless pointed out the risk that new waves of the Covid-19 virus could have.


Copyright (c) 2020 CercleFinance.com. All rights reserved.