Schlumberger Reports Big 4Q Loss, Says Cut 10,000 More Jobs

HOUSTON (AP) — Schlumberger  says it's lost more than $1 billion and slashed another 10,000 jobs in the fourth quarter as tumbling energy prices took their toll on the world's largest oilfield services company.

Like others in the industry, Schlumberger  NV has been hit hard hit the energy sector slump and warned it doesn't expect a turnaround soon.

It says it has streamlined costs and cut 10,000 jobs during the last three months of 2015 "in anticipation of extended activity weakness in the first half of 2016." The company, which has principal offices in Paris, Houston, London and The Hague, had announced at least 20,000 job reductions earlier in 2015 and currently employs about 105,000 people.

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Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SLB at http://www.zacks.com/ap/SLB

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Keywords: Schlumberger, Earnings Report

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