Schlumberger issues Revenue Warnings
Schlumberger Ltd said it expected a "significant" fall in second-quarter revenue as it scales back operations in Venezuela due to payment problems, and a prolonged slump in oil prices continues to keep activity subdued.
Chief Executive Paal Kibsgaard warned of a "sequential percentage fall in revenue in Q2 similar to what we saw in Q1."
The world's No.1 oilfield services provider reported a 16 percent fall in first-quarter revenue from the prior quarter.
The forecast excludes revenue added by Cameron International Corp's acquisition, which Schlumberger closed earlier this month, Kibsgaard said.
Reporting by Swetha Gopinath
