Schlumberger shows that as virus pain spreads across industries, ditching dividends’ sacrosanct status is a must, writes TheRealLSL.
Schlumberger wrote down its assets by $8.5 billion and slashed its dividend 75%, the oil-services company said on Friday, as its clients cut capital expenditures and West Texas Intermediate prices stay below $20 a barrel.
As a result, the company reported a first-quarter net loss of $7.4 billion, or $5.32 per share, compared with a profit of $421 million, or 30 cents per share, a year earlier. The company’s revenue fell 9% to $7.5 billion. Excluding some items, the company earned 25 cents per share, slightly higher than Wall Street’s mean estimate of 24 cents, according to Refinitiv data.
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