Schlumberger To Record 3Q Non-Cash Charges, Review North America Land Portfolio
September 04 2019 - 3:09PM
Dow Jones News
By Michael Dabaie
Schlumberger Ltd. (SLB) said it expects during the third quarter
record material non-cash impairment charges relating to goodwill,
intangible assets and fixed assets.
The company said in a Securities and Exchange Commission filing
this is a result of the effects of current market valuations as
well as various strategic decisions.
Schlumberger said it can't at this time determine the amount or
range of amounts of such impairment charges.
Schlumberger is undertaking a strategic review of its North
America Land portfolio "through the lens of fit-for-basin
attributes, customer performance, and return on investment,"
according to prepared remarks for Chief Executive Olivier Le
Peuch's presentation at the Barclays CEO Energy - Power Conference.
"The direction I have given the organization is that all options
are to be considered," the statement said.
Shares were up 4.5% to $33.14.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
September 04, 2019 14:54 ET (18:54 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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