Schlumberger

SLB
is cutting 21,000 jobs, or around one-fifth of its total workforce, as part of structural changes in response to one of its worst quarters in decades. 

Revenue at the Houston-based oil services firm during the second quarter fell 35% to $5.4 billion compared with the same period a year ago. Its North America operations fared the worst, with revenue down nearly 60% to $1.2 billion compared with a year ago. At international operations, revenue fell 24% to $4.1 billion. 

Severance payments to workers it is letting go amounted to around $1 billion, part of $3.7 billion in impairment charges the firm incurred in the second quarter. The firm still generated $465 million in free cash flow. 

Schlumberger is making…



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