Schlumberger Ltd. cut another 10,000 jobs to cope with a crude market collapse that’s forced its customers to slash spending for two consecutive years.
The world’s largest oilfield service provider reported a loss of $1.02 billion, or 81 cents a share, compared to profit of $302 million, or 23 cents, a year earlier, the Houston- and Paris-based company said in a statement Thursday. Excluding charges, Schlumberger earned 65 cents a share, 2 cents more than the average 63 cents estimated by 37 analysts in a Bloomberg survey.
Schlumberger, which has fallen 44 percent since the downturn began 19 months ago, will launch a new $10 billion stock buyback program as its current repurchase plan of the same amount wraps up. The results were released after the close of regular trading. Shares rose 0.5 percent to $61.75 at 5:17 p.m. in New York.
Brazil Energy Insight 
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