Widespread Salary and Job Cuts at Schlumberger

Oilfield services provider Schlumberger on Tuesday said it will implement widespread salary and job cuts as it grapples with a sharp decline in revenue from the oil price collapse.

Oil prices have plunged by more than 60% since the start of the year, prompting scores of oil and gas producers to slash spending on drilling and services. On Tuesday, U.S. oil benchmark futures were trading around $20.69 a barrel.

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