It's A "Full-Scale Cash Crisis" In Oil Schlumberger CEO Admits
For the latest indication of how bad the recession in the US sector field is, we took a look at last night's Schlumberger results which were modestly better than expected, beating expectations of $0.37 by one cent, however as usual the non-GAAP adjusted bottom line did not tell the full story. The Company's net income plunged nearly 50%, to $501 million, or 40 cents a share, from $975 million, or 76 cents, a year earlier.