Schlumberger to Restructure Operations and Executive Team, Says Report
Schlumberger (NYSE: SLB), a leading provider of technology and services to the oil and gas industry, has plans to restructure its business operations, and rearrange executive duties, according to a Reuters report. The moves come after CEO Olivier Le Peuch took over the position on August 1, 2019, and amid a sharp decline in oil prices and demand for its services amid the COVID-19 pandemic.
As oil prices dropped sharply, oil producers around the globe reacted by cutting production. The latest rig count from Baker Hughes Co. (NYSE: BKR) shows year-over-year reductions of 66% in the U.S., 63% in Canada, and 14% internationally.
Source Fool.com
