DENVER (Reuters) - Schlumberger NV, the top oilfield services firm, said on Friday first-quarter earnings swung to a loss on US$8.5 billion in asset writedowns, as customers accelerated spending cuts amid the continuing decline in oil prices.
Crude prices plunged 60% in March after Saudi Arabia and Russia vowed to pump full bore and the spread of the novel coronavirus crushed global fuel demand.
On Friday, international Brent crude futures were trading around US$28 a barrel, well below the cost of production for many big producers.