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Oilfields services giant Schlumberger reports profit loss in first quarter

Xinhua, April 22, 2016 Adjust font size:

The world's largest oilfield services company Schlumberger on Thursday reported a 400-million-strong year-on-year profit decrease in the first quarter this year.

In the first-quarter, Schlumberger's profit fell to 501 million U.S. dollars from 975 million dollars a year earlier, said the company in a statement.

The profit decline came as Schlumberger is shrinking its North American margins during the worst crude market crash in recent years.

Having cut another 2,000 jobs in the first quarter, the company has brought its global work-force down to some 93,000 at the end of the first quarter, which is expected to witness another profit decline in the second quarter.

Schlumberger has shed about 34,000 workers since the third quarter of 2014 as it reduces costs to deal with falling crude prices. Endi