March 24, 2020 / 1:39 PM / 13 days ago

Schlumberger cuts capex by 30%, eyes rapid slowdown in activity

March 24 (Reuters) - Schlumberger, the world’s largest oilfield services company, on Tuesday said it would cut spending by 30% this year versus 2019 as oil prices collapse and it prepares for a downturn.

The company said it expects a rapid reduction in the rig count and hydraulic fracturing activity, estimating that the number of rigs in operation could fall to levels seen during the 2016 downturn. (Reporting by Liz Hampton; Editing by Steve Orlofsky)

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