Schlumberger to cut 11,000 more jobs

April 17, 2015 12:37 AM

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Schlumberger to cut 11,000 more jobs

(Reuters) - Schlumberger Ltd said it would cut a further 11,000 jobs and reduced its capital spending plan for this year as the world's No.1 oilfield services provider prepares for an extended period of lower activity and pricing pressure, especially in North America.

The lower activity and pricing pressure led to a 9 percent drop in Schlumberger's first-quarter revenue, but "proactive cost management" helped the company's profit handily beat Wall Street's estimates.

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