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by Wolf Richter, Wolf Street
Good swig of financial engineering to make results go down better.
The warning came on December 1, 2015 in an SEC filing in which Schlumberger, the world’s largest oil-field services company, disclosed a charge of $350 million for the fourth quarter. It would cover the costs of an unspecified number of new job cuts in 2016 – as the filing said, “in light of expected reduced activity for 2016 and to streamline its support structure.”
At the time, Patrick Schorn, president of operations, explained in a speechthat “it has become clear that any recovery in activity has been pushed out in time,” and that therefore, those job cuts would “further right-size the organization based on the activity outlook for 2016,”