Schlumberger NV (SLB) Q1 2020 Earnings Call Transcript

Schlumberger NV (SLB) Q1 2020 Earnings Call Transcript

Joining us on the call are Olivier Le Peuch, Chief Executive Officer and Stephane Biguet, Chief Financial Officer.. I refer you to our latest 10-K filing and our other SEC filings.. Despite the difficulty of the situation and the duress under which our people have been working, Q1 was one of the best quarter in terms of service quality and actually the best quarter ever in safety performance.. The quarter was characterized by the usual combination of seasonal impact in the Northern Hemisphere and the sequential decline of product and software sales.. The most severe impact was in North America land where customers were fast to react with a sharp 17% cut in headcount.. In our business segment, Reservoir Characterization revenue closed the quarter sequentially down 20%, partly on seasonal effects, but also as a consequence of customer curtailing their discretionary and exploration spending in the latter part of the quarter.. Production revenue declined on lower activity in international markets and weaker APS results.. Cameron revenue was seasonally lower and suffered from the exposure of the short-cycle business in North America.. Looking at North America land in more detail.. Oil price began to collapse in March, customer rapidly dropped rigs