Demand for drilling services and equipment suffered amid the health pandemic
Total company revenue has plunged over the past several years on account of the precipitous decline in global demand for hydrocarbons that has occurred during the COVID-19 pandemic. Total revenue fell 28.3% to $23.6 billion in 2020 alone before falling another 2.5% in 2021. Global oil and gas producers slashed production at the outset of the COVID-19 pandemic, leading to a substantial decline in demand for hydrocarbon equipment and services provided by companies such as Schlumberger. Downstream demand for hydrocarbon producing products and services has improved modestly in recent months as global socioeconomic restrictions are relaxed and travel activity improves.
COVID|Competition|ESG|M&A|Discontinued ActivityIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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