By Michael Dabaie
Schlumberger Ltd. (SLB) said it expects during the third quarter record material non-cash impairment charges relating to goodwill, intangible assets and fixed assets.
The company said in a Securities and Exchange Commission filing this is a result of the effects of current market valuations as well as various strategic decisions.
Schlumberger said it can't at this time determine the amount or range of amounts of such impairment charges.
Schlumberger is undertaking a strategic review of its North America Land portfolio "through the lens of fit-for-basin attributes, customer performance, and return on investment," according to prepared remarks for Chief Executive Olivier Le Peuch's presentation at the Barclays CEO Energy - Power Conference. "The direction I have given the organization is that all options are to be considered," the statement said.
Shares were up 4.5% to $33.14.
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