Schlumberger recorded a net loss of around $10.5 billion for the full year of 2020, slightly higher than the $10.1 billion loss in 2019, according to a financial results statement released by the company on Friday.
The revenue of the world's largest oilfield services company also declined by around 28.3% in 2020 to nearly $23.6 billion compared to the previous year.
The company's revenue totaled $32.9 billion in 2019.
-Company’s revenue rises in fourth quarter
Schlumberger posted total fourth-quarter revenue of $5.5 billion, 5% above the third quarter. It was its first quarter-over-quarter increase since the third quarter of 2019.
While revenue in the fourth quarter was higher compared to the previous quarter, it was still lower than the $8.2 billion revenue it posted in the same period of 2019.
The company also saw a net income of $374 million in the fourth quarter against a loss of $82 million in the third quarter.
"We concluded the year posting very strong fourth-quarter results, as we leveraged the industry recovery, which has now commenced,” Schlumberger CEO Olivier Le Peuch said in the statement.
“Fourth-quarter revenue grew 5% sequentially, driven by strong activity and solid execution both in North America and in the international markets. Despite seasonality, revenue grew sequentially in all four divisions for the first time since the third quarter of 2019," Le Peuch added.
By Firdevs Yuksel and Sibel Morrow