Oil services company Schlumberger said it would be spending less on exploration and production in North America, but the sector may be recovering. Lower crude oil prices means energy companies are forced to cut spending on exploration and production to endure. Weatherford, the No. 4 oil field services company in the world, in April followed its peers Halliburton, Baker Hughes and Schlumberger in trimming its payroll during a weak crude oil market. Schlumberger Chairman and Chief Executive Officer Paal Kibsgaard said second quarter revenues dropped 12 percent because of what he described as a “dramatic” decline in North American exploration and production . “Exploration and production investment in North America is now expected to fall by […]