The world’s largest oilfield services provider, Schlumberger ( NYSE:SLB ), reported on Friday a net loss of US$11.38 billion for the third quarter, compared to a US$644-million profit for Q3 2018, after a hefty pretax charge of US$12.7 billion weighed on the most recently reported results. The pretax charge, driven by market conditions, is almost entirely non-cash and primarily relates to goodwill, intangible assets, and fixed assets, said Schlumberger, which also flagged continued slowdown in North America’s drilling growth. The slowdown resulted in an 11-percent yearly decline in North American revenue for Schlumberger. North American revenue dropped to US$2.85 billion in the third quarter of 2019 from US$3.189 billion in the same period of 2018. Outside North America, the world’s top oilfield services firm reported an 8-percent annual increase in international revenues to US$5.629 billion. “Sustained international activity drove overall growth despite mixed results in North America,” Schlumberger’s chief […]