"Schlumberger just reported its first-quarter earnings and restated its bearish near-term outlook on the oil industry.
Revenues fell 36% compared to last year to $6.52 billion.
In the earnings release, the company said the oil industry would continue to be characterized by a supply-demand imbalance.
CEO Paal Kibsgaard said (emphasis added),
During the first quarter of 2016, the decline in global activity and the rate of activity disruption reached unprecedented levels as the industry displayed clear signs of operating in a full-scale cash crisis. Budgeted E&P spend fell again and substantially affected our operating results. This environment is expected to continue deteriorating over the coming quarter given the magnitude and erratic nature of the disruptions in activity."