Schlumberger Limited (SLB) said, in response to market conditions, the company recorded $3.7 billion of pretax restructuring and asset impairment charges, including $1 billion of severance costs, as of the end of the quarter. The company noted that the severance is associated with reducing its workforce by more than 21,000 employees. The vast majority of this charge is expected to be paid during the second half of 2020. The company said the remaining portion of the charge largely relates to the non-cash impairment of certain assets.
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