Schlumberger Says It Will Reduce Activity In Venezuela, Reaffirms Q1 Revenue Guidance

after Tuesday's market close that it plans on reducing its activity in Venezuela to "align operations with cash collections." Schlumberger stated that its decision is a result of insufficient payments received in recent quarters and a lack of progress in establishing new mechanisms to address past and future accounts receivable. "Schlumberger appreciates the efforts of its main customer in the country to find alternative payment solutions and remains fully committed to supporting the Venezuelan exploration and production industry," the company added. "However, Schlumberger is unable to increase its accounts receivable balances beyond their current level." The reduction in activity levels is scheduled to take place throughout April and allows for a safe and orderly wind down of operations. Finally, Schlumberger reaffirmed its first quarter revenue guidance of approximately $6.5 billion.