Global oil - field services leader Schlumberger felt the full impact of the slump in oil prices during the first quarter, as its revenues fell 19% versus the fourth quarter of 2014. A sharp downturn in North American activity drove most of the decline. However, the company's efforts to lower its costs, which included laying off an additional 11,000 workers during the first quarter, helped Schlumberger beat Wall Street expectations for the three - month period ( OD Apr.17'15 ).
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