Forecasting a significant contraction in North American oil and gas activity for 2020, Schlumberger Friday unveiled a 2020 strategy focused on expanding margins by shrinking its less profitable business lines. Receive daily email alerts, subscriber notes & personalize your experience. Register Now Olivier Le Peuch, CEO of the world’s largest oilfield services company, said Friday the North American land market will contract for a second year as oil and gas producers focus on capital discipline. Schlumberger forecast a double-digit market correction. Given its 2019 GAAP net loss of $10.1 billion, mainly due to North American land market weakness, the company will zero-in on returns rather than growth in North America, executives said during their fourth-quarter earnings call. “Our ambition for North America land in 2020 has been clearly […]