Schlumberger Ltd., the No. 1 oilfield services operator, kicked off third quarter earnings season Friday, working to demonstrate its wherewithal to retrench and streamline, but CEO Olivier Le Peuch also pulled no punches in warning that the coronavirus remains a threat to the energy industry.

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During a wide ranging conference call from Houston, the CEO promoted Schlumberger’s “disciplined” makeover as Covid-19 began to sap energy demand and customer activity last spring. The oil and gas business faltered, but Schlumberger shored up the operations and expanded its digital offerings. Still, the pandemic’s lingering effects offer no clear path forward, he said.

“Overall internationally, we view the next two quarters as a period of transition for our industry at the trough...