Posted on 01/16/2015 6:25:36 AM PST by SeekAndFind
The drop in the price of oil will cost 9,000 workers at Schlumberger Ltd. (SLB) their jobs.
The company disclosed:
In response to lower commodity pricing and anticipated lower exploration and production spending in 2015, Schlumberger decided to reduce its overall headcount to better align with anticipated activity levels for 2015. Schlumberger recorded a $296 million charge associated with a headcount reduction of approximately 9,000.
Unfortunately for the workers, the oil services company had good reason. Although fourth-quarter revenue rose 6% to $12.5 billion and operating income by 7% to $1.9 billion, the company believes the situation has deteriorated:
(Excerpt) Read more at finance.yahoo.com ...
They’re merging with Baker-Hughes later this year, I imagine both companies are eliminating redundancies.
Assuming the deal gets approved.. that’s quite a monopoly.
That’s Halliburton acquiring Baker, not Schlum.
They got a long way to go —they’re laying off only 7% of their workforce even though the company’s lost 36% of its value since last July.
My son works for this company
What percentage is that of their total workforce? Google provided anb answer - less than ten percent.
RE: That’s Halliburton acquiring Baker, not Schlum.
So, what’s Dick Cheney’s relationship with Hal nowadays?
RE: What percentage is that of their total workforce? Google provided anb answer - less than ten percent.
9000 divided by 126,000 multiplied by 100 = 7.1%, quite a lot IMHO.
Right! Smack. Drinking coffee now :)
Hope we don’t hear similar news from Halliburton. As a Texan, when oil started crashing my stomach fell, the late 80s crash was devastating and the deja-vu is happening all over again.
Supposedly the Eagle Ford play isn’t as exposed as Bakken.
Let’s hope that stays present tense
my SIL also works for them. I been warning my daughter for 7 months now yet they continued to spend spend spend
Eek.
Thankfully my son is frugal. We stressed that to him when he got hired
You should be worried what a chunk of countries are going to do with their revenues slashed.
Halliburton cuts Houston jobs
http://www.bizjournals.com/houston/news/2015/01/13/halliburton-cuts-houston-jobs.html
Jan 13 2015
Halliburton to cut 1,000 jobs
http://www.bizjournals.com/houston/morning_call/2014/12/halliburton-to-cut-1-000-jobs.html?page=all
Dec 11, 2014
Now you can go back to the days of more out of work, lower global economic demand.
Oil companies support a lot of indirect jobs, far more than they hire direct. Job losses won’t be limited to just one industry.
bttt
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