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 ...
Correct!
Punish oil, Yeah that’s the ticket.
As soon as the Opecers hurt US oil enough you’ll be back to $3 gasoline.
Schlumberger fined for violating sanctions on Iran, Sudan
http://www.menafn.com/1094139534/Schlumberger-fined-USD2327mn-for-breaking-Iran-Sudan-sanctions
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