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Oil services Giant Schlumberger to Lay Off 9,000, as Crude Prices Fall
Yahoo Finance ^ | 01/16/2015 | Douglas A. McIntyre

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 ...


TOPICS: Business/Economy; Cuba; News/Current Events; Russia
KEYWORDS: cuba; energy; iran; layoffs; lebanon; nigeria; oil; opec; ruble; russia; sanctions; saudiarabia; schlumberger; sudan; venezuela
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1 posted on 01/16/2015 6:25:36 AM PST by SeekAndFind
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To: SeekAndFind

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.


2 posted on 01/16/2015 6:28:48 AM PST by txhurl
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To: txhurl

That’s Halliburton acquiring Baker, not Schlum.


3 posted on 01/16/2015 6:32:22 AM PST by Bayan
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To: txhurl; abb; SeekAndFind

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.


4 posted on 01/16/2015 6:33:43 AM PST by expat_panama
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To: SeekAndFind

My son works for this company


5 posted on 01/16/2015 6:33:44 AM PST by LMAO (("Begging hands and Bleeding hearts will only cry out for more"...Anthem from Rush))
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To: SeekAndFind

What percentage is that of their total workforce? Google provided anb answer - less than ten percent.


6 posted on 01/16/2015 6:33:46 AM PST by Rummyfan
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To: Bayan

RE: That’s Halliburton acquiring Baker, not Schlum.

So, what’s Dick Cheney’s relationship with Hal nowadays?


7 posted on 01/16/2015 6:34:06 AM PST by SeekAndFind (If at first you don't succeed, put it out for beta test.)
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To: Rummyfan

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.


8 posted on 01/16/2015 6:35:22 AM PST by SeekAndFind (If at first you don't succeed, put it out for beta test.)
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To: SeekAndFind
Ia all my years I never heard about oil workers being laid off when the price of gas dropped. Must be those mean,meany Republicans at work.
9 posted on 01/16/2015 6:35:28 AM PST by 4yearlurker (Some people say that experts agree!!)
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To: Bayan

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.


10 posted on 01/16/2015 6:36:45 AM PST by txhurl
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To: LMAO

Let’s hope that stays present tense


11 posted on 01/16/2015 6:44:24 AM PST by NonValueAdded (Pointing out dereliction of duty is NOT fear mongering, especially in a panDEMic)
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To: LMAO

my SIL also works for them. I been warning my daughter for 7 months now yet they continued to spend spend spend


12 posted on 01/16/2015 6:45:10 AM PST by Undecided 2012
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To: Undecided 2012

Eek.


13 posted on 01/16/2015 6:48:15 AM PST by txhurl
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To: Undecided 2012

Thankfully my son is frugal. We stressed that to him when he got hired


14 posted on 01/16/2015 6:49:06 AM PST by LMAO (("Begging hands and Bleeding hearts will only cry out for more"...Anthem from Rush))
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To: 4yearlurker
Am I suppose to feel bad about this? I have been suffering for years paying high gas prices.
15 posted on 01/16/2015 7:01:43 AM PST by angcat
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To: angcat

You should be worried what a chunk of countries are going to do with their revenues slashed.


16 posted on 01/16/2015 7:08:51 AM PST by txhurl
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To: txhurl

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


17 posted on 01/16/2015 7:37:22 AM PST by thackney (life is fragile, handle with prayer)
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To: angcat

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.


18 posted on 01/16/2015 7:39:24 AM PST by thackney (life is fragile, handle with prayer)
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To: SeekAndFind

19 posted on 01/16/2015 7:41:43 AM PST by thackney (life is fragile, handle with prayer)
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To: thackney

bttt


20 posted on 01/16/2015 8:04:34 AM PST by txhurl
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