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BigChiefFan · 09-01-2015, 03:59 PM

Schlumberger cuts another 11,000 jobs in wake of oil crash

Posted on April 16, 2015 | By Collin Eaton
HOUSTON – Oil field services firm Schlumberger announced Thursday it plans to ax another 11,000 workers, kicking off what could be a second major wave of layoffs across the oil industry.

The move will bring Schlumberger’s layoffs up to 20,000 employees, roughly 15 percent of its workforce, since it began paring back its payroll earlier this year to cope with low oil prices. The nine-month oil slump has cost the energy industry more than 120,000 jobs so far, according to oil field staffing firm Swift Worldwide Resources.

Oil equipment companies have been forced to fine-tune their workforce as they promise oil companies up to 20 percent in price reductions for rental tools, equipment and other services, said James Wicklund, an analyst at Credit Suisse.

Wicklund said it’s likely another wave of layoffs will sweep through the service industry after this year’s first in recent months, when major players announced more than 40,000 workers would be tossed from the oil-tool suppliers. It’s even possible a third wave will take place in the third quarter, albeit smaller than the first two.

Schlumberger’s workforce peaked in the third quarter of 2014 with 126,000 employees. Spokesman Joao Felix said the reductions are in progress and should be completed in the second quarter.

Schlumberger, based in Houston, Paris and the Hague, said it took a $390 million charge in the first quarter related to the job cuts and a company leave-of-absence program. It blamed the “severe fall” in North American oil field activity as U.S. producers parked hundreds of drilling rigs and cut billions of dollars in spending.

The firm, which is the world’s biggest oil field services provider, said its first-quarter revenues fell to $10.2 billion, down 9 percent from the same January-March period last year. The figure was off by 19 percent compared to the fourth quarter of 2014, a sign that the oil crunch hit sales harder in the new year.

09-01-2015, 03:59 PM	#240
BigChiefFan MVP Join Date: Feb 2001 Location: In the Top 10 Casino cash: $9924205	Schlumberger cuts another 11,000 jobs in wake of oil crash Posted on April 16, 2015 \| By Collin Eaton HOUSTON – Oil field services firm Schlumberger announced Thursday it plans to ax another 11,000 workers, kicking off what could be a second major wave of layoffs across the oil industry. The move will bring Schlumberger’s layoffs up to 20,000 employees, roughly 15 percent of its workforce, since it began paring back its payroll earlier this year to cope with low oil prices. The nine-month oil slump has cost the energy industry more than 120,000 jobs so far, according to oil field staffing firm Swift Worldwide Resources. Oil equipment companies have been forced to fine-tune their workforce as they promise oil companies up to 20 percent in price reductions for rental tools, equipment and other services, said James Wicklund, an analyst at Credit Suisse. Wicklund said it’s likely another wave of layoffs will sweep through the service industry after this year’s first in recent months, when major players announced more than 40,000 workers would be tossed from the oil-tool suppliers. It’s even possible a third wave will take place in the third quarter, albeit smaller than the first two. Schlumberger’s workforce peaked in the third quarter of 2014 with 126,000 employees. Spokesman Joao Felix said the reductions are in progress and should be completed in the second quarter. Schlumberger, based in Houston, Paris and the Hague, said it took a $390 million charge in the first quarter related to the job cuts and a company leave-of-absence program. It blamed the “severe fall” in North American oil field activity as U.S. producers parked hundreds of drilling rigs and cut billions of dollars in spending. The firm, which is the world’s biggest oil field services provider, said its first-quarter revenues fell to $10.2 billion, down 9 percent from the same January-March period last year. The figure was off by 19 percent compared to the fourth quarter of 2014, a sign that the oil crunch hit sales harder in the new year. __________________ A 35 year drought can make you thirsty.
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