Schlumberger eyes deeper cost cuts as oil rout triggers $3.7 bln charge, shelves 21,000 jobs Schlumberger has cut some 21,000 jobs, a fifth of its workforce, amid the steep drop in … Schlumberger will implement salary reductions and job cuts, which is in line with its plans that include a reduction in capital spending. Oilfield services provider Schlumberger on Tuesday said it will implement widespread salary and job cuts as it grapples with a sharp decline in revenue from the oil price collapse. Layoffs and pay cuts loom as Schlumberger, the largest oilfield service company in the world, plans to cut up to 30 percent from its budget amid … Revenues rose 6.2 percent to $12.6 billion. Some of those closures are in Texas, and the company has said Houston job cuts were planned. Schlumberger Cuts Jobs, Slashes Dividend — WSJ Provided by Dow Jones Apr 18, 2020 6:47 AM UTC By Collin Eaton This article is being republished as … Oilfield service provider Schlumberger reports heavy losses and says it has cut 10,000 job cuts in the past three months amid the slump in crude prices. Schlumberger’s President Patrick Schorn said … Oil prices have plunged by more than 60% since the start of the year, prompting scores of oil and gas producers to slash spending on drilling and services. In the second quarter, Schlumberger “recorded $3.7 billion in impairment charges,” including about “$1 billion in severance charges related to the job cuts, which represent roughly one-fifth of its workforce,” The Journal reported. Schlumberger Limited SLB is planning to bear about $1.4-billion charges related to the ongoing restructuring and associated job cuts, said its CEO … Schlumberger Cuts Jobs, Slashes Dividend 75% in Historic Oil Rout Oil driller is restructuring businesses as it braces for an acute downturn … The job cuts account for about 7.5 percent of Schlumberger's global workforce. Schlumberger cuts more than 21,000 jobs as the global coronavirus pandemic lowers energy demand and oil prices are sidetracked, the company will pay more than $ 1 billion in severance packages.The job cuts announced on Friday, about a quarter of its entire workforce, bring the number of people employed by the world’s largest oil services company closer to what it was when the boom … Schlumberger recorded $3.7 billion in impairment charges in the second quarter, including about $1 billion in severance charges. Home News Schlumberger cuts 21,000 jobs amid oil downturn 7/24/2020 Oilfield services giant Schlumberger NV outlined plans for deeper spending cuts after recording a $3.7 billion charge and a second straight quarterly loss on thousands of job cuts and a pipeline outage in Ecuador. Schlumberger recorded $3.7 billion in impairment charges in the second quarter, including about $1 billion in severance charges related to the job cuts, which represent roughly one-fifth of its workforce, it said Friday. Schlumberger Job Cuts to Top 21000 (Bloomberg) -- Schlumberger Ltd. posted its weakest sales in 14 years and is cutting one-fifth of its workforce while warning that new waves of Covid-19 could ... amp video_youtube 3 hours ago Oil prices have plunged by more than 60% since the start of the year, prompting scores of oil and gas producers to slash spending on drilling and services. Schlumberger cuts 21,000 jobs amid historic oil downturn | … Oilfield services provider Schlumberger on Tuesday said it will implement widespread salary and job cuts as it grapples with a sharp decline in revenue from the oil … Schlumberger Ltd. said it’s cutting one-fifth of its workforce as the oil services giant warned that new waves of Covid-19 could derail the nascent recovery in global energy demand. Executives will take a voluntary 20% base salary reduction, starting 1 April, and worldwide support personnel will adopt … As Schlumberger braces for an extended downturn, the company said it's planning the additional job cuts and consolidating offices and plants as … Schlumberger is cutting more than 21,000 jobs as the global coronavirus pandemic quashes demand for energy and oil prices are routed. Schlumberger has made several rounds of job cuts to adjust to lower spending by its customers. Schlumberger, the largest oil-field services company, had 103,000 employees at the beginning of May. The job cuts … Schlumberger's fourth-quarter earnings came in at $302 million, down 82 percent from the year-ago level. The second-quarter rout was so bad for Schlumberger that it’s spending $1 billion on job severance in a move that will shrink staffing to an 11-year low. Schlumberger cuts 21,000 jobs as pandemic pummels energy demand The oilfield services company also posted a $3.43bn loss in the second quarter when … Schlumberger is cutting more than 21,000 jobs as the global coronavirus pandemic quashes demand for energy and oil prices are routed. Schlumberger's executive officers and board of directors also agreed to a … The job cuts announced Friday, about a quarter of its entire workforce, puts the number of people employed by the world’s largest oilfield services company close to where it was at … Schlumberger job cuts 2020 amid business restructuring The oilfield services company has now embarked on a restructuring process to transform into a lean organiztion, while speeding up the implementation of its performance strategy with capital stewardship, fit-for-basin, and digital as main drivers of success, said Olivier Le Peuch, CEO of Schlumberger. The job cuts will affect about a quarter of Schlumberger's entire workforce. Oil services giant Schlumberger is cutting about five per cent of its North American work force in response to a global slowdown in oil and gas drilling, spurred by weak energy prices.
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