Schlumberger, a global oilfield services company, is cutting 21,000 jobs in response to the energy-market collapse. When he isn’t writing, he is usually out for a run, or relaxing to the music of the Grateful Dead. … A company memo explains that Schlumberger "also will create five "basins" groups over 30 geographic units, replacing what it had called GeoMarkets and sub-GeoMarkets teams.". July 24, 2020: Investor Place: Schlumberger Layoffs: SLB to Cut 21,000 Jobs Amid Oil Woes. So far, most of the huge layoffs among public corporations have been in the hotel, airline, retail and hospitality industries, which were hit hardest early in the spread of COVID-19. The latest rig count from Baker Hughes Co. (NYSE:BKR) shows year-over-year reductions of 66% in the U.S., 63% in Canada, and 14% internationally. It cut 21,000 people. He has been investing since 1989 and been a Fool since 2001. Unlike many companies, oil services company Schlumberger has a strong balance sheet, which makes the job cuts all the more troubling. The company, he said, also stands to save $25 million a quarter from first-quarter layoffs. In Texas, the state was notified that cuts will … Or, they look at models of the spread because of careless public behavior and poor medical systems in developing counties. Baker Hughes follows OKC layoffs with more in Houston April 24, 2020 . Some 21,000 people paid the price for that range of predictions. The main USA location is Houston, Texas. Schlumberger moved its Houston-area offices from 5000 Gulf Freeway in Houston to the Sugar Land campus in 1995 (at the northeast corner of U.S. Highway 90A and Gillingham Lane in Sugar Land, Texas). Early last month, the company announced layoffs of at least 600 employees across Texas and Oklahoma. Howard grew up in Philadelphia watching the Philly sports teams struggle for championships. No comments. Schlumberger reported a net loss of $3.4 billion, or $2.47 a share, compared with net income of $492 million, or 35 cents a share, in the same period last year. © Provided by InvestorPlace Schlumberger … By techstaffer in Schlumberger on December 11, 2020 December 11, 2020. This may come as a shock to some, but Baker McKenzie is conducting layoffs. At its first-quarter earnings call on April 17, 2020, the company also said it would cut its capital spending plan by 30% and research and development spending by 20% in the second-quarter. HOUSTON, July 24, 2020—Schlumberger Limited (NYSE: SLB) today reported results for the second quarter of 2020. Le Peuch made his argument, even though oil demand has started to rise. Key staffers Steve Pickering and Keith Myers, who are based in Malaysia, were supposed to attend the WABS 3 conference in Perth, but according to reports, were advised to attend a high level Schlumberger meeting in Dubai. The pandemic hurt the entire economy, but it came down on the oil & gas industry especially hard. Unlike many companies, oil services company Schlumberger has a … 5:41 PM, May. The layoffs have started to move to other industries, and they likely will rise into the tens of thousands on a regular basis. Schlumberger (NYSE:SLB), a leading provider of technology and services to the oil and gas industry, has plans to restructure its business operations, and rearrange executive duties, according to a Reuters report. The memo also reportedly said CEO Le Peuch has picked two executives to head business and regional operations groups, which will be in place by July 1.
The effect of this was amplified late in the quarter by a new battle for market share between the world’s largest oil producers. The current executive vice president (EVP) of Reservoir and Infrastructure will become EVP of Services and Equipment over the four new business divisions, and current EVP of Operations will become EVP of Geographies, leading the regional operations group, including sales and commercial areas. Returns as of 12/12/2020. News of Schlumberger’s plans for Houston layoffs come just after Houston-based Halliburton Co. (NYSE: HAL) laid off about 1,000 employees at its headquarters. He has been investing since 1989 and been a … Schlumberger CEO Olivier Le Peuch commented, “First-quarter revenue of $7.5 billion declined 9% sequentially and 5% year-on-year as the unprecedented global health and economic crisis sparked by the COVID-19 pandemic increasingly impacted industry activity during the quarter. 30, 2020: Mar. Market data powered by FactSet and Web Financial Group. Experience is always good, if you want to stay in this industry after layoffs. The Ascent is The Motley Fool's new personal finance brand devoted to helping you live a richer life. Schlumberger is a global company. Like so many other companies, Schlumberger believes the world may not get better soon, and it could even get worse. Schlumberger layoffs hit Cameron Drilling in Moore. The job cuts announced in Alaska include 63 layoffs at Baker Hughes, 81 at the Schlumberger Technology Corp., about 80 at Halliburton Energy … 02, 2020 This article has been updated to clarify that Stanford Health Care cook Sarah Jane Von Wettberg chose a mix of paid and unpaid leave to … In January 2020 Schlumberger announced a loss of $10.1 billion in 2019, a layoff off 1,400 workers in the fourth quarter, closure of facilities, a recall of hydraulic fracturing fleets from the field and plans to sell assets. Second-Quarter Results (Stated in millions, except per share amounts) Three Months Ended: Change : Jun. The layoffs have started to move to other industries, and they likely will rise into the tens of thousands on a regular basis. Average benefits with 6% matching 401K (good luck making it to fully vested status). There must be trouble ahead, management argues. 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 … As oil prices dropped sharply, oil producers around the globe reacted by cutting production. See you at the top! May 21, 2020 at 11:36AM Author Bio. Original post… Now that third-quarter 2019 results have been posted and the investor call completed, the question is simple. As of 2018 the company employs approximately 100,000 people and is present in 80+ countries. Schlumberger Ltd. (NYSE: SLB) reported lower revenue and an $8.5 billion charge for the first quarter of 2020, the last month of which was rocked by … The worry about the quarters ahead is that COVID-19 could start to spread again. The company recently posted a US$21 million loss on its 70% share of the Western Geco seismic acquisition business. Working for SLB in Sugarland can land you up In Fortbend County Jail. Thursday's job cuts were announced on top of 9,000 layoffs already planned in January. 31, 2020: Jun. The new restructuring will consolidate the company's 17 product lines into four divisions based on customer "workflow," according to the report. Layoffs in that wave will hit hardest among corporate support staff, engineers and other technical employees — the kinds of people who work in Houston, in other words. As part of the solution, it has done what many huge companies have. The effect of this was amplified late in the quarter by a new battle for market share between the world’s largest oil producers. Schlumberger is a large oilfield services company. Oilfield service giant Schlumberger grew its global headcount in 2019 despite finishing the year with a $10.1 billion loss and laying off 1,400 workers in the United States. We continue to be opportunistic in accessing the financial markets, systematically refinancing and spacing out future debt maturities, and taking proactive measures to enhance our liquidity position. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. And more forecasts joining the Fool as a contract writer in 2019, howard worked in the second quarter 2020... 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