Company information: Industry/Area of Activity: Oil Equipment, Services & Distribution Company Stock Ticker: SLB Stock traded at: NYSE Industry Code: 573 About Schlumberger Ltd.: Schlumberger is a large oilfield services company. The joint initiative will provide global access to Schlumberger’s exploration and production (E&P) cloud-based environment and cognitive applications by leveraging IBM’s hybrid cloud technology, built on the Red Hat OpenShift container platform. The company said Friday that second quarter revenue plunged 35% and it lost $3.43 billion. The call is scheduled … Press Release Schlumberger Introduces StrataBlade Concave Diamond Element Bit. Schlumberger (NYSE: SLB) is planning massive layoffs as the oil company struggles with declining revenue in the second quarter of 2020. Rival Schlumberger Ltd. predicted in April that as much as 60% of pressure pumping demand would fall off by July 1. “The good news for Schlumberger they are very much an international firm.
The effect of this was amplified late in the quarter by a new battle for market share between the world’s largest oil producers. On Thursday, American Airlines posted a loss of more than $2 billion, and Southwest Airlines said it lost $915 million. Updated: 5:25 PM CDT July 24, 2020. The company will pay more than $1 billion in severance benefits. Dec. 11, 2020, NIO Stock: Why Nio Shares Are Plunging Right Now, Before ChargePoint Merger Closes, Invest in Switchback Energy, Nio Stock Is a Definite Buy; Thank Irrationality for the Discount. The company’s most recent quarter saw it bring in a revenue of $5.36 billion. “This is just taking the size of the market to what it was 10-years ago.”. July 24, 2020: Investor Place: Schlumberger Layoffs: SLB to Cut 21,000 Jobs Amid Oil Woes. All rights reserved. Copyright © Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. Experts said this puts the company back to almost the same number of people employed at the start of the oil and gas fracking boom. Notes Schlumberger will hold a conference call to discuss the earnings press release and business outlook on Friday, July 24, 2020. Write to Collin Eaton at email@example.com (END) Dow Jones Newswires Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. Schlumberger is cutting more than 21,000 jobs as the global coronavirus pandemic quashes demand for energy and oil prices are routed. Will your money be safe? “This has probably been the most challenging quarter in past decades,” said CEO Olivier Le Peuch. Airbnb Stock IPO Is Set to Soar 200%. Olivier Le Peuch, CEO of Schlumberger, said this in the earnings report. In July, Schlumberger, which is present in almost 80 countries, said it would cut 21,000 jobs in response to the oil-price downturn. Notifications can be turned off anytime in the browser settings. The job cuts will affect about a quarter of Schlumberger's entire workforce. SLB stock was up 1.4% as of Friday afternoon. Schlumberger is cutting more than 21,000 jobs as the global coronavirus pandemic quashes demand for energy and oil prices are routed. Chesapeake Energy, a pioneer in fracking, sought bankruptcy protection last month. By: The Associated Press Updated: July 24, 2020 - 9:26 AM Schlumberger is cutting more than 21,000 jobs as the global coronavirus pandemic quashes demand for energy and oil prices are routed. 'sector' : 'Company_Operations', US Shale Taking Hit and Reports of Halliburton Layoffs Phil Flynn. “You’re not drilling so, you don’t need as many folks...or staff in the fields,” said Ed Hirs, an energy fellow at the University of Houston. Article printed from InvestorPlace Media, https://investorplace.com/2020/07/schlumberger-layoffs-on-the-way/. JULY 24, 2020 — 21,000+IMPACTED BY RESTRUCTURING ACTIVITIES More than 21,000 workers are facing layoffs as Schlumberger restructures to survive the global oil and gas industry depression and response to the COVID-19 pandemic. “Before addressing our results, I would like to pay tribute to our employees and contractors for their remarkable resilience in the face of the historic COVID-19 pandemic that confronts us all.”. That’s better than analysts’ estimate of -1 cents per share. July 25, 2020 8:14 am Schlumberger Ltd. ( NYSE: SLB ) finds itself in deep trouble financially, but only partially. July 24, 2020 9:52 PM PARIS: Oil services group Schlumberger expects to lay off more than 21,000 employees — a quarter of staff — it said on Friday, also reporting a US$3.4 billion quarterly loss. 1125 N. Charles St, Baltimore, MD 21201. SLS Stock: Why SELLAS Life Sciences Is Surging Today. Schlumberger (NYSE:SLB) is planning massive layoffs as the oil company struggles with declining revenue in the second quarter of 2020. Not even law firms at the top of the heap could avoid making cuts. Dr. Hotez sends the White House a national, unified coronavirus plan, WHO chief scientist sees no coronavirus herd immunity yet. July 24, 2020. On December 17, Louis Navellier & Matt McCall will reveal the major events that will rock the markets in 2021. And although this is a big hit for the company, the experts believe the company should make it. The company recently posted a US$21 million loss on its 70% share of the Western Geco seismic acquisition business. Schlumberger layoffs confirmed Rumours in the oil and gas industry that oilfield services giant Schlumberger was about to embark on a big employee layoff have been confirmed after its land seismic acquisition business, WesternGeco, announced that it … quotes delayed at least 15 minutes, all others at least 20 minutes. While that matches Wall Street’s estimate for the period, its a 35% drop year-over-year and a 28% sequential decline. All rights reserved. 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. July 25, 2020, 08:13 IST Schlumberger is cutting more than 21,000 jobs as the global coronavirus pandemic quashes demand for energy and oil prices are routed. The company will pay more than $1 billion in severance benefits. However, it’s an 86% decrease from the company’s diluted EPS of 25 cents from the same period of the year prior. “Houston will come out of this certainly better than Midland Odessa, in the fields where there is a lot of operations, where there are ten-thousands already laid off without work or prospect of work,” Hirs said. July 24, 2020, 7:09 AM EDT More than 21,000 workers will be let go after sales collapse Nascent oil-market recovery in peril amid pandemic threat: CEO SLB layoffs come alongside declining revenue: Oil & Gas: July 24, 2020: Above The Law: Layoffs Come To Top 20 Am Law Firm. The company will pay more than $1 billion in severance benefits. The Schlumberger earnings also have it reporting diluted earnings per share of 5 cents. 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. Get all the latest Schlumberger news. Holiday display in The Woodlands honors frontline workers, New 10 MPH speed limit at Terry Hershey Park frustrates cyclists, relieves pedestrians, How to view the Geminids meteor shower in Houston this weekend, Houston Forecast: Scattered showers with isolated thunderstorms expected around lunchtime, The Texans' David Johnson is making a big impact on Houston-area kids, Texans' David Johnson ready to make mark with Houston kids facing tough times, WATCH LIVE: Biden introduces 5 top picks for his administration, Congress passes 1-week funding bill to avert government shutdown, Back to normal by October? Nasdaq Click here to subscribe to Insider Energy, Business Insider's weekly energy newsletter. Schlumberger doesn’t provide any further information about the layoffs in its earnings report. The Schlumberger layoff news is tucked away inside the company’s earnings report for the second quarter of the year. Thursday's job cuts were announced on top of 9,000 layoffs already planned in January. 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 the start of the oil and gas fracking boom that upended global energy markets and put the U.S. on top. Will You Be One of Them? Working for SLB in Sugarland can land you up In Fortbend County Jail. Crude prices have dropped 33% this year, and natural gas has fallen 17%, as much of the world took shelter from the coronavirus. According to the earnings report, Schlumberger $1.02 billion of these charges are connected to severance pay. Schlumberger chief executive Paal Kibsgaard said the latest round of cuts was caused by a severe decline in North American land drilling and by reduced investment by oil companies overseas. Source: Valentin Martynov / Shutterstock.com, Schlumberger Layoffs: SLB to Cut 21,000 Jobs Amid Oil Woes, earnings report for the second quarter of the year, 8 Next Energy Solutions as We Pass Peak Oil, Fisker Stock Has the Potential for Big Future Gains, Louis Navellier and the InvestorPlace Research Staff, What Did the Stock Market Do? Messages relating to layoffs at Schlumberger Ltd. are presented below the company info. (AP) - Schlumberger is cutting more than 21,000 jobs as the global coronavirus pandemic quashes demand for energy and oil prices are routed. And are not total dependent on the US market,” Hirs said. Schlumberger currently employs 115,000 around the world. Millions of People Will Be Blindsided in 2021. The effect of this was amplified late in the quarter by a new battle for market share between the world’s largest oil producers. 1125 N. Charles St, Baltimore, MD 21201. The headquarters of Schlumberger are located here in Houston, but Hirs, a University of Houston professor, believes the biggest brunt will be taken by those out in West Texas. Almost all major users of energy have been crippled because of the lockdown. 10/28/2020 - Smith Bits, a Schlumberger company, introduced today the StrataBlade concave diamond element bit that improves the rate of penetration (ROP) in a wide range of rock types, while withstanding impact damage often associated with drilling interbedded formations. July 24, 2020 at 11:15 AM EDT - Updated July 24 at 11:15 AM. Layoffs, pay cuts loom as Schlumberger plans to cut up to 30 percent from budget Sergio Chapa , Houston Chronicle March 24, 2020 Updated: March 24, 2020 12:23 p.m. 2020 InvestorPlace Media, LLC. This double black swan event created simultaneous shocks in oil supply and demand resulting in the m… As part of the solution, it has done what many huge companies have. A section of the company’s report notes that it suffered $3.7 billion in charges during the period. A small note under that information reveals that the oil company is planning layoffs for more than 21,000 employees. Don’t Sit This Out. Copyright © 2020 InvestorPlace Media, LLC. As of this writing, William White did not hold a position in any of the aforementioned securities. Job Cuts Announced By US Companies Jump 54% In July 2020-08-06 New Survey Confirms Second Wave Of US Layoffs Is Under Way 2020-08-05 NBCUniversal Layoff Begins 2020-08-04 NYC Mayor: I’m Laying Off 22,000 City Workers If The Feds Don’t Give Bailout 2020-08-04 Arcelormittal Chicago Layoff -900 2020-08-04 Another Round - Universal Orlando Resort Layoff 2020-08-04 Refueler … The Schlumberger layoffs shouldn’t come as any surprise. Schlumberger had 105,000 employees at the end of last year, down from 120,000 at the peak of the last oil boom in 2014. That pushed the combined second-quarter loss of the nation’s four biggest airlines to more than $10 billion. Professional / Law : July 21, 2020: The Straits Times “An oil market that was 100-million barrels a day in January of this year, we are still needing over 90-million barrels a day,” Hirs said. Schlumberger Ltd. said in a regulatory filing Friday that vast majority of the severance charge is expected to be paid out during the second half of the year.
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