An oilfield services company announced plans for layoffs in its Bakersfield office beginning October 29.
At least 28 people are set to be included in the layoff decision, ranging from equipment operators to those holding positions of administration.
https://www.kget.com/news/local-news/schlumberger-technology-corporation-announces-layoffs-for-at-least-28-workers/
I bet many of those workers, like my laid off friend, were approaching being vested in their 401k, so schlumberger taking that $ after getting tax breaks for matching the funds while those ppl were employed. I also read that schlumberger had record profits this year. Doubt the CEO/CFO had any pay cut. Seems they want to show shareholders a higher profit by letting ppl go, so now at the end of the year, the employee pay the company no longer will be paying will no longer be a cost…. So many big companies fo these things, and then hire another roubd of new, expendable employees once the new year starts.
This is mostly due to the inability to get permits in California for drilling. The state has largely stopped issuing permits. The county has tried to circumvent it but have been unable to do so for over a year now.
Every 5 years? You are thinking of the oilfield of the past (pre-2014). Now, it is every 2 years if you're lucky!
I was let go in May but anybody who works in the oil patch should be prepared for layoffs. It happens about every five years. I was lucky enough to have a long career.
its funny they announce the ones taking place in California, as if everywhere else things are fine. I have been laid off a month ago in Texas, and I have been hearing of people getting let go long before It was my turn