And the hits just keep on comin'!
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Oil technology and equipment provider Schlumberger on Thursday said it would cut an additional 11,000 jobs, which brings the total number of cuts to 20,000.
The cuts are in addition to the 9,000 reduction it announced in January. The stock rose about 3 percent in after-hours trading.
CNBC
We are looking for good engine/compressor people, where do we go to find good hard working Schlumberger folks in USA?
http://www.bloomberg.com/news/articles/2015-04-16/schlumberger-profit-falls-to-4-year-low-as-oil-spending-slows
Everything is knee jerk in oilfield service especially now when there is a race to get ahead of competition and capture market share while luring investors. Sick of this low life.
I am sorry guys, this sucks!!!!! My sis got cut, based out of Denver, still coming to terms with the sucky news. One of my friends, who worked for a major oil company in the 80s-90s, went through a similar phase and was cut in '92. When one door closes another one opens. Good luck.
We have 110K now... Check this out: Schlumberger is rated fifth in number of employees category among related companies. The total workforce of Oil and Gas Equipment and Services industry is at this time estimated at about 321,860. Schlumberger totals roughly 120,000 in number of employees claiming about 37% of all equities under Oil and Gas Equipment and Services industry. http://www.macroaxis.com/invest/market/SLBG34.SA--management--Schlumberger-Limited
Try again.... It's 11,000 more which will bring the total cuts to 15%.
It's total 11K, not additional 11K... So, we let go 9K, now we will be cutting 2K more
Yes, it's about to get really bad for the whole industry.
I thought the Gulf coast was still doing good so far this year?
and the hits WILL keep on coming throughout the year to the entire industry. The worst is yet to be seen.
http://fuelfix.com/blog/2015/04/16/schlumberger-cuts-another-11000-jobs-in-wake-of-oil-crash/