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Fresh Layoffs

Schlumberger announces another round of layoffs

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BAKERSFIELD, Calif. - Oil service company Schlumberger announced another round of job cuts on Tuesday.

That's in addition to the 20,000 cuts already this year as low oil prices and a slowdown in drilling is expected to continue into next year.

The layoffs are the latest sign of continued pain in the oil industry as oversupply continues to weigh on prices and cut profits for even the largest companies.

The size, location and timing of the cuts is unclear.

The company released the following statement:

“Workforce reductions are a part of Schlumberger's continual effort to match resources with demand worldwide. All geographic regions are impacted by the workforce reduction; however, we are not releasing reduction details for any areas or locations. We will continue to align our resources while delivering exceptional service quality to our customers.”

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