July 24, 2020. “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. 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. All rights reserved. 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. 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. The Schlumberger layoff news is tucked away inside the company’s earnings report for the second quarter of the year. Schlumberger is cutting more than 21,000 jobs as the global coronavirus pandemic quashes demand for energy and oil prices are routed. In July, Schlumberger, which is present in almost 80 countries, said it would cut 21,000 jobs in response to the oil-price downturn. 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. Don’t Sit This Out. 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. Crude prices have dropped 33% this year, and natural gas has fallen 17%, as much of the world took shelter from the coronavirus. The company recently posted a US$21 million loss on its 70% share of the Western Geco seismic acquisition business. Press Release Schlumberger Introduces StrataBlade Concave Diamond Element Bit. “This has probably been the most challenging quarter in past decades,” said CEO Olivier Le Peuch. 'sector' : 'Company_Operations', US Shale Taking Hit and Reports of Halliburton Layoffs Phil Flynn. Write to Collin Eaton at collin.eaton@wsj.com (END) Dow Jones Newswires Will your money be safe? Notes Schlumberger will hold a conference call to discuss the earnings press release and business outlook on Friday, July 24, 2020. Schlumberger (NYSE: SLB) is planning massive layoffs as the oil company struggles with declining revenue in the second quarter of 2020. 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 Airbnb Stock IPO Is Set to Soar 200%. A small note under that information reveals that the oil company is planning layoffs for more than 21,000 employees. While that matches Wall Street’s estimate for the period, its a 35% drop year-over-year and a 28% sequential decline. As of this writing, William White did not hold a position in any of the aforementioned securities. SLB stock was up 1.4% as of Friday afternoon. 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. 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. Dr. Hotez sends the White House a national, unified coronavirus plan, WHO chief scientist sees no coronavirus herd immunity yet. And although this is a big hit for the company, the experts believe the company should make it. The Schlumberger earnings also have it reporting diluted earnings per share of 5 cents. 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? 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 … Schlumberger (NYSE:SLB) is planning massive layoffs as the oil company struggles with declining revenue in the second quarter of 2020. 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 Schlumberger layoffs shouldn’t come as any surprise. “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. The company’s most recent quarter saw it bring in a revenue of $5.36 billion. 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 … Article printed from InvestorPlace Media, https://investorplace.com/2020/07/schlumberger-layoffs-on-the-way/. This double black swan event created simultaneous shocks in oil supply and demand resulting in the m… The company said Friday that second quarter revenue plunged 35% and it lost $3.43 billion. quotes delayed at least 15 minutes, all others at least 20 minutes. On December 17, Louis Navellier & Matt McCall will reveal the major events that will rock the markets in 2021. 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. As part of the solution, it has done what many huge companies have. All rights reserved. Notifications can be turned off anytime in the browser settings. The company will pay more than $1 billion in severance benefits. The company will pay more than $1 billion in severance benefits. The effect of this was amplified late in the quarter by a new battle for market share between the world’s largest oil producers. Nasdaq Working for SLB in Sugarland can land you up In Fortbend County Jail. “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. That pushed the combined second-quarter loss of the nation’s four biggest airlines to more than $10 billion. The call is scheduled … Thursday's job cuts were announced on top of 9,000 layoffs already planned in January. Professional / Law : July 21, 2020: The Straits Times “The good news for Schlumberger they are very much an international firm. July 25, 2020 8:14 am Schlumberger Ltd. ( NYSE: SLB ) finds itself in deep trouble financially, but only partially. On Thursday, American Airlines posted a loss of more than $2 billion, and Southwest Airlines said it lost $915 million. 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. However, it’s an 86% decrease from the company’s diluted EPS of 25 cents from the same period of the year prior. SLB layoffs come alongside declining revenue: Oil & Gas: July 24, 2020: Above The Law: Layoffs Come To Top 20 Am Law Firm. (AP) - Schlumberger is cutting more than 21,000 jobs as the global coronavirus pandemic quashes demand for energy and oil prices are routed. Copyright © Copyright © 2020 InvestorPlace Media, LLC. Chesapeake Energy, a pioneer in fracking, sought bankruptcy protection last month. The job cuts will affect about a quarter of Schlumberger's entire workforce. 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. Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. According to the earnings report, Schlumberger $1.02 billion of these charges are connected to severance pay. 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. Click here to subscribe to Insider Energy, Business Insider's weekly energy newsletter. SLS Stock: Why SELLAS Life Sciences Is Surging Today. Almost all major users of energy have been crippled because of the lockdown. Not even law firms at the top of the heap could avoid making cuts. Schlumberger doesn’t provide any further information about the layoffs in its earnings report. 1125 N. Charles St, Baltimore, MD 21201. 2020 InvestorPlace Media, LLC. A section of the company’s report notes that it suffered $3.7 billion in charges during the period. Get all the latest Schlumberger news. And are not total dependent on the US market,” Hirs said.
The effect of this was amplified late in the quarter by a new battle for market share between the world’s largest oil producers. 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. Olivier Le Peuch, CEO of Schlumberger, said this in the earnings report. Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. Millions of People Will Be Blindsided in 2021. Schlumberger currently employs 115,000 around the world. 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. “This is just taking the size of the market to what it was 10-years ago.”. Messages relating to layoffs at Schlumberger Ltd. are presented below the company info. Will You Be One of Them? July 24, 2020 at 11:15 AM EDT - Updated July 24 at 11:15 AM. 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? Schlumberger is cutting more than 21,000 jobs as the global coronavirus pandemic quashes demand for energy and oil prices are routed. That’s better than analysts’ estimate of -1 cents per share. 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. 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. “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.”. Updated: 5:25 PM CDT July 24, 2020. July 24, 2020: Investor Place: Schlumberger Layoffs: SLB to Cut 21,000 Jobs Amid Oil Woes. 1125 N. Charles St, Baltimore, MD 21201. Rival Schlumberger Ltd. predicted in April that as much as 60% of pressure pumping demand would fall off by July 1. 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