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. Working for SLB in Sugarland can land you up In Fortbend County Jail. 2020 InvestorPlace Media, LLC. Jul 24, 2020, 4:05pm EDT. July 24, 2020: Investor Place: Schlumberger Layoffs: SLB to Cut 21,000 Jobs Amid Oil Woes. ABC Renewables, Adani Renewables, Amp Energy win SECI’s 1.2 GW hybrid tender, OPINION: 2020 – One of the worst years for oil, Vikram Solar commissions rooftop solar plant at its manufacturing unit in Kolkata, CCUS, Hydrogen and Bioenergy can help achieve net zero emission: Report, Embed ETEnergyworld.com Widgets on your Website. 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. We have various options to advertise with us including Events, Advertorials, Banners, Mailers, Webinars etc. Olivier Le Peuch, CEO of Schlumberger, said this in the earnings report. No comments. “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.”. 100000+ Industry Leaders read it everyday, How did you hear about us? Schlumberger (NYSE: SLB) is planning massive layoffs as the oil company struggles with declining revenue in the second quarter of 2020. Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. That’s better than analysts’ estimate of -1 cents per share. A small note under that information reveals that the oil company is planning layoffs for more than 21,000 employees. Nasdaq All Rights Reserved. 1125 N. Charles St, Baltimore, MD 21201. Click here to subscribe to Insider Energy, Business Insider's weekly energy newsletter. quotes delayed at least 15 minutes, all others at least 20 minutes. WEB July 24, 2020 at 11:15 AM EDT - Updated July 24 at 11:15 AM. Schlumberger is cutting more than 21,000 jobs as the global coronavirus pandemic quashes demand for energy and oil prices are routed. July 24, 2020. FRIENDS, One Electric will commence deliveries in Tamil Nadu and Kerala next month in January 2021, followed by Maharashtra and Delhi NCR thereafter. PRINT Schlumberger layoffs: Company cuts 21K jobs amid COVID-19 pandemic oil rout. 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. 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, The #1 Investing Lesson to Take Into 2021, Buy the Dip in Bitcoin If and When It Comes, Matt McCall and the InvestorPlace Research Staff, Best Stocks For 2021: Fiverr International (FVRR), Hyliion Isn’t an EV Market Superstar Yet, but Its Day Will Come, Record Revenue Performance Makes a Strong Case for Hexo Stock, 7 Explosive Cryptocurrencies to Buy After the Bitcoin Halvening, 7 Retail Stocks That Should Have a Happy New Year. July 24, 2020 at 10:15 AM CDT - Updated July 24 at 10:15 AM (AP) - Schlumberger is cutting more than 21,000 jobs as the global coronavirus pandemic quashes demand for energy and oil prices are routed. While that matches Wall Street’s estimate for the period, its a 35% drop year-over-year and a 28% sequential decline. The company will pay more than $1 billion in severance benefits. Schlumberger CEO Olivier Le Peuch commented, “Before addressing our The job cuts will affect about a quarter of Schlumberger's entire workforce. Please review and accept these changes below to continue using the website.You can see our privacy policy & our cookie policy. A section of the company’s report notes that it suffered $3.7 billion in charges during the period. Click "Continue" to accept and continue with ET EnergyWorld. Baker Hughes followed Schlumberger in slashing capital spending. 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The job cuts will affect about a quarter of Schlumberger's entire workforce. 31, 2020: Jun. Schlumberger (NYSE:SLB) is planning massive layoffs as the oil company struggles with declining revenue in the second quarter of 2020. 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. The Schlumberger earnings also have it reporting diluted earnings per share of 5 cents. Copyright © The Schlumberger layoffs shouldn’t come as any surprise. By techstaffer in Schlumberger on December 11, 2020 December 11, 2020. NEW YORK -- Oil-services giant Schlumberger said Thursday it would cut 11,000 more jobs as its first-quarter earnings tumbled after low crude prices forced it to cut drilling.
The effect of this was amplified late in the quarter by a new battle for market share between the world’s largest oil producers. Schlumberger is cutting more than 21,000 jobs as the global coronavirus pandemic quashes demand for energy and oil prices are routed. 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. Article printed from InvestorPlace Media, https://investorplace.com/2020/07/schlumberger-layoffs-on-the-way/. According to Reuters Chevron plans to, “cut 10% to 15% of its worldwide … According to the earnings report, Schlumberger $1.02 billion of these charges are connected to severance pay. This double black swan event created simultaneous shocks in oil supply and demand resulting in the m… This article is being republished as part of our daily reproduction of WSJ.com articles that also appeared in the U.S. print edition of The Wall Street Journal (April 18, 2020). Second-Quarter Results (Stated in millions, except per share amounts) Three Months Ended: Change: Jun. Copyright © 2020 ETEnergyworld.com. 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 is ceasing operations in mainland US and Canada. Schlumberger, along with most other oil companies, is in the process of trying to cut costs to help deal with the economic downturn brought on by the Coronavirus. Professional / Law : July 21, 2020: The Straits Times Dear user, ET EnergyWorld privacy and cookie policy has been updated to align with the new data regulations in European Union. The Schlumberger layoff news is tucked away inside the company’s earnings report for the second quarter of the year. All rights reserved. The company will pay more than $1 billion in severance benefits. No going back on privatisation of BPCL, Air India8 hrs ago, India to bank on innovative ways to garner Rs 1.75 lakh crore investment for renewable sector17 hrs ago, Towards Digitalisation of Modern Energy Assets. All rights reserved. Copyright © 2020 InvestorPlace Media, LLC. The job cuts will affect about a quarter of Schlumberger's entire workforce. The company’s most recent quarter saw it bring in a revenue of $5.36 billion. As of this writing, William White did not hold a position in any of the aforementioned securities. 1125 N. Charles St, Baltimore, MD 21201. 30, 2020: Mar. However, it’s an 86% decrease from the company’s diluted EPS of 25 cents from the same period of the year prior. ... Chevron has chosen to conduct layoffs to try and reduce labor costs. Follow @ETEnergyworld for the latest news, insider access to events and more. 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. Schlumberger doesn’t provide any further information about the layoffs in its earnings report. OPINION: Can the Indian steel industry Join the Hydrogen revolution? 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. Oil services group Schlumberger expects to lay off more than 21,000 employees -- a quarter of staff -- it said on Friday, also reporting a $3.4 billion quarterly loss. The largest single portion of those charges was $1 billion of severance costs associated with reducing Schlumberger’s workforce by more than 21,000 employees. HOUSTON, July 24, 2020—Schlumberger Limited (NYSE: SLB) today reported results for the second quarter of 2020. 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