VK. Schlumberger Ltd. said it’s cutting one-fifth of its workforce as the oil services giant warned that new waves of Covid-19 could derail the nascent recovery in global energy demand. Telegram. When the last oil boom peaked in 2014, Schlumberger had 120,000 employees, The Journal said. The oilfield services company also posted a $3.43bn loss in the second quarter when crude prices dropped 33 … Apr 18, 2020 6:47 AM UTC . The second-quarter rout was so bad for Schlumberger that it’s spending $1 billion on job severance in a move that will shrink staffing to an 11-year low. Schlumberger to cut jobs in Houston. Schlumberger cuts 21,000 jobs . Print. Schlumberger's executive officers and board of directors also agreed to a salary cut … With debt of $ 3.43 billion in the second half, Schlumberger resolved to cut 21,000 jobs, or one-fifth of its global workforce. After already furloughing employees, modifying work schedules, and voluntarily cutting executive salaries, Schlumberger is cutting jobs in Houston and shutting down two facilities in Texas. AFP - July 24, 2020 9:52 PM. Viber (Agence Ecofin) – COVID-19 continues to affect oil service companies. By. Source: Schlumberger, the largest oil field services company, said Friday it lost $10.1 billion in 2019, laid off 1,400 workers in the fourth quarter, closed facilities, pulled hydraulic … Tumblr. Schlumberger (NYSE:SLB) Intraday Stock Chart. Schlumberger subsidiary to close two Texas sites. Oil-field service giant Schlumberger plans to cut an undisclosd number of jobs in Houston as the oil crash continues to ravage the industry so vital to Houston and Texas. Linkedin. Schlumberger cuts 21,000 jobs as pandemic pummels energy demand. November 25, 2020. Job cuts associated with the latest price crisis are likely to come in two waves. July 24, 2020. Mix. Schlumberger has cut some 21,000 jobs, a fifth of its workforce, amid the steep drop in activity. The second phase will come later, when companies go bankrupt and much-anticipated consolidation sweeps across the sector. Schlumberger to cut 21,000 jobs. Author: Anayeli Ruiz (KHOU), Associated Press Published: 10:16 AM CDT July 24, 2020 18/04/2020 8:02am Dow Jones News. Schlumberger cuts more than 21,000 jobs as the global coronavirus pandemic lowers energy demand and oil prices are sidetracked, the company will pay more than $ 1 billion in severance packages.The job cuts announced on Friday, about a quarter of its entire workforce, bring the number of people employed by the world’s largest oil services company closer to what it was when the boom began. By Collin Eaton . Second quarter charges included $1.02 billion for severance costs, $977 million for asset impairments, and $730 million on Latin America projects, where a landslide disrupted a major customer. By Collin Eaton Schlumberger Ltd., the world's largest oil-field services company, is cutting about 21,000 jobs as oil producers make steep spending reductions in response to a historic drop... | November 16, 2020 0 By Collin Eaton . Snorre expansion project in North Sea set to begin production November 15, 2020 Read More. Reuters 0. ReddIt. Schlumberger Ltd., the world's largest oil-field services company, is cutting about 21,000 jobs as oil producers made steep spending reductions in response to a historic drop in prices amid the coronavirus pandemic. Jul 28, 2020. France News; Schlumberger cuts 400 jobs in France, unions say. Schlumberger Cuts Jobs, Slashes Dividend -- WSJ. Facebook. Daily Job Cuts / Layoffs - Your source for daily economy updates on recent Job Layoffs 2020 / 2019 , Job Losses, Layoff News, Store Closings 2020, Bankruptcy, Business and Economic News Schlumberger SLB is cutting 21,000 jobs, or around one-fifth of its total workforce, as part of structural changes in response to one of its worst quarters in decades. 4. The first wave is associated with the cessation of some portion of the industry’s operations and typically involve layoffs among field personnel. Oilfield services provider Schlumberger on Tuesday said it will implement widespread salary and job cuts as it grapples with a sharp decline in revenue from the oil price collapse. Some of those closures are in Texas, and the company has said Houston job cuts were planned. WhatsApp. by Allister Thomas 16/10/2020, 12:51 pm Updated: 16/10/2020, 1:19 pm Schlumberger reports $8.5B charge for Q1 2020, cuts dividend 75% . Schlumberger to Cut 21,000 Jobs - Adjusted Net Beats Estimate Amid massive downturn in the energy industry, Schlumberger swings to a loss and plans 21,000 job cuts. Pinterest. From Jul 2020 to Aug 2020. Oil services giant Schlumberger to cut 21,000 jobs after US$3.4 bil loss. Schlumberger has cut some 21,000 jobs, a fifth of its workforce, amid the steep drop in activity. Schlumberger eyes deeper cost cuts as oil rout triggers $3.7 bln charge, shelves 21,000 jobs Schlumberger has cut some 21,000 jobs, a fifth of its workforce, amid the steep drop in activity. Schlumberger cuts 21,000 jobs Oilfield giant leans on digital offerings for new revenue streams 24 July 2020 16:31 GMT Updated 24 July 2020 16:31 GMT Schlumberger … Schlumberger job cuts 2020 : US oilfield services company Schlumberger said that it is slashing more than 21,000 employees, or nearly one-fifth of its. LINE. Schlumberger has completed its plan to cut 21,000 jobs in response to the oil downturn, according to its latest accounts. SCHLUMBERGER will cut 21,000 jobs from its workforce it said in its punishing second quarter results as it follows oilfield service peers Halliburton and Baker Hughes into steep losses as drilling drops and exploration companies put the squeeze on the supplier side. April 1, 2020 evan1313 Financial, Suppliers Leave a comment. Email. Share. Schlumberger lays off 1,400 amid surgical cuts to restore profitability in U.S. shale. Author: PGNiG reports Warka gas discovery in PL1009 license in Norwegian Sea November 15, 2020 Read More. By Collin Eaton . Schlumberger had already cut 1,500 employees, slashed its dividend, and reduced executive pay. Saturday 18 April 2020 . Twitter. Schlumberger cuts 21,000 jobs amid oil downturn 7/24/2020 Oilfield services giant Schlumberger NV outlined plans for deeper spending cuts after recording a $3.7 billion charge and a second straight quarterly loss on thousands of job cuts and a pipeline outage in Ecuador. Digg. Schlumberger Ltd., the world’s largest oil-field services company, is cutting about 21,000 jobs as oil producers slash spending in response to a historic drop in prices amid the coronavirus pandemic. Schlumberger Cuts Jobs, Slashes Dividend — WSJ Provided by Dow Jones. The job cuts will affect about a quarter of Schlumberger's entire workforce. Widespread Salary and Job Cuts at Schlumberger. Schlumberger recorded $3.7 billion in impairment charges in the second quarter, including about $1 billion in severance charges related to the job cuts, which represent roughly one-fifth of … 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).