Olivier Le Peuch, CEO of Schlumberger, said this in the earnings report. All Rights Reserved. The Schlumberger layoff news is tucked away inside the company’s earnings report for the second quarter of the 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. We have updated our terms and conditions and privacy policy This double black swan event created simultaneous shocks in oil supply and demand resulting in the m… 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. 1125 N. Charles St, Baltimore, MD 21201. 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. Schlumberger is cutting more than 21,000 jobs as the global coronavirus pandemic quashes demand for energy and oil prices are routed. Jul 24, 2020, 4:05pm EDT. 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. Follow @ETEnergyworld for the latest news, insider access to events and more. 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. Second-Quarter Results (Stated in millions, except per share amounts) Three Months Ended: Change: Jun. Not even law firms at the top of the heap could avoid making cuts. ... Chevron has chosen to conduct layoffs to try and reduce labor costs. Schlumberger layoffs: Company cuts 21K jobs amid COVID-19 pandemic oil rout. Baker Hughes followed Schlumberger in slashing capital spending. No comments. 100000+ Industry Leaders read it everyday, How did you hear about us? That’s better than analysts’ estimate of -1 cents per share. OPINION: Can the Indian steel industry Join the Hydrogen revolution? Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. 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. 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. 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. SLB stock was up 1.4% as of Friday afternoon. 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Working for SLB in Sugarland can land you up In Fortbend County Jail. The Schlumberger layoffs shouldn’t come as any surprise. Article printed from InvestorPlace Media, https://investorplace.com/2020/07/schlumberger-layoffs-on-the-way/. We have various options to advertise with us including Events, Advertorials, Banners, Mailers, Webinars etc. Copyright © 2020 InvestorPlace Media, LLC. HOUSTON, July 24, 2020—Schlumberger Limited (NYSE: SLB) today reported results for the second quarter of 2020. 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. quotes delayed at least 15 minutes, all others at least 20 minutes. 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. The Schlumberger earnings also have it reporting diluted earnings per share of 5 cents. Schlumberger CEO Olivier Le Peuch commented, “Before addressing our July 24, 2020 at 11:15 AM EDT - Updated July 24 at 11:15 AM (AP) - Schlumberger is cutting more than 21,000 jobs as the global coronavirus pandemic quashes demand for energy and o Click "Continue" to accept and continue with ET EnergyWorld. 2020 InvestorPlace Media, LLC. A section of the company’s report notes that it suffered $3.7 billion in charges during the period. Schlumberger is cutting more than 21,000 jobs as the global coronavirus pandemic quashes demand for energy and oil prices are routed. Click here to subscribe to Insider Energy, Business Insider's weekly energy newsletter. While that matches Wall Street’s estimate for the period, its a 35% drop year-over-year and a 28% sequential decline. Get ETEnergyworld's top stories every morning in your email inbox. July 24, 2020: Investor Place: Schlumberger Layoffs: SLB to Cut 21,000 Jobs Amid Oil Woes. According to the earnings report, Schlumberger $1.02 billion of these charges are connected to severance pay. Schlumberger (NYSE: SLB) is planning massive layoffs as the oil company struggles with declining revenue in the second quarter of 2020. Dear user, ET EnergyWorld privacy and cookie policy has been updated to align with the new data regulations in European Union. Professional / Law : July 21, 2020: The Straits Times FRIENDS, One Electric will commence deliveries in Tamil Nadu and Kerala next month in January 2021, followed by Maharashtra and Delhi NCR thereafter. Of 2020 in Schlumberger on December 11, 2020 at 11:15 AM company is planning massive layoffs the... Up 1.4 % as of Friday afternoon according to the earnings report could making... 21,000 jobs as the global coronavirus pandemic quashes demand for energy and prices. 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