However, it’s an 86% decrease from the company’s diluted EPS of 25 cents from the same period of the year prior. A small note under that information reveals that the oil company is planning layoffs for more than 21,000 employees. No going back on privatisation of BPCL, Air India, India to bank on innovative ways to garner Rs 1.75 lakh crore investment for renewable sector, Coal India set to diversify into non-coal mining areas in 2021, M N Dastur joins US-funded study on carbon capture at IOC's Koyali refinery, Oil edges higher after Brexit deal, gains capped by pandemic, Assam extends ban on strike by oil and gas sector employees for 6 months under ESMA, Power discom MDs answerable in case of poor consumer service: UP energy minister, No response from discoms for power offtake from 4 GW tender, SECI tells Azure Power, Adani's deal to buy stake in Odisha Power Generation Corp cancelled, CIL board approves venturing into aluminium, solar sectors, India only major country set to achieve targets of Paris Agreement: PM Modi, The Economic Times Power Talks Presented By GE, ETEnergyworld.com Smart Electricity Conclave, ETEnergyworld.com Energy Transition Summit, Oracle Utilities: Turn raw data into a powerful information, ETEnergyworld.com India Smart WaterTech Series, ETEnergyworld.com Smart Metering - Power & Water, ETEnergyworld.com Solar Energy Storage & InterContinental Grids, Deliveries of fastest electric motorcycle start, Indian Oil awards $255 million contract to Tecnimont Private Ltd, Make in India: BHEL plans to shift Rs 3,000 cr worth of annual imports to local vendors, BPCL sale: India plans tough annual targets for state firms to boost valuations, PM Modi to inaugurate 30,000 MW renewable energy park on Dec 15, Post-stake sale, BPCL's LPG business to be in new SBU; new owner to take call after 3 yrs, Entry of big pvt equity players set to heat up BPCL takeover, Government may reduce oil subsidy budget by half in 2021-22, PSU asset monetisation likely to get fillip in Budget FY22, LPG prices rise Rs 50 per cylinder; Lack of clarity on subsidies, OPINION: Rights of Electricity Consumers Rules: A critical appraisal, OPINION: New year, new decade and new momentum for energy transition, Inverted energy launches new battery management system. As of this writing, William White did not hold a position in any of the aforementioned securities. 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. Copyright © 2020 ETEnergyworld.com. 100000+ Industry Leaders read it everyday, How did you hear about us? FRIENDS, One Electric will commence deliveries in Tamil Nadu and Kerala next month in January 2021, followed by Maharashtra and Delhi NCR thereafter. 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). No comments. 31, 2020: Jun. Schlumberger layoffs: Company cuts 21K jobs amid COVID-19 pandemic oil rout. According to the earnings report, Schlumberger $1.02 billion of these charges are connected to severance pay. That’s better than analysts’ estimate of -1 cents per share. July 24, 2020. Article printed from InvestorPlace Media, https://investorplace.com/2020/07/schlumberger-layoffs-on-the-way/.
The effect of this was amplified late in the quarter by a new battle for market share between the world’s largest oil producers. The company will pay more than $1 billion in severance benefits. All Rights Reserved. Please review and accept these changes below to continue using the website.You can see our privacy policy & our cookie policy. Schlumberger (NYSE: SLB) is planning massive layoffs as the oil company struggles with declining revenue in the second quarter of 2020. 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. July 24, 2020: Investor Place: Schlumberger Layoffs: SLB to Cut 21,000 Jobs Amid Oil Woes. 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 Ora platform’s technology helped the operator investigate reservoir fluid viscosity variations and conduct a high … While that matches Wall Street’s estimate for the period, its a 35% drop year-over-year and a 28% sequential decline. 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. We have various options to advertise with us including Events, Advertorials, Banners, Mailers, Webinars etc. OPINION: Can the Indian steel industry Join the Hydrogen revolution? 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. SLB layoffs come alongside declining revenue: Oil & Gas: July 24, 2020: Above The Law: Layoffs Come To Top 20 Am Law Firm. Not even law firms at the top of the heap could avoid making cuts. Olivier Le Peuch, CEO of Schlumberger, said this in the earnings report. We have updated our terms and conditions and privacy policy The effect of this was amplified late in the quarter by a new battle for market share between the world’s largest oil producers. All rights reserved. Copyright © 2020 InvestorPlace Media, LLC. Schlumberger said March 24 that it would cut its budget by up to 30 percent, including restructuring, pay cuts and layoffs. 30, 2020: Mar. Dear user, ET EnergyWorld privacy and cookie policy has been updated to align with the new data regulations in European Union. Baker Hughes followed Schlumberger in slashing capital spending. Follow @ETEnergyworld for the latest news, insider access to events and more. 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. July 24, 2020 at 11:15 AM EDT - Updated July 24 at 11:15 AM. ... Friday, 24 July 2020 16:00 Schlumberger has reported its second straight quarterly loss after recording US$3.7 billion in impairment and … Schlumberger doesn’t provide any further information about the layoffs in its earnings report. The company’s most recent quarter saw it bring in a revenue of $5.36 billion. According to Reuters Chevron plans to, “cut 10% to 15% of its worldwide … 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. Get ETEnergyworld's top stories every morning in your email inbox. “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.”. The job cuts will affect about a quarter of Schlumberger's entire workforce. Schlumberger is cutting more than 21,000 jobs as the global coronavirus pandemic quashes demand for energy and oil prices are routed. The Schlumberger earnings also have it reporting diluted earnings per share of 5 cents. 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. 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. WEB Click here to subscribe to Insider Energy, Business Insider's weekly energy newsletter. The company will pay more than $1 billion in severance benefits. 1125 N. Charles St, Baltimore, MD 21201. The job cuts will affect about a quarter of Schlumberger's entire workforce. 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. Schlumberger layoffs: Company cuts 21K jobs amid COVID-19 pandemic oil rout. Copyright © 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. 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 ... Chevron has chosen to conduct layoffs to try and reduce labor costs. 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. 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. Working for SLB in Sugarland can land you up In Fortbend County Jail. SLB stock was up 1.4% as of Friday afternoon. Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes. 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. 2020 InvestorPlace Media, LLC. Professional / Law : July 21, 2020: The Straits Times Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. We use cookies to ensure the best experience for you on our website.If you choose to ignore this message, we'll assume that you are happy to receive all cookies on ET EnergyWorld. Schlumberger (NYSE:SLB) is planning massive layoffs as the oil company struggles with declining revenue in the second quarter of 2020. 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. The job cuts will affect about a quarter of Schlumberger's entire workforce. The Schlumberger layoff news is tucked away inside the company’s earnings report for the second quarter of the year. 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. 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. Schlumberger is cutting more than 21,000 jobs as the global coronavirus pandemic quashes demand for energy and oil prices are routed. PRINT Second-Quarter Results (Stated in millions, except per share amounts) Three Months Ended: Change: Jun. Jul 24, 2020, 4:05pm EDT. The Schlumberger layoffs shouldn’t come as any surprise. By techstaffer in Schlumberger on December 11, 2020 December 11, 2020. Schlumberger CEO Olivier Le Peuch commented, “Before addressing our Updated: 5:25 PM CDT July 24, 2020. HOUSTON, July 24, 2020—Schlumberger Limited (NYSE: SLB) today reported results for the second quarter of 2020. This double black swan event created simultaneous shocks in oil supply and demand resulting in the m… 30, 2019: Sequential: Year-on-year: Revenue : $5,356: $7,455: $8,269-28%-35% : Income (loss) before taxes - GAAP basis $(3,627) $(8,089) $593: … The layoffs in its earnings report said March 24 that it suffered $ 3.7 billion in benefits. Every morning in your email inbox morning in your email inbox costs associated with reducing Schlumberger’s workforce by than. World’S largest oil producers updated our terms and conditions and privacy policy click `` continue '' to and! Regulations in European Union latest news, Insider access to Events and more doesn ’ provide... A revenue of $ 5.36 billion Events and more the aforementioned securities here to subscribe Insider. 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