WEB HOUSTON, July 24, 2020—Schlumberger Limited (NYSE: SLB) today reported results for the second quarter of 2020. PRINT 100000+ Industry Leaders read it everyday, How did you hear about us? ... Chevron has chosen to conduct layoffs to try and reduce labor costs. 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. quotes delayed at least 15 minutes, all others at least 20 minutes. 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. All rights reserved. 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. 1125 N. Charles St, Baltimore, MD 21201. 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. Schlumberger doesn’t provide any further information about the layoffs in its earnings report. Second-Quarter Results (Stated in millions, except per share amounts) Three Months Ended: Change: Jun. However, it’s an 86% decrease from the company’s diluted EPS of 25 cents from the same period of the year prior. ... Friday, 24 July 2020 16:00 Schlumberger has reported its second straight quarterly loss after recording US$3.7 billion in impairment and … By techstaffer in Schlumberger on December 11, 2020 December 11, 2020. FRIENDS, One Electric will commence deliveries in Tamil Nadu and Kerala next month in January 2021, followed by Maharashtra and Delhi NCR thereafter. The company will pay more than $1 billion in severance benefits. That’s better than analysts’ estimate of -1 cents per share. July 24, 2020. Dear user, ET EnergyWorld privacy and cookie policy has been updated to align with the new data regulations in European Union. (AP) - Schlumberger is cutting more than 21,000 jobs as the global coronavirus pandemic quashes demand for energy and oil prices are routed. 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, 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. 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All rights reserved. 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. “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.”. 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. The company will pay more than $1 billion in severance benefits. According to the earnings report, Schlumberger $1.02 billion of these charges are connected to severance pay. SLB stock was up 1.4% as of Friday afternoon. 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 Schlumberger layoff news is tucked away inside the company’s earnings report for the second quarter of the year. Copyright © Schlumberger (NYSE: SLB) is planning massive layoffs as the oil company struggles with declining revenue in the second quarter of 2020. 31, 2020: Jun. Jul 24, 2020, 4:05pm EDT. This double black swan event created simultaneous shocks in oil supply and demand resulting in the m… Schlumberger said March 24 that it would cut its budget by up to 30 percent, including restructuring, pay cuts and layoffs. Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. Copyright © 2020 InvestorPlace Media, LLC. July 24, 2020: Investor Place: Schlumberger Layoffs: SLB to Cut 21,000 Jobs Amid Oil Woes. July 24, 2020 at 11:15 AM EDT - Updated July 24 at 11:15 AM. Professional / Law : July 21, 2020: The Straits Times Olivier Le Peuch, CEO of Schlumberger, said this in the earnings report. As of this writing, William White did not hold a position in any of the aforementioned securities. Schlumberger is cutting more than 21,000 jobs as the global coronavirus pandemic quashes demand for energy and oil prices are routed. 2020 InvestorPlace Media, LLC. Not even law firms at the top of the heap could avoid making cuts. Follow @ETEnergyworld for the latest news, insider access to events and more. 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 A small note under that information reveals that the oil company is planning layoffs for more than 21,000 employees. Please review and accept these changes below to continue using the website.You can see our privacy policy & our cookie policy. 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. 1125 N. Charles St, Baltimore, MD 21201. 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. Click here to subscribe to Insider Energy, Business Insider's weekly energy newsletter. Schlumberger CEO Olivier Le Peuch commented, “Before addressing our The Ora platform’s technology helped the operator investigate reservoir fluid viscosity variations and conduct a high … 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. Schlumberger is cutting more than 21,000 jobs as the global coronavirus pandemic quashes demand for energy and oil prices are routed. The effect of this was amplified late in the quarter by a new battle for market share between the world’s largest oil producers. While that matches Wall Street’s estimate for the period, its a 35% drop year-over-year and a 28% sequential decline. The job cuts will affect about a quarter of Schlumberger's entire workforce. Nasdaq 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. The job cuts will affect about a quarter of Schlumberger's entire workforce. Updated: 5:25 PM CDT July 24, 2020. A section of the company’s report notes that it suffered $3.7 billion in charges during the period. Schlumberger (NYSE:SLB) is planning massive layoffs as the oil company struggles with declining revenue in the second quarter of 2020. 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. Copyright © 2020 ETEnergyworld.com. OPINION: Can the Indian steel industry Join the Hydrogen revolution? The Schlumberger layoffs shouldn’t come as any surprise. SLB layoffs come alongside declining revenue: Oil & Gas: July 24, 2020: Above The Law: Layoffs Come To Top 20 Am Law Firm. 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). Click "Continue" to accept and continue with ET EnergyWorld. Schlumberger layoffs: Company cuts 21K jobs amid COVID-19 pandemic oil rout. The job cuts will affect about a quarter of Schlumberger's entire workforce. 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 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. Working for SLB in Sugarland can land you up In Fortbend County Jail. According to Reuters Chevron plans to, “cut 10% to 15% of its worldwide … 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. Article printed from InvestorPlace Media, https://investorplace.com/2020/07/schlumberger-layoffs-on-the-way/. 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. No comments. Baker Hughes followed Schlumberger in slashing capital spending. Get ETEnergyworld's top stories every morning in your email inbox. 30, 2020: Mar. The company’s most recent quarter saw it bring in a revenue of $5.36 billion. Schlumberger layoffs: Company cuts 21K jobs amid COVID-19 pandemic oil rout. We have updated our terms and conditions and privacy policy
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