Schlumberger, a global oilfield services company, is cutting 21,000 jobs in response to the energy-market collapse. Returns as of 12/12/2020. The worry about the quarters ahead is that COVID-19 could start to spread again. In Texas, the state was notified that cuts will … Unlike many companies, oil services company Schlumberger has a strong balance sheet, which makes the job cuts all the more troubling. Working for SLB in Sugarland can land you up In Fortbend County Jail. Oilfield service giant Schlumberger grew its global headcount in 2019 despite finishing the year with a $10.1 billion loss and laying off 1,400 workers in the United States. 31, 2020: Jun. Schlumberger moved its Houston-area offices from 5000 Gulf Freeway in Houston to the Sugar Land campus in 1995 (at the northeast corner of U.S. Highway 90A and Gillingham Lane in Sugar Land, Texas). Schlumberger is a large oilfield services company. Experience is always good, if you want to stay in this industry after layoffs. Baker Hughes follows OKC layoffs with more in Houston April 24, 2020 . Like so many other companies, Schlumberger believes the world may not get better soon, and it could even get worse. July 24, 2020: Investor Place: Schlumberger Layoffs: SLB to Cut 21,000 Jobs Amid Oil Woes. As of 2018 the company employs approximately 100,000 people and is present in 80+ countries. Stock Advisor launched in February of 2002. The layoffs have started to move to other industries, and they likely will rise into the tens of thousands on a regular basis. Or, they look at models of the spread because of careless public behavior and poor medical systems in developing counties. 5:41 PM, May. However, Schlumberger is not the only company with a good balance sheet to cut workers. The company recently posted a US$21 million loss on its 70% share of the Western Geco seismic acquisition business. Thursday, May 7, 2020 HOUSTON, Texas (KTRK) -- After already furloughing employees, modifying work schedules, and voluntarily cutting executive salaries, Schlumberger is cutting jobs in … Perhaps companies employ epidemiologists. But management says it needs to take action now to avoid being crippled in the future by a drop in revenue. CEO Olivier Le Peuch said: First, our cash flow from operations was $803 million and we generated $465 million of free cash flow despite significant severance payments during the quarter. Early last month, the company announced layoffs of at least 600 employees across Texas and Oklahoma. HOUSTON, July 24, 2020—Schlumberger Limited (NYSE: SLB) today reported results for the second quarter of 2020. A hit to its business could happen almost anywhere. The memo also reportedly said CEO Le Peuch has picked two executives to head business and regional operations groups, which will be in place by July 1. The effect of this was amplified late in the quarter by a new battle for market share between the world’s largest oil producers. A week after Baker Hughes Co. announced the layoff of more than 200 workers at its Oklahoma City operations, the company said it would lay off more than 180 people in Houston where it is headquartered. The current executive vice president (EVP) of Reservoir and Infrastructure will become EVP of Services and Equipment over the four new business divisions, and current EVP of Operations will become EVP of Geographies, leading the regional operations group, including sales and commercial areas. Schlumberger layoffs confirmed 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 … The Board of Directors and executive officers have also taken compensation cuts. It cut 21,000 people. At its first-quarter earnings call on April 17, 2020, the company also said it would cut its capital spending plan by 30% and research and development spending by 20% in the second-quarter. Revenue did indeed fall 35% to $5.4 billion. As part of the solution, it has done what many huge companies have. A company memo explains that Schlumberger "also will create five "basins" groups over 30 geographic units, replacing what it had called GeoMarkets and sub-GeoMarkets teams.". It is an anxiety that has crept into more and more forecasts. Job completion bonuses are nice, if you are eligible to receive them. 02, 2020 This article has been updated to clarify that Stanford Health Care cook Sarah Jane Von Wettberg chose a mix of paid and unpaid leave to … Unlike many companies, oil services company Schlumberger has a … We continue to be opportunistic in accessing the financial markets, systematically refinancing and spacing out future debt maturities, and taking proactive measures to enhance our liquidity position. The layoffs have started to move to other industries, and they likely will rise into the tens of thousands on a regular basis. Schlumberger currently employs 115,000 around the world. He has been investing since 1989 and been a Fool since 2001. Let's conquer your financial goals together...faster. Schlumberger Ltd. (NYSE: SLB) finds itself in deep trouble financially, but only partially. © Provided by InvestorPlace Schlumberger … Prior to joining The Fool as a contract writer in 2019, Howard worked in the steel business as an engineer for 28 years. Schlumberger Ltd. (NYSE: SLB) reported lower revenue and an $8.5 billion charge for the first quarter of 2020, the last month of which was rocked by … Cumulative Growth of a $10,000 Investment in Stock Advisor, Schlumberger to Restructure Operations and Executive Team, Says Report @themotleyfool #stocks $SLB $BKR, Schlumberger Limited (SLB) Q3 2020 Earnings Call Transcript, Why Liberty Oilfield Services Stock Rocketed by as Much as 40% on Sept. 1, Schlumberger Limited (SLB) Q2 2020 Earnings Call Transcript, Schlumberger Takes $3.7 Billion Charge As It Downsizes, Forget Oilfield Services Stocks, Pipeline Stocks Are the Better Buy Right Now, Copyright, Trademark and Patent Information. 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 … In dealing with the industry slowdown, Schlumberger has already announced cost control measures including cutting jobs and furloughing some personnel, closing facilities, and cutting salaries. Layoffs and pay cuts loom as Schlumberger, the largest oilfield service company in the world, plans to cut up to 30 percent from its budget amid … Schlumberger layoffs hit Cameron Drilling in Moore. By techstaffer in Schlumberger on December 11, 2020 December 11, 2020. In January 2020 Schlumberger announced a loss of $10.1 billion in 2019, a layoff off 1,400 workers in the fourth quarter, closure of facilities, a recall of hydraulic fracturing fleets from the field and plans to sell assets. The unamortized balance of Schlumberger’s investments in APS projects was approximately $1.8 billion at June 30, 2020 and $2.5 billion at March 31, 2020. The job cuts announced in Alaska include 63 layoffs at Baker Hughes, 81 at the Schlumberger Technology Corp., about 80 at Halliburton Energy … … This may come as a shock to some, but Baker McKenzie is conducting layoffs. 30, 2020: Mar. No comments. Howard grew up in Philadelphia watching the Philly sports teams struggle for championships. Schlumberger said it expects “flat sequential revenue.” In management’s eyes, that clearly is not enough to hold the line on current employment. As oil prices dropped sharply, oil producers around the globe reacted by cutting production. Original post… Now that third-quarter 2019 results have been posted and the investor call completed, the question is simple. Key staffers Steve Pickering and Keith Myers, who are based in Malaysia, were supposed to attend the WABS 3 conference in Perth, but according to reports, were advised to attend a high level Schlumberger meeting in Dubai. See you at the top! 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. Some 21,000 people paid the price for that range of predictions. The new restructuring will consolidate the company's 17 product lines into four divisions based on customer "workflow," according to the report. Those numbers are extremely impressive in terms of financial health. Schlumberger reported a net loss of $3.4 billion, or $2.47 a share, compared with net income of $492 million, or 35 cents a share, in the same period last year. The main USA location is Houston, Texas. Second-Quarter Results (Stated in millions, except per share amounts) Three Months Ended: Change : Jun. He has been investing since 1989 and been a … 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. This double black swan event created simultaneous shocks in oil supply and demand resulting in the m… Average benefits with 6% matching 401K (good luck making it to fully vested status). The pandemic hurt the entire economy, but it came down on the oil & gas industry especially hard. The latest rig count from Baker Hughes Co. (NYSE:BKR) shows year-over-year reductions of 66% in the U.S., 63% in Canada, and 14% internationally. Schlumberger reports $8.5B charge for Q1 2020, cuts dividend 75% Schlumberger layoffs, furloughs, exec pay cuts incoming Houston's oil and gas companies are … Schlumberger (NYSE: SLB) is planning massive layoffs as the oil company struggles with declining revenue in the second quarter of 2020. There must be trouble ahead, management argues. Layoffs in that wave will hit hardest among corporate support staff, engineers and other technical employees — the kinds of people who work in Houston, in other words. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. Market data powered by FactSet and Web Financial Group. The layoffs are expected to commence on June 15, according to a …
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 a global company. Thursday's job cuts were announced on top of 9,000 layoffs already planned in January. Howard grew up in Philadelphia watching the Philly sports teams struggle for championships. Click here to subscribe to Insider Energy, Business Insider's weekly energy newsletter. The moves come after CEO Olivier Le Peuch took over the position on August 1, 2019, and amid a sharp decline in oil prices and demand for its services amid the COVID-19 pandemic. The company, he said, also stands to save $25 million a quarter from first-quarter layoffs. May 21, 2020 at 11:36AM Author Bio. Le Peuch made his argument, even though oil demand has started to rise. The Ascent is The Motley Fool's new personal finance brand devoted to helping you live a richer life. So far, most of the huge layoffs among public corporations have been in the hotel, airline, retail and hospitality industries, which were hit hardest early in the spread of COVID-19. News of Schlumberger’s plans for Houston layoffs come just after Houston-based Halliburton Co. (NYSE: HAL) laid off about 1,000 employees at its headquarters. 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. Schlumberger (NYSE:SLB), a leading provider of technology and services to the oil and gas industry, has plans to restructure its business operations, and rearrange executive duties, according to a Reuters report. When he isn’t writing, he is usually out for a run, or relaxing to the music of the Grateful Dead. 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