Schlumberger Ltd. lost more than $1 billion in the fourth quarter and reduced its workforce by another 10,000 as tight exploration budgets slammed profits for the world's largest oilfield services company.
With the United States continuing to be the No. 1 region for its business, the earnings report foreshadows what’s ahead for the rest of the services sector as well as exploration and production (E&P) results.
To cope with the poor environment and likely downturn through at the least the first half of this year, Schlumberger laid off another 10,000 people during the fourth quarter. The company had indicated in December it was reducing the workforce, but it had not indicated how many people would lose their jobs (see Shale Daily, Dec. 1, 2015).Read the whole article by clicking here.
From Fuel Fix:
Oil field services giant Halliburton shed another 4,000 jobs in the final three months of 2015, as the Houston-based company continued to aggressively cut costs amid the worst oil crash in decades.
With the latest job cuts, Halliburton has reduced its global workforce by 25 percent, a total of about 22,000 employees since its peak in 2014. And more cuts could be on the way if a recovery in crude prices stalls, company executives said Monday morning.
“2016 is shaping up to be one tough slog through the mud and the industry is going to have to take it a quarter at a time,” CEO Dave Lesar said.
The company lost $28 million in the three-month period ending Dec. 31 due to impairment charges from asset write-offs and severance pay for laid-off workers.Click here to continue reading this article.
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