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Wednesday, July 27, 2016

Energy Industry Job Cuts Not Stopping Yet

From NGI:
The energy industry has lost tens of thousands of jobs since oil prices collapsed in 2014, and while the workforce reductions may have slowed, several companies have reported more layoffs in cost-cutting efforts during recent days. 
"As a result of the weakness in activity that will persist through 2016 as expected, we have made another significant adjustment to our cost and resource base, including the release of more than 16,000 employees during the first half of 2016 and a further streamlining of our overhead, infrastructure, and asset base," Schlumberger Ltd. CEO Paal Kibsgaard said. "This has led to $646 million in restructuring charges in the second quarter for the reduction in our workforce..." 
About half of those cuts reportedly came in the second quarter. 
The restructuring "should bring the company into the shape where we are well-positioned to navigate the bottom of the market and also well-positioned to start growing again going forward," Kibsgaard said during a conference call with analysts Friday.
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