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