schlumberger layoffs july 2020

schlumberger layoffs july 2020

July 24, 2020 at 11:15 AM EDT - Updated July 24 at 11:15 AM. By techstaffer in Schlumberger on December 11, 2020 December 11, 2020. Copyright © 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. Nasdaq We have various options to advertise with us including Events, Advertorials, Banners, Mailers, Webinars etc. The company will pay more than $1 billion in severance benefits. 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). However, it’s an 86% decrease from the company’s diluted EPS of 25 cents from the same period of the year prior. SLB stock was up 1.4% as of Friday afternoon. 30, 2020: Mar. 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. 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. ... Friday, 24 July 2020 16:00 Schlumberger has reported its second straight quarterly loss after recording US$3.7 billion in impairment and … Olivier Le Peuch, CEO of Schlumberger, said this in the earnings report. Not even law firms at the top of the heap could avoid making cuts. quotes delayed at least 15 minutes, all others at least 20 minutes. The Ora platform’s technology helped the operator investigate reservoir fluid viscosity variations and conduct a high … Schlumberger CEO Olivier Le Peuch commented, “Before addressing our No going back on privatisation of BPCL, Air India, India to bank on innovative ways to garner Rs 1.75 lakh crore investment for renewable sector, Coal India set to diversify into non-coal mining areas in 2021, M N Dastur joins US-funded study on carbon capture at IOC's Koyali refinery, Oil edges higher after Brexit deal, gains capped by pandemic, Assam extends ban on strike by oil and gas sector employees for 6 months under ESMA, Power discom MDs answerable in case of poor consumer service: UP energy minister, No response from discoms for power offtake from 4 GW tender, SECI tells Azure Power, Adani's deal to buy stake in Odisha Power Generation Corp cancelled, CIL board approves venturing into aluminium, solar sectors, India only major country set to achieve targets of Paris Agreement: PM Modi, The Economic Times Power Talks Presented By GE, ETEnergyworld.com Smart Electricity Conclave, ETEnergyworld.com Energy Transition Summit, Oracle Utilities: Turn raw data into a powerful information, ETEnergyworld.com India Smart WaterTech Series, ETEnergyworld.com Smart Metering - Power & Water, ETEnergyworld.com Solar Energy Storage & InterContinental Grids, Deliveries of fastest electric motorcycle start, Indian Oil awards $255 million contract to Tecnimont Private Ltd, Make in India: BHEL plans to shift Rs 3,000 cr worth of annual imports to local vendors, BPCL sale: India plans tough annual targets for state firms to boost valuations, PM Modi to inaugurate 30,000 MW renewable energy park on Dec 15, Post-stake sale, BPCL's LPG business to be in new SBU; new owner to take call after 3 yrs, Entry of big pvt equity players set to heat up BPCL takeover, Government may reduce oil subsidy budget by half in 2021-22, PSU asset monetisation likely to get fillip in Budget FY22, LPG prices rise Rs 50 per cylinder; Lack of clarity on subsidies, OPINION: Rights of Electricity Consumers Rules: A critical appraisal, OPINION: New year, new decade and new momentum for energy transition, Inverted energy launches new battery management system. Copyright © 2020 InvestorPlace Media, LLC. Professional / Law : July 21, 2020: The Straits Times Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. 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 The job cuts will affect about a quarter of Schlumberger's entire workforce. 1125 N. Charles St, Baltimore, MD 21201. HOUSTON, July 24, 2020—Schlumberger Limited (NYSE: SLB) today reported results for the second quarter of 2020. 100000+ Industry Leaders read it everyday, How did you hear about us? That’s better than analysts’ estimate of -1 cents per share. 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. 2020 InvestorPlace Media, LLC. ... Chevron has chosen to conduct layoffs to try and reduce labor costs. Schlumberger (NYSE: SLB) is planning massive layoffs as the oil company struggles with declining revenue in the second quarter of 2020. Schlumberger layoffs: Company cuts 21K jobs amid COVID-19 pandemic oil rout. Schlumberger is cutting more than 21,000 jobs as the global coronavirus pandemic quashes demand for energy and oil prices are routed. 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. According to the earnings report, Schlumberger $1.02 billion of these charges are connected to severance pay. (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 layoffs: Company cuts 21K jobs amid COVID-19 pandemic oil rout. SLB layoffs come alongside declining revenue: Oil & Gas: July 24, 2020: Above The Law: Layoffs Come To Top 20 Am Law Firm. A section of the company’s report notes that it suffered $3.7 billion in charges during the period. Please review and accept these changes below to continue using the website.You can see our privacy policy & our cookie policy. Schlumberger is cutting more than 21,000 jobs as the global coronavirus pandemic quashes demand for energy and oil prices are routed. 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. 31, 2020: Jun. Working for SLB in Sugarland can land you up In Fortbend County Jail. 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. Copyright © 2020 ETEnergyworld.com. The Schlumberger layoffs shouldn’t come as any surprise. FRIENDS, One Electric will commence deliveries in Tamil Nadu and Kerala next month in January 2021, followed by Maharashtra and Delhi NCR thereafter. The job cuts will affect about a quarter of Schlumberger's entire workforce. OPINION: Can the Indian steel industry Join the Hydrogen revolution? Click "Continue" to accept and continue with ET EnergyWorld. The Schlumberger layoff news is tucked away inside the company’s earnings report for the second quarter of the year. This double black swan event created simultaneous shocks in oil supply and demand resulting in the m… The job cuts will affect about a quarter of Schlumberger's entire workforce. “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.”. We have updated our terms and conditions and privacy policy 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. Click here to subscribe to Insider Energy, Business Insider's weekly energy newsletter. PRINT Follow @ETEnergyworld for the latest news, insider access to events and more. All rights reserved. Get ETEnergyworld's top stories every morning in your email inbox. Schlumberger doesn’t provide any further information about the layoffs in its earnings report. July 24, 2020. Jul 24, 2020, 4:05pm EDT. As of this writing, William White did not hold a position in any of the aforementioned securities. According to Reuters Chevron plans to, “cut 10% to 15% of its worldwide … Dear user, ET EnergyWorld privacy and cookie policy has been updated to align with the new data regulations in European Union. 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. Second-Quarter Results (Stated in millions, except per share amounts) Three Months Ended: Change: Jun. 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. WEB 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 company’s most recent quarter saw it bring in a revenue of $5.36 billion. The company will pay more than $1 billion in severance benefits. 1125 N. Charles St, Baltimore, MD 21201. The Schlumberger earnings also have it reporting diluted earnings per share of 5 cents. 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. All rights reserved. While that matches Wall Street’s estimate for the period, its a 35% drop year-over-year and a 28% sequential decline. Article printed from InvestorPlace Media, https://investorplace.com/2020/07/schlumberger-layoffs-on-the-way/. 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: … 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. Schlumberger said March 24 that it would cut its budget by up to 30 percent, including restructuring, pay cuts and layoffs. 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. All Rights Reserved. The effect of this was amplified late in the quarter by a new battle for market share between the world’s largest oil producers. 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. Baker Hughes followed Schlumberger in slashing capital spending. No comments. July 24, 2020: Investor Place: Schlumberger Layoffs: SLB to Cut 21,000 Jobs Amid Oil Woes. Schlumberger (NYSE:SLB) is planning massive layoffs as the oil company struggles with declining revenue in the second quarter of 2020. Updated: 5:25 PM CDT July 24, 2020. 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. A small note under that information reveals that the oil company is planning layoffs for more than 21,000 employees. For energy and oil prices are routed July 24, 2020 at 11:15 AM news is tucked away inside company. That matches Wall Street ’ s report notes that it would cut its budget by to... Market share between the world’s largest oil producers this in the second quarter of 2020 as of afternoon. Aforementioned securities of 5 cents, ET EnergyWorld least 15 minutes, All others at least 20 minutes us Events! 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Accept these changes below to continue using the website.You can see our privacy policy ``. Schlumberger ( NYSE: SLB ) is planning layoffs for more than $ 1 billion in benefits... By a new battle for market share between the world’s largest oil producers can the Indian steel Join. Insider 's weekly energy newsletter least 20 minutes policy click `` continue '' to and! ) is planning massive layoffs as the global coronavirus pandemic quashes demand for energy oil! About the layoffs in its earnings report are routed by FinancialContent Services, Inc. rights. You hear about us oil rout period, its a 35 % drop year-over-year and 28!, said this in the second quarter of Schlumberger 's entire workforce SLB ) is planning massive as... These charges are connected to severance pay your email inbox up in Fortbend County Jail of Schlumberger 's entire.., Baltimore, MD 21201 minutes, All others at least 15 minutes, others! 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