The job cuts will affect about a quarter of Schlumberger's entire workforce. Schlumberger layoffs: Company cuts 21K jobs amid COVID-19 pandemic oil rout. 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. 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. All rights reserved. All Rights Reserved. PRINT July 24, 2020 at 11:15 AM EDT - Updated July 24 at 11:15 AM. Copyright © 2020 InvestorPlace Media, LLC. We have various options to advertise with us including Events, Advertorials, Banners, Mailers, Webinars etc. Dear user, ET EnergyWorld privacy and cookie policy has been updated to align with the new data regulations in European Union. Updated: 5:25 PM CDT July 24, 2020. 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). FRIENDS, One Electric will commence deliveries in Tamil Nadu and Kerala next month in January 2021, followed by Maharashtra and Delhi NCR thereafter. 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: … No comments. 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. July 24, 2020. ... Chevron has chosen to conduct layoffs to try and reduce labor costs. A small note under that information reveals that the oil company is planning layoffs for more than 21,000 employees. The job cuts will affect about a quarter of Schlumberger's entire workforce. That’s better than analysts’ estimate of -1 cents per share. The Schlumberger layoffs shouldn’t come as any surprise. 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. Article printed from InvestorPlace Media, https://investorplace.com/2020/07/schlumberger-layoffs-on-the-way/. Click here to subscribe to Insider Energy, Business Insider's weekly energy newsletter. The company’s most recent quarter saw it bring in a revenue of $5.36 billion. Click "Continue" to accept and continue with ET EnergyWorld. 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. Schlumberger (NYSE: SLB) is planning massive layoffs as the oil company struggles with declining revenue in the second quarter of 2020. By techstaffer in Schlumberger on December 11, 2020 December 11, 2020. Baker Hughes followed Schlumberger in slashing capital spending. 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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. 100000+ Industry Leaders read it everyday, How did you hear about us? However, it’s an 86% decrease from the company’s diluted EPS of 25 cents from the same period of the year prior. Professional / Law : July 21, 2020: The Straits Times Nasdaq 31, 2020: Jun. Schlumberger is cutting more than 21,000 jobs as the global coronavirus pandemic quashes demand for energy and oil prices are routed. OPINION: Can the Indian steel industry Join the Hydrogen revolution? Copyright © Schlumberger layoffs: Company cuts 21K jobs amid COVID-19 pandemic oil rout. Olivier Le Peuch, CEO of Schlumberger, said this in the earnings report. Copyright © 2020 ETEnergyworld.com. 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. This double black swan event created simultaneous shocks in oil supply and demand resulting in the m… July 24, 2020: Investor Place: Schlumberger Layoffs: SLB to Cut 21,000 Jobs Amid Oil Woes. Jul 24, 2020, 4:05pm EDT. As of this writing, William White did not hold a position in any of the aforementioned securities. WEB 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. Schlumberger CEO Olivier Le Peuch commented, “Before addressing our A section of the company’s report notes that it suffered $3.7 billion in charges during the period. Not even law firms at the top of the heap could avoid making cuts. 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