Schlumberger Reports Big 4Q Loss, Says Cut 10,000 More Jobs
Source: ASSOCIATED PRESS
By THE ASSOCIATED PRESS HOUSTON — Jan 21, 2016, 7:45 PM
Schlumberger said Thursday that it lost more than $1 billion and slashed another 10,000 jobs in the fourth quarter as tumbling energy prices took their toll on the world's largest oilfield services company.
Like others in the industry, Schlumberger NV has been hard hit by the downturn in the energy sector and it warned that it doesn't expect a turnaround soon.
It said it streamlined costs and cut 10,000 jobs during the last three months of 2015 "in anticipation of extended activity weakness in the first half of 2016." The company, which has principal offices in Paris, Houston, London and The Hague, had announced at least 20,000 job reductions earlier in 2015 and currently employs about 105,000 people.
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"The decrease in land activity was the sharpest seen since 1986," he said. He added that "massive over-capacity in the land services market offers no signs of pricing recovery in the short to medium term."
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