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. The company’s most recent quarter saw it bring in a revenue of $5.36 billion. This double black swan event created simultaneous shocks in oil supply and demand resulting in the m… As part of the solution, it has done what many huge companies have. Chesapeake Energy, a pioneer in fracking, sought bankruptcy protection last month. Not even law firms at the top of the heap could avoid making cuts. While that matches Wall Street’s estimate for the period, its a 35% drop year-over-year and a 28% sequential decline. July 24, 2020: Investor Place: Schlumberger Layoffs: SLB to Cut 21,000 Jobs Amid Oil Woes. 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. “The good news for Schlumberger they are very much an international firm. Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. The job cuts will affect about a quarter of Schlumberger's entire workforce. Schlumberger (NYSE:SLB) is planning massive layoffs as the oil company struggles with declining revenue in the second quarter of 2020. Almost all major users of energy have been crippled because of the lockdown. Will your money be safe? As of this writing, William White did not hold a position in any of the aforementioned securities. 'sector' : 'Company_Operations', US Shale Taking Hit and Reports of Halliburton Layoffs Phil Flynn. The headquarters of Schlumberger are located here in Houston, but Hirs, a University of Houston professor, believes the biggest brunt will be taken by those out in West Texas. “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.”. SLB stock was up 1.4% as of Friday afternoon. Schlumberger currently employs 115,000 around the world. The company will pay more than $1 billion in severance benefits. (AP) - Schlumberger is cutting more than 21,000 jobs as the global coronavirus pandemic quashes demand for energy and oil prices are routed. The company said Friday that second quarter revenue plunged 35% and it lost $3.43 billion. Schlumberger (NYSE: SLB) is planning massive layoffs as the oil company struggles with declining revenue in the second quarter of 2020. Schlumberger doesn’t provide any further information about the layoffs in its earnings report. July 25, 2020 8:14 am Schlumberger Ltd. ( NYSE: SLB ) finds itself in deep trouble financially, but only partially. SLB layoffs come alongside declining revenue: Oil & Gas: July 24, 2020: Above The Law: Layoffs Come To Top 20 Am Law Firm. The company recently posted a US$21 million loss on its 70% share of the Western Geco seismic acquisition business. On Thursday, American Airlines posted a loss of more than $2 billion, and Southwest Airlines said it lost $915 million. Airbnb Stock IPO Is Set to Soar 200%. A section of the company’s report notes that it suffered $3.7 billion in charges during the period. Write to Collin Eaton at collin.eaton@wsj.com (END) Dow Jones Newswires SLS Stock: Why SELLAS Life Sciences Is Surging Today. However, it’s an 86% decrease from the company’s diluted EPS of 25 cents from the same period of the year prior. Millions of People Will Be Blindsided in 2021. Nasdaq The Schlumberger layoffs shouldn’t come as any surprise. On December 17, Louis Navellier & Matt McCall will reveal the major events that will rock the markets in 2021. All rights reserved. Professional / Law : July 21, 2020: The Straits Times And although this is a big hit for the company, the experts believe the company should make it. 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, 8 Next Energy Solutions as We Pass Peak Oil, Fisker Stock Has the Potential for Big Future Gains, Louis Navellier and the InvestorPlace Research Staff, What Did the Stock Market Do? Hirs said been crippled because of the aforementioned securities market, ” said CEO olivier Le Peuch immunity.! In deep trouble financially, but only partially outlook on Friday, 24! 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