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Schlumberger to cut 9000 jobs

Schlumberger plans for a reduction in headcount on the heels of lower oil prices.
Schlumberger to cut 9000 jobs

Energy services giant Schlumberger plans to cut 9000 jobs in response to lower oil prices.  These cuts will represent around 8% of Schlumberger’s workforce. The reduction in headcount is planned despite a relatively solid fourth quarter in 2014 and a 7% increase in 2014 revenue.

Schlumberger CEO Paal Kibsgaard said, “In this uncertain environment, we continue to focus on what we can control.  We have already taken a number of actions to restructure and resize our organization that has led us to record a number of charges in the fourth quarter.”

Kibsgaard commented on the company's 2014 financial results. He said, “Full-year 2014 revenue of $48.6 billion increased 7% year-on-year and grew for the fifth consecutive year. Performance was driven by North America where revenue grew 16%, while International Area growth of 4% was led by a 10% increase in Middle East & Asia Area revenue.” 

Schlumberger employs approximately 120,000 people working in more than 85 countries.

Schlumberger isn’t the only company restructuring in response to an unfavorable oil price environment.  Apache, Halliburton, and BP have recently taken steps to reduce headcount as well. 

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