Schlumberger Cuts Another 11K Jobs, 15% of Workforce Gone in 4 Mos

meat cleaverWow–it’s getting savage out there in the oil (and gas) fields with respect to jobs. In January we told you that Schlumberger (pronounced Shlum-Bur-Zhay), the world’s (and the U.S.’s) largest oilfield services company, cut 9,000 jobs from the company (see Schlumberger Firing 9,000 to Reduce Head Count, “Low Oil Prices”). Since that time, other companies like Halliburton and Baker Hughes (both competitors of Schlumberger) have cut 6,400 and 7,000 jobs respectively. Ouch. Looks like that was just getting the ax sharpened. Last Thursday Schlumberger announced another round of job cuts–this time 11,000. Analysts are predicting this is the opening round of more cuts to come from other companies, a so-called second round…

Please Login to view this content. (Not a member? Join Today!)
You do not have permission to view the comments.
Password Reset
Please enter your e-mail address. You will receive a new password via e-mail.