Schlumberger’s Ugly 4Q15: Fired Another 10,000, Lost $1B

Schlumberger, the world’s largest oilfield services company, released its full year and fourth quarter 2015 update last week. Like Halliburton, which we also report on today, Schlumberger was hit hard in 2015 with the slowdown in drilling. Revenue in 4Q14 for Schlumberger was $12.6 billion. In 4Q15 their revenue was $7.7 billion. Ouch. Schlumberger had a net income loss for 4Q15 of $1 billion, whereas they made $302 million of profit in 4Q14. While Halliburton laid of 4,000 people in 4Q15, Schlumberger laid of another 10,000 people. So that’s a cumulative 14,000 people out of jobs in the last three months of last year–from just two companies. With all of the bad news, Schlumberger, unlike Halliburton, did turn a profit last year. When you look at all of 2015, Schlumberger made just over $2 billion in profit, whereas Halliburton lost $165 million for the year…

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