Schlumberger Firing 9,000 to Reduce Head Count, “Low Oil Prices”
Wow…is about all we can say. Yesterday Schlumberger (pronounced Shlum-Bur-Zhay), the world’s (and the U.S.’s) largest oilfield services company, issued its fourth quarter 2014 and full-year 2014 operating results. Although revenues in 4Q14 rose 6.2 percent to $12.6 billion, earnings, what they pay investors, decreased by 82%–to $302 million for the quarter, largely because of “one-time charges.” The radical drop in oil prices has deeply affected Schlumberger. However, it wasn’t their financial results but this short mention in yesterday’s update that caught everyone’s attention: “In response to lower commodity pricing and anticipated lower exploration and production spending in 2015, Schlumberger decided to reduce its overall headcount to better align with anticipated activity levels for 2015. Schlumberger recorded a $296 million charge associated with a headcount reduction of approximately 9,000.” Ouch. It makes Doug “the ax” Lawler over at Chesapeake look like a junior achiever by comparison. Schlumberger employs about 120,000 worldwide, so 9,000 represents 7.5% of their workforce. Gone…
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There’s plenty of brainwashing of children going on in New Jersey. The brain washers include the Delaware Riverkeeper and the NJ Sierra Clubbers. Like good little mind-numbed robots, the members of the environmental club at Delaware Valley Regional High School in Hunterdon County, NJ invited Riverkeeper and the Sierra Club to present their dog and pony show bashing away at the PennEast pipeline–and apparently they lapped it right up. Note that no one from PennEast was invited to present the other side of the issue. It’s really important that children be brainwashed early on and not be exposed to opposing arguments (i.e. the truth)–so they can enjoy a lifetime of never having to think for themselves…
If there’s one thing you NEVER do, it’s get between an anti-driller and a camera/microphone. Elected town leaders in Ligonier Township (Westmoreland County), PA found that out the hard way Tuesday night. At the regular town board meeting there was a 45-minute section of the meeting, out of a much longer meeting, devoted to discussion of new zoning regulations for Marcellus Shale drilling in the township. The new zoning regs are, according to town leaders, a “work in progress.” About 100 people showed up at the meeting, 50 of whom wanted to talk about this “work in progress.” It was a regular town board meeting and not the time to devote the 3-4 hours necessary for anti-drillers to preen before the cameras and spew their same old same old. Ligonier supervisors kept to the 45-minute time limit and shut down the freak show at that point. That enraged a handful of mouthy anti-drillers and, according to witnesses, the meeting got “out of control”…
It’s interesting to MDN that several of the seven Pennsylvania towns that sued the state over the Act 13 law and its zoning provisions–presumably because they didn’t want any Marcellus drilling in their borders–have done a 180 degree turnabout. It happened first in Robinson Township (Washington County), PA–the very township whose name is forever (shamefully) emblazoned on the case, which is called “Robinson v Commonwealth of Pennsylvania.” Voters in Robinson tossed their anti-drilling leaders out of office (see