Schlumberger Announces 21,000 Job Cuts

Schlumberger Making Massive Job Cuts

Oil giant Schlumberger announced today that they will eliminate more than 21,000 jobs worldwide, one-quarter of their workforce, paying out more than a billion dollars in severance benefits. CEO Olivier LePeuch calls it the most challenging quarter in decades. Second quarter revenue is down 35% and the company reports a loss of $3.43 billion.

All oil businesses, up and down market, have been decimated first by Russia and OPEC’s glut on the market and then the broad impact of Covid 19. Crude is down 33% this year and natural gas down 17%.

There’s little immediate relief on the horizon. U.S. airports are screening 70% fewer passengers than this time last year.

Within the past five years more than 200 oil producers had filed for bankruptcy and conditions have only grown more dire.

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