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Started By
Message
re: Schlumberger cuts another 11,000 jobs in wake of oil crash
Posted on 4/16/15 at 7:51 pm to TimRiggins
Posted on 4/16/15 at 7:51 pm to TimRiggins
quote:
by TimRiggins I find this odd. I'm a soon to be grad and I was just offered a job by SLB for the D&M Segment. I turned it down because the job wouldn't begin until Q3 (August/September). Are they possibly pushing older employees out the door? Why are they still hiring grads if they've had to lay off 11,000 twice now?
You're cheaper
1
Posted on 4/16/15 at 7:53 pm to yellowfin
Truuuuu
Posted on 4/16/15 at 7:56 pm to Street Hawk
Hope I can make it through this one as well 
My segment has already let go 11 out of our 35
My segment has already let go 11 out of our 35
Posted on 4/16/15 at 7:56 pm to When in Rome
Ya damn right, baw.
Posted on 4/16/15 at 8:00 pm to Oates Mustache
In actuality the cuts in our company should be just about over. They never stopped laying off since November. This announcement is probably related to the upcoming Q1 earnings call and trying to keep the stock price stable
Posted on 4/16/15 at 8:01 pm to supatigah
From what I know so far, downstream has been ok, relatively speaking.
Posted on 4/16/15 at 8:07 pm to Oates Mustache
SLB was way over leveraged to upstream Ops after the Smith merger. This actually needed to happen but the order of magnitude is pretty severe
I am in midstream/production side and we have faced severe downsizing relative to the company cutbacks across the board
The announcement today was about SLB global cuts but like I said most of those cuts have already happened
I am in midstream/production side and we have faced severe downsizing relative to the company cutbacks across the board
The announcement today was about SLB global cuts but like I said most of those cuts have already happened
Posted on 4/16/15 at 8:09 pm to Oates Mustache
Explain to me how so many people are losing their jobs. I'm sure more people are driving than ever. We are using are own resources from our own country and more. Just cuz fuel cost is cheaper, why are people losing their jobs? Is it because the oil companies aren't making their billions and not getting to take their lavish vacations?
Posted on 4/16/15 at 8:11 pm to CatsGoneWild
I'm sure you meant to make a great point, but you just showed you know nothing of the industry
Posted on 4/16/15 at 8:12 pm to CatsGoneWild
Gotta post a profit and make those shareholders happy.
It's how big corporations work. At the end of the day, the bottom line is what matters.
They all try to keep everyone employeed.
It's how big corporations work. At the end of the day, the bottom line is what matters.
They all try to keep everyone employeed.
Posted on 4/16/15 at 8:12 pm to CatsGoneWild
quote:
CatsGoneWild
Operators have cut back. Why would they drill/produce oil when the price is down? They want the best bang for their buck. When the price goes back up they will start drilling/producing again.
This is putting it simply
Posted on 4/16/15 at 8:12 pm to Thib-a-doe Tiger
I guess I dont
Posted on 4/16/15 at 8:12 pm to CatsGoneWild
Oil prices fall
Drilling slows down to a crawl
All drilling services companies, frac services and completion services activities slow to almost zero
No need for people when there is no work
Drilling slows down to a crawl
All drilling services companies, frac services and completion services activities slow to almost zero
No need for people when there is no work
Posted on 4/16/15 at 8:13 pm to CatsGoneWild
The money has to come from somewhere
Posted on 4/16/15 at 8:14 pm to redwingtiger
Money is money. Some money is better than no money.
Posted on 4/16/15 at 8:14 pm to CatsGoneWild
In short, oil is a global commodity, China's growth slowed to a crawl, economies in the world are struggling, oil surplus growing
Posted on 4/16/15 at 8:16 pm to Street Hawk
quote:
wake of oil crash
Then why the frick is gas prices going back up? They went up due to changing to summer blend, then went back down, now they're up almost 20 cents this week
Posted on 4/16/15 at 8:17 pm to Street Hawk
My company is cutting also but trying to keep things hush hush.
Posted on 4/16/15 at 8:17 pm to Thib-a-doe Tiger
Thanks guys for trying to explain it. I still don't get it tho. I'm sure we are burning the same amount of gas or more in out cars. I don't get it how we can have a supply when people aren't drilling it when we need it just as bad
Posted on 4/16/15 at 8:19 pm to CatsGoneWild
They are maintaining wells that are already producing. They are not trying to bring any new wells online. Thus the job cuts.
These companies sell all over the world, so when other countries are struggling, it could help bring out prices down
These companies sell all over the world, so when other countries are struggling, it could help bring out prices down
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