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Schlumberger Shrinking Staff to Lowest Since Pre-Shale Era (20% staff cuts)
Posted on 7/24/20 at 2:35 pm
Posted on 7/24/20 at 2:35 pm
quote:
Schlumberger Ltd. said it’s cutting one-fifth of its workforce as the oil services giant warned that new waves of Covid-19 could derail the nascent recovery in global energy demand.
The Houston-based company on Friday posted its worst quarterly sales in 14 years, reflecting the devastating impact of this year’s plunge in drilling activity on the hired hands of the oil patch. Like its peers Halliburton Co. and Baker Hughes Co., which also reported earnings this week, Schlumberger has borne the brunt of massive cutbacks in energy industry spending.
“This has probably been the most challenging quarter in past decades,” Chief Executive Officer Olivier Le Peuch said in the statement. “Subsequent waves of potential Covid-19 resurgence pose a negative risk to this outlook.”
LINK
Keep masks on to keep trucks nuts. It was simple really. But I guess simple is hard these days.
This post was edited on 7/24/20 at 2:39 pm
3
Posted on 7/24/20 at 2:40 pm to Street Hawk
SLB always cuts like crazy during down times.
Then replace with fresh 20 somethings.
Then replace with fresh 20 somethings.
Posted on 7/24/20 at 2:42 pm to Privateer 2007
quote:
SLB always cuts like crazy during down times.
Then replace with fresh 20 somethings.
Easy way to keep payroll expenses relatively consistent and as low as possible.
Posted on 7/24/20 at 2:50 pm to LSU316
quote:
slb cuts like crazy during down times
quote:
keep payroll low
Yep.
I worked for them after college.
Got out after a year.
Very great place for experience.
I'm invested with them pretty heavily as shares have plummeted.
It'll double in 2-3 years.
Posted on 7/24/20 at 2:52 pm to LSU316
quote:
SLB always cuts like crazy during down times.
Then replace with fresh 20 somethings.
quote:Lower wages - lower 401K to match & 20 somethings don't burden the companies insurance plan.
Easy way to keep payroll expenses relatively consistent and as low as possible.
Posted on 7/24/20 at 2:56 pm to RT1941
quote:
Lower wages - lower 401K to match & 20 somethings don't burden the companies insurance plan.
True for about any company. Is SLB unique as far as churning younger?
Posted on 7/24/20 at 2:56 pm to Street Hawk
Glad trump saved the oil business
Posted on 7/24/20 at 2:58 pm to RT1941
quote:
lower wages less insurance burden
Yep.
SLB is a beast of a company.
Their training program is very difficult and fast.
Then, many of their employees go to production companies (shell, Exxon etc) and utilize them as they know SLB services and how they get rid of dumbass employees.
It's a brutal place to work.
But, a brilliant business model.
Posted on 7/24/20 at 3:00 pm to Street Hawk
We can’t get them to bid on any jobs. We think they’re headed to 0 in the sectors we operate. That’s just our internal company thinking.
We talking 7-10M projects
We talking 7-10M projects
This post was edited on 7/24/20 at 3:01 pm
Posted on 7/24/20 at 3:04 pm to TejasHorn
quote:
is slb unique
When prices rise they'll have 100s of fresh 22-23 y.o. engineers in their OFS 1 classes in Sugarland.
They hire smart people.
Dumbasses get fired during training.
I really respect people who worked there.
Posted on 7/24/20 at 3:04 pm to Privateer 2007
If you can get past being a number and have good work ethic they are great to work for from a training and experience standpoint.
Use to work for them and currently work for an operator.
Use to work for them and currently work for an operator.
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