Schlumberger Ltd. (SLB)

[Enterprising Investor]

Schlumberger to cut 9,000 employees (1/15/15)

HOUSTON – Oil field giant Schlumberger said Thursday it will cut approximately 9,000 employees – around 7.5 percent of its workforce around the globe – as both petroleum prices and oil-company spending nosedive.

Schlumberger’s profits fell 82 percent in the fourth quarter as it wrote down $1.7 billion in assets. It said it recorded a $296 million charge related to its headcount reduction.

The oil-tool maker banked $302 million, or 23 cents a share, in net income in the October-December period, compared to $1.66 billion, or $1.26 a share, in the same period in 2013. Its revenues were up from $11.9 billion to $12.6 billion.

Traders reversed a large portion of Wednesday’s rally in crude oil. Futures for international Brent crude fell $1.02 to $47.67 per barrel on London’s ICE Futures Europe market. U.S. benchmark West Texas Intermediate fell $2.23 to $46.25 a barrel on the New York Mercantile Exchange.

http://fuelfix.com/blog/2015/01/15/schlumberger-to-cut-9000-employees/