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Schlumberger Cuts 10,000 More Jobs in Q4

by Elizabeth Alford on January 21, 2016

Schlumberger Ltd. released its fourth-quarter earnings and full 2015 results today revealing additional jobs cuts and huge losses.

Related: Energy Giants Announce More Layoffs

The Houston-based company had a rough fourth quarter. The company experienced a loss of $1.02 billion, a significant decrease over last year’s profits of $302 million. In addition, they reported cutting another 10,000 jobs during the period, bringing the total layoff figure to 34,000, a 25 percent reduction in its workforce since 2014.

Schlumberger Chairman and CEO Paal Kibsgaard commented, “In this uncertain environment, we continue to focus on what we can control.  Throughout the year we took a number of actions to streamline and resize our organization as we continued to navigate the downturn. In continuing to accelerate the benefits of the transformation program across both our Technologies and GeoMarkets in 2016, we believe we will emerge as a stronger company relative to industry peers and competitors once the price of oil and the market conditions in our industry turnaround.”

Other highlights include:

  • Fourth-quarter revenue of $7.7 billion decreased 9% sequentially
  • Fourth-quarter EPS of $0.65, excluding charges and credits, declined 17% sequentially
  • Fourth-quarter restructuring and asset impairment charges totaled $1.46 per share
  • Full-year free cash flow of $5 billion represented 114% of earnings
  • New share repurchase program of $10 billion approved
  • Quarterly cash dividend of $0.50 per share approved

Read more at slb.com

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