Schlumberger to slash 9,000 jobs as oil prices plunge
(Reuters) – Schlumberger Ltd, the world’s No.1 oilfield services provider, said it will cut 9,000 jobs, or about 7 percent of its workforce, as it focuses on controlling costs amid plummeting oil prices.
Learn more about some of the other effects of dropping oil prices from Fortune’s video team:
A slew of global oil majors such as BP Plc (BP) and ConocoPhillips (COP) have cut jobs due to a nearly 60 percent slump in oil prices over the past six months. Brent crude closed at $47.67 on Thursday.
“In this uncertain environment, we continue to focus on what we can control..” Chief Executive Paal Kibsgaard said.
Net income attributable to the company fell to $302 million, or 23 cents per share, in the fourth quarter ended Dec. 31, from $1.66 billion, or $1.26 per share, a year earlier.
On an adjusted basis, the company earned $1.50 per share, beating the average analyst estimate of $1.45 per share, according Thomson Reuters I/B/E/S.
Shares of the company (SLB) closed at $76.63 on the New York Stock Exchange.