Sector News

Schlumberger Cutting More Jobs As Profit Nosedives

April 17, 2015
News
Schlumberger, the world’s largest oilfield services company, reported a sharp decline in first quarter profits on Thursday and said it was slashing 11,000 more jobs.
 
It largely blamed its troubles on the decline in North American drilling and attendant pricing pressures, as the plunge in oil prices continues to roil the energy industry.
 
Net income attributable to the company plummeted 38% to $975 million, down from $1.59 billion a year ago. Excluding items, net income was $1.36 billion, or $1.06 per share, down from $1.59 billion, or $1.21 per share, a year ago.
 
Revenue declined 9% to $10.25 billion.
 
Wall Street analysts had called for net income of 91 cents per share and revenue of $10.46 billion.
 
The Houston, Texas-based company also said it plans to eliminate 11,000 more positions. This represents a 15% reduction in its workforce compared to its peak in the third quarter of 2014. In January it announced it was cutting 9,000 jobs.
 
The stock rose more than 2% to $94.17 in after-hours trading.
 
By Lauren Gensler
 
Source: Forbes

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