I've been lucky so far but I feel like my time is coming. I've seen so much good talent let go over the last few weeks. I've seen it at all ranks too. From field hands up to geo-market level managers. I'm an M-I guy for 16 years now by the way. Not a Big Blue scumbot. But seriously do they really think its all over with?? How do they expect to get a decent workforce when things pick back up? Why cut so deep and so fast?? I mean...world still needs oil!!!
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"Nobody, even if they sing SLB's anthem every morning and every evening to their neighbors. Sobering experience for the bragging wives too...yoga classes gone...cooking classes? forget it..."
The reason they do that is becuz ur b-az wives leave yall from spending too many hrs at slb lol..
Why cut so deep and so fast?? I mean...world still needs oil!!!
Free Cash Flow is everything. Stock has been battered for years. There's zero chance of improving top line (revenue). Can't reduce R&D/Capex further than they've already had.
So the only thing left is to improve margins to have some money to show the company is not underwater, and have some dollars left to pay dividends.
If they can't do either, the stock price goes straight to the toilet.
Really understand this...the company and industry you knew is gone and so will be those executive and so called SME's / Champions who like to brag about being there doing that. Who is safe? Nobody, even if they sing SLB's anthem every morning and every evening to their neighbors. Sobering experience for the bragging wives too...yoga classes gone...cooking classes? forget it...
Welcome to the new SLB, a land where you know nothing and every day presents an open door.........to leave nowadays.
Do they really think? Man, it’s time to understand after 16 years that they do not think at all.
I hope they rehire some of us 20 yr hands. I smell like oil, no other industry will hire me
Yesterday it was Cameron, today it is you. So cry, cry baby cry, come on cry.
Management are currently running around like headless chickens and the ordinary staff are watching this spectacle with glee. . As the Brits say, 'they are bricking it'. They always have done this, especially 3 months before the bonus was calculated because these managers know that if they got the push they would find great difficulty getting another job and with nowhere near the mad pay and bonus they currently, shamelessly rob from Schlumberger.
The 'strategy' under PK was always odd especially at the start of 2019 when they were screaming that it was going to be incredibly busy.... even though the oil price had been heading south for 2 plus years, the share price was tanking, OPEC was going down the Swanee and there was clearly too much oil. Thank God they could manage to blame it all on the COVID-19. Special, very special.
Lower for loooooooooooooooooooooonger.
And then they will be plagued with service quality issues cause by overworked and incompetent personnel. This will in turn hurt the reputation even more than before the downturn. This will lead to additional loss of market share and continue the company's spiral to eventuall failure. ITS A GREAT STRATEGY GUYS!!!
OFS companies are cutting aggressively to minimize losses for the shareholders.
When activity picks up, they will try to do more with less and rehire those laid off if needed