Will there be more layoffs in Jun even though oil price has been going up in last 5 weeks now? A few early retirement are expected due to new organization structure but what about layoffs due to low oil price?
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The useless team in Cameron Corporate... Those guys are freeloaders... Don't move the needle a micro inch and travel like crazy... Parasites...
The spot price has nothing to do with the amount of supply or the amount of buyers. You must be a special kind of stupid or one of Schlumbertron's cheerleaders. I can see why Schlumberger has made a special mess of their business. Back to writing heartfelt thanks on your homepage articles for you.
The price of oil is determined by world events, hopes and expectations not by supply or reserves (which are huge). Anyone who thinks that a rising oil price means more production and jobs is a seriously deluded fool or a Schlumbertron. There is a massive amount of oil to sell so, yes redundancies have only just started. Many oil service companies have now seen the light of their astounding wastefulness. You have been warned,; don't listen to the cheerleaders or acolytes posting gushing, sycophantic praise on the home page.
LONDON (AP) — Oil and gas company BP announced Monday that it will slash its global workforce by 10,000 jobs as the COVID-19 pandemic slams the energy industry.
Chief Executive Bernard Looney said that the cuts will affect office-based roles in BP's global workforce of 70,000 people and come mostly this year. The changes are expected to significantly affect senior levels, cutting the number of group leaders by a third.
“We are spending much, much more than we make – I am talking millions of dollars, every day,'' Looney said in an email to staff that revealed that net debt rose by $6 billion in the first quarter. “We have to spend less money.”
He pledged to bring down capital expenditure by 25% this year, a reduction of around $3 billion. He also said that it costs $22 billion a year to run the company, including $8 billion in people costs.
"So we are driving down those operating costs by $2.5 billion in 2021 – and we will likely have to go even further,'' he said.
Yes - there will be unfortunately. The CEO announced the re-org / re-structure will be done in phases.
Plus some countries it takes a long time to make redundancies France is 12 months or close!
The only thing to stop the axe is if the market turns up and they have to change their mind, happened once before under Gould firing and hiring thousands in the same quarter, due to the backlog or surplus in stock I doubt it.
Good luck I am already out and looking at other industries.
yes I got let go on June 1st, F— SLB! missed the old CAMERON days when we were a family.
but Im happy I dont work there anymore.
5% drop in US rig count during the week ending 5/29 and you are predicting layoffs to stop?
Crude at $37, we’re saved! We’ll all go back to work!
Yes
Demand - There was a 6% growth during May as compared to April and Jun is looking better than May
Supply - The pace at which oil rig count has dropped in 2020 is much faster than it was in 2015/16.
Price - WTI hit bottom in April but is now recovering fast
Layoffs - Continue till 7/10
This question will make more sense if asked in 3 weeks on 6/22, until then hope for oil price to gain minimum of $3 per week.
The price of oil has been declining for 2+ years, there was too much of it pre-Covid19 and Schlumberger's share price has been in decline for much longer. Covid19 only accelerated the rot. There will be many more redundancies for all the over-staffed oil companies throughout 2020. You really need to brush up with simple economics and read the news not the listen to the sheer inaccurate nonsense that oil company cheer-leaders regurgitate to pacify you.
As certain as day following night. You must be new here.
Absolutely there will be, unfortunately there will be layoffs all year
Yes, layoffs will happen till 4th July