SLB may stay primarily in Permian only for NAL. All other divisions will be soft closed or closed all together. Focus will be Middle East, Offshore, SEA, EAF, and North Sea. They are dumping massive real estate at super low prices they have been fighting for years to release, writing off billions on assets, eliminating Stimulation and well svs. Get ready it ain’t over yet.
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Slb wasn't doing good anyways. Mostly cement department they got to the point for machanics they were hiring bar tenders and Walmart cart pushers expecting trained machanics to train this sh–.... All do to a kid they made a manager who didn't know how to run a shop our even a dairy queen can't put dump in charge of a good thing...
Cloud and Delphi is all we need. Shut down everything else.
Permian Basin or known as a recurring Ponzi Scheme!
Is williston wireline building still open?
The problem with the US is the blind dedication to generate cash to pay off loans!! Wrong business model and typical US mindset. Spin doctors at work (corporate suits running oil and gas)
In the Williston,ND, Rock Springs & Cheyenne, WY Camps SLB did exactly this bid a cement jobs at $85,000 for 6 to 8 man crew to cement hole & discount sh– out of pricing to get job; in some cases SLB would walk away with $32,000 on an $85,000 job-dumb–ses for sure.
Look how the Williston, ND, Rock Springs & Cheyenne, WY camps have been 'gutted' what does that tell you & us all.
I thought Permian was a disaster for SLB. A massive black hole that the company pours money into, for no return. I have never heard anything positive about Midland, and the people I know who have had to transfer there just hold their nose and do their time there, hoping they can get another xfer asap. Focus on basins that turn a profit, and DUMP ONESTIM!!!
Permian has proven to be a horrible investment for major OFS companies. Small and intermediate size companies thrive there, if any. Majors struggle to turn a profit. Most SLB PLs have pumped tons of cash into the basin chasing top line rev, to only break even or operate in the red.
I’d take double digit IBT on half the revenue in other basins vs continuing to set money on fire....
Good point about the I'll-intent behind all this
Politicians does not care about OFS companies but more about their donors. None of the oil majors want the govt. to help, they want the smaller oil companies to die out and they can be the sole survivors, leading to higher WTI prices in the long term.
OFS Workers - the more they get laid off, the better for politicians who can blame it on China or Mexico or Saudi and get votes!
I find it surprising that NAL oil business (not just SLB) is messed up 40-60% and the govt is showing no signs of protecting the oil workers. Whether SLB HAL or Baker, we all In same Boat.