The filings today clearly stated this 21k was previous cuts and that the impairments would most been seen in Q3. We are cutting off a high of 105k people. Now that isn't to say there won't be MORE cuts but this is shoddy reporting by HOU reporters not understanding financials.
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Exact lines from SEC filing shared below. Its cost incurred in Q2.. Hope it helps..Dont panic.. :)
14) What are the components of the $3.7 billion of charges recorded during the second quarter of 2020? The components of the $3.7 billion net pretax charge are as follows (in millions):
Severance(a) $1,021
APS investments(b) 730
Fixed assets impairments(c) 666
Inventory write-downs(d) 603
Right-of-use asset impairments(e) 311
Costs associated with exiting certain activities 205
Multiclient seismic data impairment 156
Repurchase of bonds 40
Postretirement benefits curtailment gain (69)
Other(f) 61
$3,724
(a) Severance is associated with reducing Schlumberger’s workforce by more than 21,000 employees. The vast majority of this charge is expected to be paid during the second half of 2020.
Read the barron's report. It clearly states 24.7% of the 85,000 total as of June. It is s blood bath..
i know it hurt but u need to accept it. lay off is comi ng. it not go away just by saying positive word to your slb love.
You take charges in the quarter of the layoff. They speak of charges to the third quarter. So the 21,000 is in addition. Sloppy communication, but what would you Expect.
Sir. The original poster .. it clearly states that slumberger to cut 21000 employees so it is the future figure .. not the ones they already cut
The WSJ has also reported "Schlumberger cuts 21,000 Jobs Amid Historic Oil Downturn". I went and read the statement myself. Geez, I am so clever, can't believe they let me go lol.