Bloomberg is reporting Schlumberger staff shrinkage by 21000. Apparently, quarter revenues are horrendous, so 21k has to go. Didn't find this entirely surprising. I expected more.
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Exact statement from the SEC filing. Its what was incurred in Q2.
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
(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.
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.
No it does not include the first batch of layoffs this is new reporting due to the 2nd quarter earnings
It'll get worse before it gets better. This will be massive and it will change the company forever. So much anxiety...
All the best!
twitter.com/TheLayoff/status/1286697547742904321
So sad. I went through a lot of ups and downs with Smith, Hal, and SLB. Made it for 38 years of continuous employment. I got hit 2 years ago as a result of a merger, but still keep close contact with the industry and colleagues. Rankin was a great place to work, and Smith in Irvine was outstanding. What survives this downturn and arises will be vastly different. If you make it through this, you'll have a long and prosperous career!
The 21k is compared to the end of 2019 so yes, it includes the ones already laid off this year
I'm glad I was let go in the first batch. At least I got the extra $600 in UI until I could find something new (which is out of O&G and out of state)
We haven't been at this level since 1999
No it doesn’t included the ones laid off earlier. This is all over channel 13 and channel 11. This is brand new data as of July 24, 2020.
Not many of us at Rankin left
Does the 21,000 include the ones laid off earlier?
You were all warned.... even the CEO said it was going to be disastrous. I suppose the cheerleaders and Schlumbertrons will shut their traps now. A fifth of you are for the chop and the poor s—ers left wil have a truly miserable existence.