Surprised no comments on the loss.
https://www.energyvoice.com/oilandgas/293317/schlumberger-full-year-results-2020/
21 replies (most recent on top)
“Northern Gulf” and “South Egypt” may be their tactic again.
When will the losses stop- have they cleaned up enough? As activity returns? Is pricing at the correct levels?
Once the company is split up and sold off?
I used to work for Schlumberger and left to go to a car manufacturer and to say that Schlumberger has far too many backroom staff is a gross understatement. My present company requires hundreds of thousands of parts per week which is controlled by a MUCH smaller staff than Schlumberger. However the company does have computer systems that make Schlumberger's look like Amstrad and Schlumberger want to move into digital................
Extremely high number of highly paid managers and supervisors. Cut the management layer to save the company.
Portuguese too considering the offshore boom in Brazil and for oilfield in Angola too
Need to learn Arabic or Spanish. The oilfield is gone. Rigs will be launching rockets.
An interesting and sobering fact....... Over the last 2 years, Schlumberger has been losing approx. $1.14 million /hour.
Seems like an inner connected french mafia-esque company at this point considering everything going on in the outside world
Wasted payroll. Unlimited overtime. Been saying this for years.
Schlumberger’s biggest expense is people. When the company is bleeding 11 billion a year there has to be a reduction in the size of the organization. Take the pain now or it will only get worse as the debt grows. This calls for a strategic reorganization of the company. Get rid of all nonessential jobs, get rid of all highly salaried staff who have earned full pension credits and are just hangong on for more, get rid out of superfluous management levels by trimming the organizational tree. Only retain those with hard definable skills and achievements.
How long can it (SLB) last?
Not bad considering COVID......Jesus Christ you are obviously a schlumbot...head cheerleader for your area 😂😂
They are losing $30M a day. That's some serious money and not even having an idea on how to replace it. They are bleeding fast and yet still I see people with $150K+ jobs doing absolutely nothing.
Amen @1xop+194B3w6r
Oil has been bad since 2014 and will continue to do so until shale remains miniscule and demand returns to 2019 levels
"2020 was only slightly worse than 2019. Not bad considering the covid problems"...... I can only assume from your witless rambling that you were at daycare on the day your school taught economics. You are totally deluded and a Schlumberger happy clapper drone.
2020 was only slightly worse than 2019. Not bad considering the covid problems.
How long you will fool yourself?
Although Halliburton only reported a LOSS of $3 BILLION, I would believe that their LOSS was much closer to that of Schlumberger.
The ONLY difference being that the Senior Management of Halliburton were former higher ups in Arthur Anderson Accounting, and therefore are well-versed in ENRON type accounting 'practices'.
Pension secure?
Nearly $22bn over 2 years actually. If I wad LeP, I would be bricking it. That is a massive amount to carry especially as write-down in 2021 will be spectacular.
Large numbers of rigs offline means that Sclumberget's products are offline services are in storage, and completely in a glut. In a reduced demand environment where prices have been driven down, absolutely no one is surprised by this.