If the economy turns around, do you anticipate any Schlumberger layoffs? Any chatter, news or rumors?
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@1cmt Any particular office or division?
Thought the layoffs were postponed for the next year.
@1cg5 There will be layoffs
Heard there will be layoffs. Does anyone have more information
Regarding SLB's layoffs in 2025, are they canning the Global Performance Managers? If so, what percentage of them are gone, and will go? or, will they be combined elsewhere?
I go to HR and ask them to give me up to date pension balances (might as well know where I stand if I'm to get the heave ho). HR did not know about the multi-pension statement, until i showed them. Stated that a consolidated statement was impossible, until I showed them. It’s just out of date.
You know it will be this same HR person who fires me while she lives on for another 5 years
It was on Reuters today
The underlying problem is that the market is oversupplied with 1.2mbpd which should lead to a decline oil prices at some point. In the meantime NOC’s are deferring investments in new capacity which will catch up with the service companies as fewer projects will be tendered. So far it’s still plenty of of work and market is considered flat but that can change quickly. China may already be at peak oil consumption as transitioning to cleaner technology such as EV has gone much faster than anyone expected. The world still needs oil of course but geopolitical tensions such as tariffs and other trade barriers put upwards pressure on inflation that ultimately should lead to less global demand. Unless suddenly wages will start rising. At the same time if oil supplies get further disrupted through sanctions and conflicts that may push prices up. It may be hard to predict the future but it doesn’t look great one way or the other
I got my package never recommend this company, they never care about talent retention even thought they rave about grooming ppl to tech or specialized grades. Get your grade move to another position and they get layoff. Just BS.
Before Q1 earnings stay tight and hide as much as possible
The Tech Delivery position is level with the BL PSD manager.
Underneath will be a quality champion, Procurement lead, Maintenance supervisor, reliability lead and techs.
The TDM will report to the DGM
The below comment is very accurate, that’s what I heard merging roles, geo units
I saw something about a new role such as Tech delivery manager G14 that will replace what 6 people is doing today in the geo unit, PSC, TLM, OI etc. Beyond that everything is possible
When talking about 25% Management Cuts, do you know at what 'level' of management that is?
Is it in HQ, Divisions / Business Lines, GeoUnits?
"As for 20-25% management....I'll believe that when I see it. They'd have to combine a significant number of positions to get there."
Yes that is the plan with some areas having as many as 3 or even 4 managers combined into 1.
That seems almost reasonable. 5%, heck, even 7-10%, seems like we can find in lower performing locations/roles. Especially given the increases over the last few years. 30% always seemed ridiculously big.
As for 20-25% management....I'll believe that when I see it. They'd have to combine a significant number of positions to get there.
From what I can tell the 30% cuts is 20-25% of management over next few years. Seems like in most areas field employees are mostly fine. Some small cuts there mostly due to any excess of people (~5%)
Hearing HQs are the target of not already hit
Seems like they are moving rather quickly now. I know NAO was hit hard this week and some other systems as well. Mostly seems to be any remaining “fat” but they have moved into management.
Thanks for the info...
Does anyone know when to expect the cuts and in what locations and Business Lines?
Or is this really across the board?
30% cut on the way
Will tariffs interfere the BallValve business with part’s coming from China?
The coffee shop gos is that Friday (tomorrow) is when we will have some more clarity.
One Basin (Division) HQ presented the proposed structure and timelines a couple of weeks back to its HQ team.
Why? I’ve no idea considering nothing has been rolled out and hence everything is still fluid. So no point in sharing.
Yes we all know that lists are being prepared by each manager and submitted to HR while Comp and Ben is cranking out the severance packages. It will go on for while and we shouldn’t expect any official announcements beyond the regular Northstar and enablement cost reductions that we have heard during 2024. Some structural changes will be communicated at some point but not linked to any HC reductions, like today when we saw that Subsea is moved under core…
SLB layoff people every day. So, if you are still working there just be ready!
Yes, more layoffs are happening right now, just today 357 people were fired in all areas across the company, even senior positions.
Personally, I reckon once the ChampionX acquisition is confirmed. Doesn’t make sense to restructure twice.
Digital and SEES has already had a few layoffs. As we get closer to the earnings call I'd expect to see a ramp up.
Are D&I or digital affected?
What’s changes
When we will know the changes? After earnings call?
“ So the thought is this company is going to cut close to 35000 jobs in a flat market in one go?”
The market dynamics have shifted. Less need for labor intensive services such as drilling. Read industry news. Read the Hub. Listen to OLP. Operators are shifting to maintaining production through technologies such as those provided by AI, Digital and dare I say it “ChampionX” provided products.
Don’t feel sorry for the VP’s and up. They’re all RSU minted and will be just fine.
So the thought is this company is going to cut close to 35000 jobs in a flat market in one go?
Yes that is what I’m hearing as well. The VP’s has started to receive LOA’s as of yesterday and clearly some major changes at that level with new names. In order to achieve the 30% reduction it has to start at the top level so quite a few VP’s won’t receive an LOA then…and after that it will work its way downwards
It’s coming. With Basins going leaving us with just hemispheres, merging of two Divisions, consolidation of several functions, merging of GU’s and the natural industry move from drilling to maintaining production rates due to oil price and inventory levels, a number of 30% is foreseeable.
30% would be larger layoff than the last two MAJOR oil price crashes and right around COVID levels. There is no way with a flat market they layoff 30%. 10% would be brutal enough.
Not confirmed but likely NAO and GTC for starters
Well considering that Slb has added some 30K people over the last years as topline has been growing, I’m sure the market expects a deep cut to manage the flatter market.
30% seems too aggressive given flat-ish activity. Someone mentioned 3% and I saw another post at 10%, those seems reasonable. Which GUs are being consolidated?
Well as the leadership is meeting in London this week the official announcement may come tomorrow Friday…I don’t know but I just assume there would be some kind of internal and external communication