After all, oil was never going to be forever, and everyone knew it. An organization this size could be involved in renewables... But isn't.
Of course, foresight is not this company's strength. These idiots can't plant out past three months, let alone past the year the average manager actually stays in a job.
Actually it was doing quite well for many years, until the acquisition of smith by slb. It has been in business for nearly a century. Even still I believe there is a large demand for what they produce, but as it is with so many layoffs, an edict is given to reduce headcount, and therefore heads must roll.
and its getting shut down so that didnt help you much did it
Schlumberger was diversified, but that business line is being killed off by the layoffs. The Florence ky facility has been involved with industrial, food processing and pharmaceutical applications for decades.
Actually diversification is not good for Schlumberger investors because it means going into unknown businesses and when we have unknown unknowns the risks are much higher. Its better to stick with your known knowns i.e.: the business you really know. If investors want diversification they can simply buy the shares of another company who work in the known areas of renewables. Hope this clarifies a fascinating subject.
Brian D
They forecast the present situation with singular stupidity...they got it completely wrong. Wake up and smell the coffee droid.
Idiots? Schlumberger is the number one oil contractor on the globe. SLB have survived, thrived, during this weak market by being innovative, progressive and keeping a keen sense of market.