Thread regarding Schlumberger Ltd. layoffs

My husband works for slb, and was informed that more cuts are expected through march 2016.

A couple of things....

1. The coming market share increases in the middle east won't help SLBs profit margins much as oil there needs less technology to produce than just about anywhere.

2. The same redistribution of market share could give the middle east more power to dictate service company prices in the future.

3. SLB has laid off many very high trained expat individuals world wide while keeping many "protected" but equally paid nationals. Perhaps there is a false economy here. .

4. Prices for oilfield services (profit margins) won't be going up any time soon as US shale oil will keep an upward cap on oil prices when they approach $70/bbl, keeping the oil company profits down. Also, Halliburton has traditionally been the predominant US shale oil service company.

5. A serious middle east war or a surge in demand could change this but it seems that combatants don't target the goose that lays the golden egg as much as they used to and demand is not surging in response to price as of yet.

Everyone is safe. Layoffs are over.

It's over for manufacturing, Schlumberger is not going to keep paying a burden rate of $167.32 per hour per employee. If oil stayed over a $100.00 they would. The bean counters have done their job. You have to ask yourself, would or could you manufacture anything at that rate? They have been sending all manufacturing out for years. Now the overseas operations are going very well.

In conclusion, keep your options open, keep your CV up to date, keep an eye on the job market and if you have a sensible job offer take it.

We are never done and like our new HR motto stolen from the coast guard we have names always ready to "adjust resources", "scale for activity", RIF, Release, Terminate, or Fire. Don't fret we are setting aside 10,000 people per quarter as analyst fodder for each earnings release. We have to have ways to prop up all those options for our execs!

It's not over just yet. Time will tell. Wait and See.

Don't believe what they have been trying to tell you and calm you down so you can continue to concentrate and focus on your job instead of thinking about more layoffs! :( :)

..."Schlumberger CEO “optimistic” job cuts are over after 34,000 slashed

The chairman and CEO of Schlumberger said Friday he is “optimistic” the world’s largest oil field services company is done eliminating jobs now that it has cut 34,000 positions — more than 25 percent of its global workforce."...

...“I think they legitimately believe they’ve cut their headcount sufficiently,” said Bill Herbert, an analyst at energy investment bank Simmons & Company International, arguing that more cuts could still come if the downturn extends into 2017 and the recovery takes longer...

http://fuelfix.com/blog/2016/01/22/schlumberger-ceo-optimistic-job-cuts-are-over-after-34000-slashed/#36089101=0

Will there be layoffs in q1 of 2016?

I agree it is not clear what is going on does it mean layoffs are over or does it mean more to come to make up that 10,000. Even the press reports are confusing some implying more cuts to come others that there are no more layoffs - who knows I do not know do you know? sure as hell I do not think anyone below VP level really knows what is going on.

ISIS,ISIL,DRAESH....Recruiting ex SLB workers now...excellent pay...guaranteed to be headhunted....Location: The Caliphate......leave your phone at home...No HSE positions available......transformation to paradise highly likely.

These are q4 cuts.....what is happening right now will be announced to the markets start of q2....

Where these 10,000 jobs cut in 2015? Where there cuts in 2016?