Thread regarding Schlumberger Ltd. layoffs

The oilfield services giant’s CEO, Paal Kibsgaaard, on Monday disclosed the sale of 32,857 Schlumberger shares for $2.63 million, amid a rally i

Schlumberger

http://www.investors.com/news/tesla-skyworks-schlumberger-executives-lead-insider-trades/?ven=YahooCP&src=AURLLED&ven=yahoo

The oilfield services giant’s CEO, Paal Kibsgaaard, on Monday disclosed the sale of 32,857 Schlumberger shares for $2.63 million, amid a rally in oil prices.

The energy industry has been hit hard as oil and gas prices plunged the last couple of years, prompting Schlumberger and rivals Halliburton (HAL) and Baker Hughes (BHI) to cut tens of thousands of jobs.

But the uptrend in oil has brought drilling back to life, with the U.S. oil rig count rising in recent weeks.

Schlumberger shares are up 4% for the week.

by Anonymous
| 2699 views | | 12 replies (last June 15, 2016) | Reply
Post ID: @OP+HPb4ENB
Comment! It's anonymous!

12 replies (most recent on top)

What is plunder phase?

by Anonymous
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Post ID: @5mle+HPb4ENB

This is the plunder phase of the downturn

by Anonymous
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Post ID: @5ctn+HPb4ENB

A few years ago Paal sold after a brief pop then the stock went on something like a 50% run shortly after. He's not a good stock trader so this sale shouldn't count for too much,

by Anonymous
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Post ID: @4wtk+HPb4ENB

no, revenue is still falling and now they believe a Recession is highly possible. 2016 will be worse than 2015...

by Anonymous
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Post ID: @3xpr+HPb4ENB

So will the layoffs stop now?

by Anonymous
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Post ID: @3rbo+HPb4ENB

No wonder they executed a stock buy back. Propped up share prices

by Anonymous
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Post ID: @3ake+HPb4ENB

two messages this big stk sale tells me - 1) Paal is soon to be stepping down to move on with his career or 2) Paal and his advisors believe last weeks early oil price jump and energy stk jumps will be the best the mkt can muster for the year and is down hill from here. The last couple of days, lots of big players dumping/selling USA stks anticipating a big corrections coming after June FED announcement.

Take your pick...

by Anonymous
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Post ID: @2mal+HPb4ENB

He can see the writing on the wall...the oil price is irrelevant and decided by a bunch of lame, wide boy traders to line their pockets. We have too much oil..end of. We will have too much for years and Iran is ready to fire up. Don't think that the troubles in Nigeria will have any effect on supply unless the troubles walk to Saudi and the rest. Most managers/'engineers' at Schlum are in total denial because if they got laid off they have no chance of getting a job in the real world and certainly not at the salary which they already have...but then again basic economics were never their strongest attribute.

by Anonymous
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Post ID: @1glx+HPb4ENB

this is why he's kept on firing us... go Paal

by Anonymous
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Post ID: @1qtn+HPb4ENB

Yep, only ~$13,430,000 to last him till he gets his next incentive. I'll bet he's sweating it.

by Anonymous
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Post ID: @1skg+HPb4ENB

Poor baby...so that only leaves him with 170,000 shares left?

by Anonymous
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Post ID: @1bxe+HPb4ENB

"The energy industry has been hit hard as oil and gas prices plunged the last couple of years, prompting Schlumberger and rivals Halliburton (HAL) and Baker Hughes (BHI) to cut tens of thousands of jobs."

And we're forced into taking furloughs. I'm having difficulties making house payments and doctor visit. Paal gets a pay raise and sells 32,857 Schlumberger shares for $2.63 million....

His timing is disgusting and rude to the tens of thousands laid off!!!

by Anonymous
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Post ID: @kew+HPb4ENB

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