A linkedin star posted this. Is SLB really back? Is layoff finally over?
https://www.google.com/amp/s/seekingalpha.com/amp/article/4165237-schlumberger-back
7 replies (most recent on top)
The industry is dying no company is coming back. Cheap is everything now.
He didn't intend nor care about the layoffs. The locations in general have and had to take care. Unfortunately, mid management is rotten without any vision. Plain bottom feeders who went rampant and still do trying to better their situation or to self contain. They're the ones who do this nepotism, favoritism and what not s#@tism. If anything, it shows how little control the big boss has. Failure to deliver for sure! And not being held accountable is even worse. I'm shocked hearing how many of these low lifes even get retention bonuses after they diminished their value adding competition within. Horrible culture and terrible stock to own...
Coupling slb share price to oil price is over simplifying how the !aroet works.
How much oil price should be for slb to come back? Not long ago oil price was lower than what it is now and slb was performing much better.
-Slb failed to resolve promise they made to investors about keeping capex and opex down.
-there are more than 70k families out there saying no to slb services
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these 70k skilled workers already taking part of market pie.
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laying off 70k was the old fashioned stupid way of cutting cost, majority of segments revenue spent on severance and legal fees for laid off work force
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majority of employees are senior and expensive management
There has not been a tool successfully designed and marketed by this ridiculous outfit. Almost everything had been made before by someone else mostly through acquisitions. Don't worry stealing from a thief...
It's all about politics and mostly relationships along with pricing for what clients need; let it be their own politics or actual real necessity.
Your clown sales guys are a joke. They talk big game pushing the big blue with true experience next to zero. No one cares until the market gets tight again.
It'll take pk himself to JV into the cost and production. Look at the Bahrain fiasco... 80% water!
Industry is changed. I work for smaller company now. You wont believe it but i see they take some design from slb, weatherford, smitth, modified it and guess what they sell it for cheap. All they want is cheap, low price, .... . as long as slb want to keep those mba manager, A+ engineer and do nothing. I think they will have hard time to play this game.
I remember back in 2016 at around the same time of the year the management was already making meetings telling how the upturn was there but that we could not really see it just yet and that we should get ready for it. Needless to say it did not happen as fast as they thought.
Today oil prices are finale going up but most contacts have now been awarded to smaller services companies and it is unsure that operators will actually switch back to slb.