Schlumberger cuts 11,000 more jobs worldwide due to low oil prices
Schlumberger Ltd. (NYSE: SLB) revealed April 16 it decided to cut another 11,000 jobs worldwide in addition to the 9,000 it announced in January.
In total, the oilfield services giant has reduced its companywide workforce by about 15 percent compared to the third quarter of 2014.
Not surprisingly, Schlumberger Chairman and CEO Paal Kibsgaard blamed the cuts on the effect low oil prices have had on the market. Schlumberger saw its first-quarter revenue fall 19 percent from the fourth quarter of 2014 and 9 percent from the first quarter of 2014.