Lower oil prices are resulting in more layoffs for Schlumberger.
According to a release from Schlumberger, “As a result of the continuing weakness in the upstream oil and gas industry, Schlumberger is reducing its global workforce by approximately 11,000 employees. The abruptness of the fall in exploration and production activity has made sound management of our resources challenging—including the difficult decision to further reduce the size of our exceptional workforce. As we announced at the end of 2014, reductions are part of our continual effort to match resources with demand worldwide.”
The announcement is in addition to the previously announced reduction of 9,000 employees. So the total reduction is now 20,000 employees.
Schlumberger officials are not releasing reduction details for any specific areas.