Здравствуйте. Вся информация этого сайта бесплатна. Вы можете сделать пожертвование и поддержать наше развитие. Спасибо.

Hello. All information of this site is free of charge. You can make a donation and support our development. Thank you.

2015-04-18 15:55:00

SCHLUMBERGER CUTS MORE JOBS

SCHLUMBERGER CUTS MORE JOBS

Schlumberger Ltd., the world's largest oilfield services provider, will eliminate an additional 11,000 positions in a sign the industry will undergo another round of job cuts as a result of tumbling crude prices.

The latest announced reductions bring the company's total to 20,000, making its workforce about 15 percent smaller than it was during the third quarter of 2014. Schlumberger had announced plans in January to eliminate 9,000 positions, in what was then the single largest cut in the industry.

Energy producers who rely on service providers are estimated to cut spending $114 billion this year, according to Cowen & Co. Worldwide, the industry had announced about 100,000 job cuts after Brent crude prices fell by half from a June high. While Schlumberger and its competitors were the first to bear the brunt of cutbacks after the drop in oil prices, explorers and producers could begin making deeper job cuts, said Rob Desai, an analyst at Edward Jones in St. Louis.

"There will be another wave after this," James Wicklund, an analyst at Credit Suisse Group AG in Dallas, said in a phone interview. "You can't cut all the people you need to cut the first time."

Schlumberger provides services including drilling wells, hydraulic fracturing and mapping underground oil pockets for energy producers. Its two largest competitors, Halliburton Co. and Baker Hughes Inc., agreed to merge last year in a $34.6 billion deal. They are scheduled to report earnings next week.

"Generally we were expecting more layoffs," Desai said. "I thought they would've gotten the big number out first," he said of Schlumberger's cut. "This is more than I expected."

Pricing Weakness

The abrupt drop in North American drilling required more action, Paal Kibsgaard, chief executive officer of Houston- and Paris-based Schlumberger said in an earnings statement Thursday. The company announced its lowest first-quarter profit in four years.

"We believe that a recovery in U.S. land drilling activity will be pushed out in time, as the inventory of uncompleted wells builds and as the re-fracturing market expands," Kibsgaard said. "We also anticipate that a recovery in activity will fall well short of reaching previous levels, hence extending the period of pricing weakness."

The company announced earlier Thursday it would pay another 50 cent quarterly dividend. Schlumberger will cut capital spending this year to $2.5 billion, down from its previous forecast of $3 billion.

The Schlumberger announcement comes as oil prices have recovered a bit from a low of $46.59 a barrel in January. They closed at $63.70 on Thursday, one day after analysts from Morgan Stanley issued a note calling a bottom on the services sector.

"We believe the 37 percent cut in capex and 15 percent headcount cut is clearly a strong indicator of the expectation of still highly challenging market in 2016," Angie Sedita, an analyst for UBS AG, wrote in a note to clients titled "Batten down the hatches."

bloomberg.com

Tags: SCHLUMBERGER, JOBS, PRICES,

Chronicle:

SCHLUMBERGER CUTS MORE JOBS
2018, September, 19, 13:43:00

ЦЕНА URALS: $74,45568

МИНФИН РОССИИ - Средняя цена на нефть Urals за период мониторинга с 15 августа по 14 сентября 2018 года составила $74,45568 за баррель, или $543,5 за тонну. Согласно расчетам Минфина России экспортная пошлина на нефть в РФ с 1 октября 2018 года повысится на $7,5 и составит $137,5 за тонну.

SCHLUMBERGER CUTS MORE JOBS
2018, September, 19, 13:39:00

SAUDIS OIL PRODUCTION: 10.42 MBD

PLATTS - Saudi production has since risen to 10.42 million b/d in August, the country reported to OPEC in the organization's most recent monthly oil market report. Saudi Arabia's crude oil stocks, which have been declining steadily over the last three years, fell to 229.41 million barrels in July, down 11.4% since May 2017, the JODI data showed.

SCHLUMBERGER CUTS MORE JOBS
2018, September, 19, 13:35:00

U.S. PRODUCTION: OIL + 79 TBD, GAS + 961 MCFD

U.S. EIA - Crude oil production from the major US onshore regions is forecast to increase 79,000 b/d month-over-month in October from 7,515 to 7,594 thousand barrels/day , gas production to increase 961 million cubic feet/day from 72,127 to 73,088 million cubic feet/day .

SCHLUMBERGER CUTS MORE JOBS
2018, September, 19, 13:30:00

U.S. - CHINA SANCTIONS: $60 BLN

REUTERS - Beijing on Tuesday said it would tax U.S. products worth $60 billion effective Sept. 24 in retaliation for tariffs imposed by U.S. President Donald Trump in an escalating trade war.

All Publications »