Bad News For O&G: Schlumberger Lays Off 10,000 People, Reports $1 Billion Net Loss For 2015

The Houston Chronicle reports that Schlumberger has axed another 10,000 jobs and reported a net loss of $1 billion during the final three months of 2015.

Since peaking at a global workforce of 130,000 in 2014, Schlumberger has cut more than 25% of its employees, or 34,000 jobs.

Headquarters in Houston, Paris, and Hague, suffered major net income loss filing a $2 billion impairment charge on employee severance pay, contract terminations, facility closures and inventory write-downs, for the 4th quarter.

For all of 2015, Schlumberger counted a net income gain of $2.1 billion, but that’s down over 60% from $5.5 billion in 2014. Revenues for the year fell 27% from $48.6 billion down to $35.5 billion.

READ MORE @ The Houston Chronicle

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