Schlumberger: No More Job Cuts Expected in Current Oil Slump
Posted by Eric Haun
Friday, January 22, 2016
Schlumberger Ltd, the world's No.1 oilfield services provider, said it was optimistic that it had completed the job cuts needed in this oil downturn.
Executives speaking on the company's earnings call on Friday said they expected "positive movement" in oil prices in 2016, but that any significant recovery in activity levels would come next year.
Schlumberger reported a slightly better-than-expected quarterly profit on Thursday as it cut costs again - mostly through 10,000 job cuts - and the company unveiled a $10 billion share buyback program.
The company has cut 34,000 jobs, or 26 percent of its workforce, since November 2014.
(Reporting by Swetha Gopinath and Narottam Medhora in Bengaluru; Editing by Kirti Pandey)