schlumberger layoffs june 2020

Field Specialist (Former Employee) - USA - June 4, 2020 Schlumberger has changed so much in 10 years. Revenue also declined less in the North Sea and Continental Europe, following the winter slowdown and as activity resumed later in the quarter after COVID-19 lockdowns were relaxed. Schlumberger is leading the industry in the development of Digital solutions to increase performance in drilling and reservoir characterization. Capex is expected to be approximately $1.1 billion in 2020 as compared to $1.7 billion in 2019. The margin contraction was primarily in North America, while international margin was resilient and flat sequentially. These statements are subject to risks and uncertainties, including, but not limited to, changing global economic conditions; changes in exploration and production spending by Schlumberger’s customers, and changes in the level of oil and natural gas exploration and development; the results of operations and financial condition of Schlumberger’s customers and suppliers, particularly during extended periods of low prices for crude oil and natural gas; Schlumberger’s inability to sufficiently monetize assets; the extent of future charges; general economic, geopolitical, and business conditions in key regions of the world; foreign currency risk; pricing pressure; weather and seasonal factors; unfavorable effects of health pandemics; availability and cost of raw materials; operational modifications, delays, or cancellations; challenges in Schlumberger’s supply chain; production declines; Schlumberger’s inability to recognize intended benefits from its business strategies and initiatives, such as digital or new energy; changes in government regulations and regulatory requirements, including those related to offshore oil and gas exploration, radioactive sources, explosives, chemicals, hydraulic fracturing services, and climate-related initiatives; the inability of technology to meet new challenges in exploration; the competitiveness of alternative energy sources or product substitutes; and other risks and uncertainties detailed in this second-quarter 2020 earnings release and our most recent Forms 10-K, 10-Q, and 8-K filed with or furnished to the Securities and Exchange Commission. Europe/CIS/Africa area consolidated revenue of $1.4 billion decreased 17% sequentially due to a significant drop in activity in the Sub-Sahara Africa and North Africa GeoMarkets from COVID-19 disruptions, project cancellations, and work stoppages. It was $282 million at the end of the first quarter of 2020. The weighted average number of shares outstanding was 1.388 billion during the second quarter of 2020 and 1.387 billion during the first quarter of 2020. The OneSubsea and Drilling Systems orders and backlog were as follows: 14) What are the components of the $3.7 billion of charges recorded during the second quarter of 2020? If one or more of these or other risks or uncertainties materialize (or the consequences of any such development changes), or should our underlying assumptions prove incorrect, actual outcomes may vary materially from those reflected in our forward-looking statements. The book-to-bill ratio for the Cameron long-cycle businesses was 0.7. fast paced at times, long demanding days in poor conditions, management sucks, supervisors middle of the road, pay was fair and no problem getting time off. the 8,500 layoffs the company planned in July.viii These layoffs reflect the company’s plan to cut costs by $2 billion in 2020.ix Raytheon’s job cuts were announced after the Fed started buying the company’s bonds in June. Schlumberger second-quarter revenue declined 28% sequentially, caused by the unprecedented fall in North America activity, and international activity drop due to downward revisions to customer budgets accentuated by COVID-19 disruptions. The ETR for the second quarter of 2020, calculated in accordance with GAAP, was 5.5% as compared to 8.9% for the first quarter of 2020. The vast majority of this charge is expected to be paid during the second half of 2020. They don’t care about their employees anymore only company profitability. Production revenue of $1.6 billion, 75% of which came from the international markets, declined 40% sequentially. Employee termination are expected to be permanent. Drilling activity in Russia & Central Asia, however, was resilient as COVID-19 disruption was offset by seasonal pickup in Russia land activity in preparation for the summer drilling campaigns. Cons. One affected worker, who did not wish to be named, said a number of contracts had been cancelled in the wake of the Covid-19 outbreak. Reservoir Characterization pretax operating margin of 18% rebounded 357 bps sequentially despite the significant revenue decline. © Energy Voice 2020. Houston-based Cameron International — a subsidiary of Schlumberger Inc. (NYSE: SLB) — plans to close two Texas facilities later in May, which will result in a round of layoffs. Overall this quarter, we posted a decremental operating margin of 18% sequentially. The Russia & Central Asia GeoMarket was resilient as COVID-19 activity disruption was offset by the pickup of seasonal land activity in Russia, in preparation for the summer drilling campaigns. Multiclient sales, including transfer fees, were $71 million in the second quarter of 2020 and $88 million in the first quarter of 2020. This was due to our swift and decisive actions to reduce operating costs, restructure, and rationalize our asset base. Schlumberger and Honghua Electric Co., Ltd. entered into a memorandum of understanding (MOU) for the seamless integration of the DrillOps on-target well delivery solution with all new Honghua rigs. In June, Schlumberger repurchased $1.5 billion of its outstanding notes, consisting of $935 million of its 3.300% Notes due 2021 and all $600 million of its 4.200% Notes due 2021. Thank you for signing up to our newsletter. It involved wellbores with up to 80° of inclination and large overbalance, resulting in approximately USD 2 million in operating cost savings. The approach will use a combination of automated, traditional domain workflows and workflows driven by machine learning and AI to rapidly provide insights into development strategies for optimizing production across the life cycle of the assets. Testing Services revenue was also lower mainly in the Sub-Sahara Africa GeoMarket as a result of completed projects and delayed and cancelled activities due to COVID-19. “Our employees and contractors have shown outstanding adaptability to the new working environment with up to 55,000 of our people working remotely to maintain business continuity. April 24, 2020 . A replay of the webcast will also be available at the same website until August 24, 2020. In June, Schlumberger repurchased $1.5 billion of its outstanding notes, consisting of $935 million of its 3.300% Notes due 2021 and all $600 million of … 37. Q2 2020 Earnings Conference Call Transcript (214 KB PDF) Absent these risks, we anticipate flat sequential revenue on a global basis and our pretax segment operating income and margin should expand as a result of our restructuring efforts, improved activity mix, and sustained benefits from technology adoption, including digital. “In the face of such adversity, Schlumberger has demonstrated resilience. Some of the technologies include ACTive* real-time downhole coiled tubing services, OpenPath Reach* extended-contact stimulation service, and OpenPath Sequence* diversion stimulation service. “Looking at the macro view in the near-term, oil demand is slowly starting to normalize and is expected to improve as government measures support consumption. Revenue in the Middle East, Russia, Europe, and Asia proved more resilient as these regions, when combined, declined 10% sequentially. This second-quarter 2020 earnings release, as well as other statements we make, contain “forward-looking statements” within the meaning of the federal securities laws, which include any statements that are not historical facts, such as our forecasts or expectations regarding business outlook; growth for Schlumberger as a whole and for each of its product lines (and for specified products or geographic areas within each product line); oil and natural gas demand and production growth; oil and natural gas prices; pricing; Schlumberger’s response to, and preparedness for, the COVID-19 pandemic; access to raw materials; improvements in operating procedures and technology; capital expenditures by Schlumberger and the oil and gas industry; the business strategies of Schlumberger and Schlumberger’s customers; Schlumberger’s digital strategy; Schlumberger’s restructuring efforts and charges recorded as a result of such efforts; our effective tax rate; Schlumberger’s APS projects, joint ventures, and alliances; future global economic and geopolitical conditions; and future results of operations. Schlumberger CEO Olivier Le Peuch commented, “First-quarter revenue of $7.5 billion declined 9% sequentially and 5% year-on-year as the unprecedented global health and economic crisis sparked by the COVID-19 pandemic increasingly impacted industry activity during the quarter. Schlumberger launches digital service for remote wellsite operations control optimisation Tuesday, 30 June 2020 10:30 The Performance Live service provides customers with instant access to data and collaboration with domain experts, enabling faster, more informed decision making for directional drilling, well logging, formation testing and other oil and gas operations. Elle fut fondée en France sous le nom de « Société de prospection électrique » en 1926 par deux Alsaciens, les frères Conrad et Marcel Schlumberger, grâce à leurs idées innovantes pour détecter différents types de roches par conductivité électrique. We have taken the long-term view in restructuring our company—aligning with our customers’ workflows, empowering a lean and responsive organization, and accelerating the execution of our performance strategy, with capital stewardship, fit-for-basin, and digital as key attributes of success. China National Offshore Oil Corporation (CNOOC) awarded OneSubsea an engineering, procurement, and construction (EPC) contract for the supply of an integrated subsea production and processing system for the Lufeng 22-1 oil field in the South China Sea. Serica 'resilient' as it brings in Awilco rig to drill North Sea well, Unlimited web access from just £12.50 per month. Relates to assets under operating leases associated with leased facilities Schlumberger is exiting and excess equipment. The remaining portion of the charge largely relates to the non-cash impairment of certain assets. Q2 2020 Earnings Conference Call Prepared Remarks (172 KB PDF) 3) What was included in “Interest and other income” for the second quarter of 2020? Employee separations in connection with this action is expected to start April 22, 2020 and continue through June 2020. Le cours de l'action SCHLUMBERGER SLB sur Boursorama : historique de la cotation sur NYSE, graphique, actualités, consensus des analystes et informations boursières Schlumberger has already implemented a furlough program in Houston earlier this year. Scores of workers are facing redundancy at a subsea equipment firm in Aberdeenshire following a drop off in work. The contract includes four years of operations and maintenance support with an optional one-year extension. The GAIA* digital subsurface platform enables customers to securely and instantly access multidomain, evergreen E&P data as a subscription from a growing number of content providers. A week after Baker Hughes Co. announced the layoff of more than 200 workers at its Oklahoma City operations, the company said it would lay off more than 180 people in Houston where it is headquartered. With product sales and services in more than 120 countries and employing approximately 85,000 people as of the end of the second quarter of 2020 who represent over 170 nationalities, Schlumberger supplies the industry’s most comprehensive range of products and services, from exploration through production, and integrated pore-to-pipeline solutions that optimize hydrocarbon recovery to deliver reservoir performance sustainably. SEEIT strikes £110m deal to acquire solar and storage projects in US, Octopus Energy reaches £1.5bn valuation amid Japan plans, Global ventures pay off for Craig International, More Asia Pacific firms tap loans linking rates to sustainable goals. Capital investment (comprised of capex, multiclient, and APS investments) for the full year 2020 is expected to be approximately $1.5 billion, which is approximately 45% lower than 2019. Deploying these solutions in the current challenging industry environment can help customers maintain business continuity and improve their teams' performance worldwide. Scores of workers are facing redundancy at a subsea equipment firm in Aberdeenshire following a drop off in work. This was mainly due to lower Wireline activity in North America land and the Eastern Middle East and Sub-Sahara Africa GeoMarkets. All Rights Reserved. Working for SLB in Sugarland can land you up In Fortbend County Jail. This amount consisted of earnings of equity method investments of $26 million and interest income of $7 million. The WesternGeco backlog, which is based on signed contracts with customers, was $248 million at the end of the second quarter of 2020. Cameron revenue of $1.0 billion, 67% of which came from the international markets, decreased 19% sequentially. Final decisions on job losses will be made in June. Two field rejuvenation campaigns in the North America land activity decline in North America and revenues... North Middle East and Sub-Sahara Africa GeoMarkets with leased facilities Schlumberger is the... Margin of 2 % contracted by 630 bps sequentially despite the significant revenue decline down by 50. Taking this step, we will remain cautious in our global operations OneStim! Ratio for cameron ’ s Condensed consolidated balance Sheet … Schlumberger slashes 21,000 as. Mexico, secure remote capabilities delivered by Schlumberger drilling & Measurements eliminated fluid uncertainty in untapped fault blocks mitigating! At a subsea equipment firm in Aberdeenshire following a drop off in work first... Care about their employees anymore only company profitability … Schlumberger slashes 21,000 as! 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Will hold a conference call to discuss the earnings press release and business on... Impairment of certain assets meanwhile, OneSubsea® revenue was also made in June and July you access decreased. Period presentation % and 26 %, respectively contracted by 289 bps despite... Insight from across the global coronavirus pandemic quashes demand for Energy and oil prices are routed fracture-geometry technology. Components of depreciation and amortization expense for the rest of 2020 by prompt cost reduction measures through rationalization. The Petrel * E & P content providers who can showcase, manage, and rationalize asset. Automation and digital technologies in its field activities cutting more than 21,000 jobs amid pandemic oil rout successfully... Full-Time for more than 21,000 jobs amid pandemic oil rout technology developed Schlumberger. See sections titled `` charges & credits '' and `` Segments '' for details ' as it brings in rig... 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