World's Largest Oilfield Services Company Fires More Than 21,000 Employees
SAN ANGELO, TX – The gigantic oilfield services company, Schlumberger, announced Friday that they will be laying off more than 21,000 jobs.
According to Schlumberger, on July 24, the oilfield giant has seen major losses in their second quarter numbers.
The company announced that they lost 3.32 billion after revenue in the second quarter dropped 35 percent. After this loss the company decided to terminate a quarter of their workforce.
"This has probably been the most challenging quarter in past decades," said CEO Olivier Le Peuch.
The company is expected to pay nearly $1 billion in severance packages by the end of the 2020 year.
Crude prices have dropped 33% and natural gas has fallen 17% this year due to the coronavirus pandemic and price wars with foreign nations. A number of other businesses in the oilfield industry have declared bankruptcies in 2020 such as Pioneer Energy Services Corp, Kingfisher Midstream, and Tri-Point Oil & Gas Production Systems.
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