schlumberger layoffs november 2020

DATE SOURCE DESCRIPTION JOB INDUSTRY; Nov 26, 2020: The Straits Times: Walt Disney Co increases layoff plans to 32,000 workers in first half of 2021.Walt Disney Co would lay off 32,000 workers, primarily at its theme parks, an increase from the 28,000 it announced in September as the company struggles with limited customers due to the coronavirus pandemic. TechStaffer is the leading telecommunications recruiter in the area. “Houston will come out of this certainly better than Midland Odessa, in the fields where there is a lot of operations, where there are ten-thousands already laid off without work or prospect of work,” Hirs said. On Thursday, American Airlines posted a loss of more than $2 billion, and Southwest Airlines said it lost $915 million. Get all the latest Schlumberger news. The acquisition date listed is the date of the agreement between IBM and the subject of the acquisition. Experience is always good, if you want to stay in this industry after layoffs. General Electric is freezing its pension for 20,700 employees and has offered 100,000 former employees a buyout option for existing retirees. Halliburton’s 2019 layoffs, compared to net increases in headcount at Baker Hughes and Schlumberger, make some amount of sense, Dittmar said. Average benefits with 6% matching 401K (good luck making it to fully vested status). “Pension Lump-Sum Payment Windows Are Back.” The Retirement Group, The Retirement Group, 11 Aug. 2020, https://retirekit.theretirementgroup.com/pension-lump-sum-payment-windows-are-back-e-brochure. Schlumberger total number of employees in 2018 was 100,000, a 0% decline from 2017. “An oil market that was 100-million barrels a day in January of this year, we are still needing over 90-million barrels a day,” Hirs said. The Europe-based company with U.S. headquarters in Houston hinted earlier in the week that layoffs might occur and now an Oklahoma subsidiary, Cameron Drilling announced employee terminations will begin in June and July. Gross, Elana. Post was not sent - check your email addresses! According to Barron’s, by placing workers in a DC plan, “the corporate pension plan stops accruing new benefits as workers age and salaries rise”. Companies have been effective in saving money by freezing their pension plans in the past. “ExxonMobil Reportedly Changed Its Employee Review Process To Increase Performance-Related Job Cuts.” Forbes, 24 July 2020. Here at Techstaffer recruiting, we pride ourselves on our ability to provide relevant information for workers looking for a career change. Halliburton HAL shares are down 47%, while Schlumberger SLB shares were down 61% year-t0-date through the election. Press Release Schlumberger Introduces StrataBlade Concave Diamond Element Bit. 5:41 PM, May. Oct 16, 2020 at 8:30 AM EDT Description Following the end of the conference call, a replay will be available via webcast until November 16, 2020, and can be accessed by dialing 1-866-207-1041 within North America or +1-402-970-0847 outside of North America, and giving the access code 3336191. Other oil companies like ExxonMobil have chosen to cut benefits. Original post… And are not total dependent on the US market,” Hirs said. The company, he said, also stands to save $25 million a quarter from first-quarter layoffs.
The effect of this was amplified late in the quarter by a new battle for market share between the world’s largest oil producers. Noe, Eric. Schlumberger. Crude prices have dropped 33% this year, and natural gas has fallen 17%, as much of the world took shelter from the coronavirus. Schlumberger said its initial round of job cuts in January would cut up to 1,000 of its 19,000 North American employees, including up to 100 of its 5,000 jobs in the Houston area. Interactive chart of Schlumberger (SLB) annual worldwide employee count from 2006 to 2020. Typically, employees in the mid to late portion of their career are hurt the most by a pension freeze. Schlumberger has already implemented a furlough program in Houston earlier this year. Waggoner, John. Verizon froze their pension back in 2005. Daily Job Cuts / Layoffs - Your source for daily economy updates on recent Job Layoffs 2020 / 2019 , Job Losses, Layoff News, Store Closings 2020, Bankruptcy, Business and Economic News The buyout option is another tactic corporations will use to cut costs. Could Schlumberger be the next company to suspend or reduce benefits? re: Schlumberger layoffs Posted by dr smartass phd on 7/9/10 at 10:11 am to CajunThriller More hope and change HOUSTON--(BUSINESS WIRE)--Diamond Offshore Drilling, Inc. (NYSE:DO) today announced that a subsidiary of the Company has entered into a term contract ending June 30, 2011, plus option, with Burullus Gas Company S.A.E. Schlumberger, the world’s largest oil-field services company, cut about 21,000 jobs as oil producers decreased spending in response to a historic drop in prices, The Wall Street Journal reported. The headquarters of Schlumberger are located here in Houston, but Hirs, a University of Houston professor, believes the biggest brunt will be taken by those out in West Texas. Could a pension freeze be next? Experts said this puts the company back to almost the same number of people employed at the start of the oil and gas fracking boom. Sorry, your blog cannot share posts by email. U.S. oilfield services firm Halliburton on Wednesday said it was cutting 650 jobs across Colorado, Wyoming, New Mexico and North Dakota amid slowing oil and gas activity. 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. Number of layoffs: 21,000; Chevron and Exxon Mobil aren’t the only oil company to make major cuts amid the pandemic. HOUSTON, Texas (KTRK) -- Schlumberger is the latest Houston-area oil company to furlough employees due to the economic hardships brought on by the coronavirus pandemic. HCSO: Man kills wife, injures 10-year-old stepson after losing temper at Spring home, 17-year-old youngest person to graduate from UH in 2020, already prepping for master's program, Houston Forecast: Tracking our next cold front, Texans drop to 4-11 with 37-31 loss to Bengals at NRG, Baseball Hall of Famer, knuckleballer Phil Niekro dies at 81, US Attorney: Suspect in downtown Nashville bombing died in blast, Authorities confirm person of interest as Nashville bomber, say he died at the scene, Back to normal by October? “The Retirement/Transition Guide for Schlumberger Employees.” The Retirement Group, The Retirement Group, 11 Aug. 2020, https://energy.theretirementgroup.com/schlumberger-guide-download-google. 02, 2020 This article has been updated to clarify that Stanford Health Care cook Sarah Jane Von Wettberg chose a mix of paid and unpaid leave to … Rumours in the oil and gas industry that oilfield services giant Schlumberger was about to embark on a big employee layoff have been confirmed after its land seismic acquisition business, WesternGeco, announced that it is ceasing operations in mainland US and Canada. ... historic layoffs and, consequently, remote operations have become the new normal. 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