Schlumberger cuts 9,000 jobs due to low oil prices

New York (AFP) - Oil services company Schlumberger Thursday said it was firing 9,000 workers due to plunging oil prices that have forced petroleum companies to cut drilling budgets.

Schlumberger disclosed the job cuts as it reported sharply lower fourth-quarter earnings in the wake of a more than 50 percent fall in oil prices since June. The job cuts account for about 7.5 percent of Schlumberger's global workforce.

Schlumberger's fourth-quarter earnings came in at $302 million, down 82 percent from the year-ago level. Revenues rose 6.2 percent to $12.6 billion.

So the only way to keep employees is to jack prices?  ::confused::

with every action there is a reaction

patty i bet you have a gas guzzler

[quote author=The Chairman link=topic=95117.msg611218#msg611218 date=1421378965]
with every action there is a reaction
[/quote]

I think that self employment is the solution.

And politics need only to make the cost of living and healthcare affordable.

At least this way, people don't have to depend on somebody else's gravy to sustain themselves.