Schlumberger layoffs: Company cuts 21K jobs amid COVID-19 pandemic oil rout. However, losing DB plans is very bad for employees who often rely on those benefits for their retirement years. Experience is always good, if you want to stay in this industry after layoffs. Shares of Schlumberger were up … The company will accelerate efforts to restructure its land-based operations, which will include a reduction in its headcount, Schlumberger spokesperson Joao Felix said in an email to the Houston Business Journal. 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 currently employs 115,000 around the world. Layoffs by Schlumberger are hitting Oklahoma. Gross, Elana. Schlumberger reports $8.5B charge for Q1 2020, cuts dividend 75%. On top of that Barron’s reported that, about 60% of the $28 trillion in U.S. retirement assets are found in defined contribution (DC) plans. “Pension Plans Continue to Fade Away. “What to Do If Your Pension Is Frozen.” AARP, 16 Oct. 2019, https://www.aarp.org/retirement/planning-for-retirement/info-2019/pension-plan-freeze.html#:~:text=Other%20major%20companies%20that%20recently,be%20a%20big%20financial%20hit. In Texas, the state was notified that cuts will affect a total of 275 employees at two locations. At the same time, Schlumberger’s support personnel will take on modified work hours, which will result in reduced salaries as permitted by local laws, Felix said. Source: Schlumberger, the largest oil field services company, said Friday it lost $10.1 billion in 2019, laid off 1,400 workers in the fourth quarter, closed facilities, pulled hydraulic fracturing fleets from the field and plans to sell assets. “Exclusive: Chevron to Cut up to 15% of Staff amid Restructuring – Reuters.” U.S., Reuters, 27 May 2020, https://www.reuters.com/article/us-chevron-layoffs-exclusive/exclusive-chevron-to-cut-up-to-15-of-staff-amid-restructuring-idUSKBN2332P3. Barron’s references several companies who’ve decided to recently freeze their defined-benefit pension plans, most notably General Electric & Lockheed Martin. Executives at Schlumberger, the largest oilfield service company in … Select your job title and find out how much you could make at Schlumberger. TechStaffer is the leading telecommunications recruiter in the area. Not even law firms at the top of the heap could avoid making cuts. Here at Techstaffer recruiting, we pride ourselves on our ability to provide relevant information for workers looking for a career change. On the whole, this trend is good for investors because investments become less risky when companies are able to lessen their debt. July 24, 2020 at 11:15 AM EDT - Updated July 24 at 11:15 AM (AP) - Schlumberger is cutting more than 21,000 jobs as the global coronavirus pandemic quashes demand for energy and oil prices are routed. Mr. Schlumberger produced $10.84 billion in 2019 North American revenue. Could Schlumberger be the next company to suspend or reduce benefits? Schlumberger layoffs confirmed 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 … Schlumberger, along with most other oil companies, is in the process of trying to cut costs to help deal with the economic downturn brought on by the Coronavirus. Schlumberger layoffs, furloughs, exec pay cuts incoming. Sorry, your blog cannot share posts by email. Schlumberger (SLB) is planning massive layoffs as the oil company struggles with declining revenue in the second quarter of 2020. Schlumberger has already cut its spending plan for 2020, reducing it by 30 percent from 2019. The buyout option is another tactic corporations will use to cut costs. https://www.reuters.com/article/us-chevron-layoffs-exclusive/exclusive-chevron-to-cut-up-to-15-of-staff-amid-restructuring-idUSKBN2332P3, https://energy.theretirementgroup.com/schlumberger-guide-download-google, https://abcnews.go.com/Business/story?id=1378711, https://retirekit.theretirementgroup.com/pension-lump-sum-payment-windows-are-back-e-brochure, https://www.barrons.com/articles/pension-plans-continue-to-fade-away-why-that-brings-new-worries-51589199204, https://www.aarp.org/retirement/planning-for-retirement/info-2019/pension-plan-freeze.html#:~:text=Other%20major%20companies%20that%20recently,be%20a%20big%20financial%20hit. – ABC News.” ABC News, ABC News, 16 Dec. 2005, https://abcnews.go.com/Business/story?id=1378711. Schlumberger is a large oilfield services company. 13 salaries (for 12 job titles) Updated Mar 25, 2020 13 Schlumberger employees have shared their salaries on Glassdoor. The company will also institute furlough programs in some of its business lines. “The Retirement/Transition Guide for Schlumberger Employees.” The Retirement Group, The Retirement Group, 11 Aug. 2020, https://energy.theretirementgroup.com/schlumberger-guide-download-google. The total number of corporate pension plans has steadily declined since the early 1980’s. According to The Retirement Group, DB plans which provide a life long monthly benefit to retirees often create huge pension liabilities for the company. Talk at this year's West Australian Basins Symposium has centred around the absence of some key Schlumberger personnel, amid rumours of a 1200 person layoff at the oilfield services giant. The main USA location is Houston, Texas. Professional / Law : July 21, 2020: The Straits Times We want to be the one to help you find the next step in your the journey that is your career. Layoffs and pay cuts loom as Schlumberger, the largest oilfield service company in the world, plans to cut up to 30 percent from its budget amid … Could a pension freeze be next? March 31, 2020 Updated: March 31, 2020 11:31 a.m. Facebook Twitter Email. An increase in production among OPEC countries is expected to produce a glut of available product, while social distancing measures taken in response to the COVID-19 pandemic are slicing deep into demand for transportation fuels. Root, Al. Schlumberger has already cut its spending plan for 2020, reducing it by 30 percent from 2019. They’ve also reportedly been laying off people through a “Performance Improvement Plan”. Verizon froze their pension back in 2005. Chevron has chosen to conduct layoffs to try and reduce labor costs. Schlumberger layoffs: Company cuts 21K jobs amid COVID-19 pandemic oil rout. 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. The shrinking workforce is the direct result of a torrent of cuts in capital spending from U.S. explorers, some $12.6 billion so far. ExxonMobil announced that it would stop matching employee’s contributions to their retirement savings plans. (AP) - Schlumberger is cutting more than 21,000 jobs as the global coronavirus pandemic quashes demand for energy and oil prices are routed. Alternatively, they offered employees an enhancement to the existing 401(k) plans, which began in 2006. Waggoner, John. The … It’s becoming less common for an employee to work at the same company for 30 years and retire with a nice pension. Press Release Schlumberger Introduces StrataBlade Concave Diamond Element Bit. It’s also wise to ask what the payout would be for a spouse if you were to pass away. The effect of this was amplified late in the quarter by a new battle for market share between the world’s largest oil producers. Average benefits with 6% matching 401K (good luck making it to fully vested status). Chevron has chosen to conduct layoffs to try and reduce labor costs. For companies like Schlumberger, this can shift risk from the corporation onto their workers.
The effect of this was amplified late in the quarter by a new battle for market share between the world’s largest oil producers. Get all the latest Schlumberger news. July 24, 2020: Investor Place: Schlumberger Layoffs: SLB to Cut 21,000 Jobs Amid Oil Woes. “ExxonMobil Reportedly Changed Its Employee Review Process To Increase Performance-Related Job Cuts.” Forbes, 24 July 2020. Khan, Shariq. However, “by offering both workers and retirees a lump sum, corporations could take the defined-benefit off their books”. Maps of counties in the STACK play showing townships and ranges, enormous pressure on both the supply and demand side of the industry, Halliburton Co. is furloughing 3,500 Houston employees, making cuts to employment and hours among its workforce, is also laying off employees in Midland, Texas, also announced a multibillion-dollar spending cut March 23, Schlumberger produced $10.84 billion in 2019 North American revenue. “After Verizon, Are Pension Freezes on the Way? General Electric is freezing its pension for 20,700 employees and has offered 100,000 former employees a buyout option for existing retirees. Meanwhile, the company’s senior management, including its executive team, will take 20 percent cuts to their base salary, Felix said. 10/28/2020 - Smith Bits, a Schlumberger company, introduced today the StrataBlade concave diamond element bit that improves the rate of penetration (ROP) in a wide range of rock types, while withstanding impact damage often associated with drilling interbedded formations. Houston's oil … Schlumberger lays off 1,400 amid surgical cuts to restore profitability in U.S. shale. Thursday, May 7, 2020 HOUSTON, Texas (KTRK) -- After already furloughing employees, modifying work schedules, and voluntarily cutting executive salaries, Schlumberger is cutting jobs in … July 24, 2020 amid COVID-19 pandemic oil rout work operations in Oklahoma, salary makes up minority. 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