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Schlumberger projects global oil and gas drilling recovery

Schlumberger cuts more jobs in first quarter

During 2016, the “oil glut” that helped drive global oil prices down was the impetus for cutbacks by OPEC and other oil-producing nations. But oilfield services company Schlumberger chairman and CEO Paul Kibsgaard mentioned a shortage, not oversupply, of oil in years to come, reports Fuelfix. In a conference call with investors, Kibsgaard said drillers will need to begin putting ...

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Schlumberger reduces workforce by 2,000 in first quarter

Schlumberger reduces workforce by 2,000 in first quarter

HOUSTON (AP) — Schlumberger NV trimmed its workforce by about 2,000 to 2,500 people in the first quarter as the company’s profit slumped 49 percent amid the continuing slump in oil and gas drilling. The company said in a news release that its workforce, which started the year at 95,000, ended the first quarter on March 31 with 93,000 employees. ...

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Schlumberger cuts more jobs in first quarter

Schlumberger cuts more jobs in first quarter

Schlumberger slashed another 2,000 jobs in the first quarter as the energy industry navigates turbulent market conditions. The company’s global workforce now numbers about 93,000, according to Schlumberger spokesman Joao Felix. “The decline in global activity and the rate of activity disruption reached unprecedented levels as the industry displayed clear signs of operating in a full-scale cash crisis,” Chairman and ...

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Federal suit to stop Halliburton, Baker Hughes deal

Federal suit to stop Halliburton, Baker Hughes deal

WASHINGTON (AP) — The Justice Department is suing to stop Halliburton from buying oilfield-services rival Baker Hughes, the latest effort by the Obama administration to block mergers that it believes enrich corporations but hurt consumers. The government argues that the $35 billion deal would lead to higher prices and less innovation in the business of helping energy companies drill for ...

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US to try to block Halliburton from buying rival

Halliburton corporate headquarters in Houston. (Image via Wikipedia)

WASHINGTON (AP) — The U.S. Justice Department is expected to sue this week to stop Halliburton Co. from acquiring rival Baker Hughes Inc., according to a person familiar with the matter. The person spoke on condition of anonymity Tuesday because the lawsuit had not yet been announced. Representatives of Halliburton and Baker Hughes declined to comment. The $35 billion deal ...

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Spate of layoffs sweeps energy industry

Spate of layoffs sweeps energy industry

A sustained downturn led to thousands of layoffs this week as companies struggle to weather the prolonged energy market slump. Falling oil prices forced many producers to cut costs and streamline business. The International Energy Agency said oil prices may fall further this year due to low demand and an oversupply of crude. Schlumberger Schlumberger cut 10,000 jobs and reported ...

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Schlumberger reports big 4Q loss, says cut 10,000 more jobs

Schlumberger reports big 4Q loss, says cut 10,000 more jobs

HOUSTON — Schlumberger said Thursday that it lost more than $1 billion and slashed another 10,000 jobs in the fourth quarter as tumbling energy prices took their toll on the world’s largest oilfield services company. Like others in the industry, Schlumberger NV has been hard hit by the downturn in the energy sector and it warned that it doesn’t expect ...

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U.S. regulators seek more concessions to OK Halliburton-Baker Hughes deal

Various Halliburton equipment being stored at the equipment yard in Alvarado, Texas June 2, 2015. While giants like Halliburton, Baker Hughes and Schlumberger are weathering the slump by cutting tens of thousands of jobs, small- and medium-sized firms that make up at least half of the nearly $100 billion a year U.S. oil services industry that provides fracking sand and specialized chemicals for fracking have been hit far harder than their large, cash-rich rivals by the downturn, experts say. Picture taken on June 2, 2015. REUTERS/Cooper Neill - RTX1GZSL

Halliburton Co <HAL.N> and Baker Hughes Inc <BHI.N> said U.S. antitrust officials were not satisfied with the concessions they offered to win approval for their proposed merger, and that officials said they would assess further proposals. The two oilfield service providers said it was unlikely they would be able to settle with the U.S. Department of Justice by Tuesday, the ...

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Oilfield firm donates $172M in software to SD school

View of the South Dakota School of Mines and Technology. (Image courtesy of SDSMT)

RAPID CITY, S.D. — Oilfield services company Schlumberger has donated $172 million worth of software to the South Dakota School of Mines & Technology to strengthen the school’s energy resources initiative. The Houston-based company provides technology and other support services for the oil and gas industry in areas such as western North Dakota’s oil patch. School officials say the software ...

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