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Schlumberger cuts 10,000 jobs amid oil price rout

Schlumberger cuts 10,000 jobs amid oil price rout

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by: FoFa Active Indicator LED Icon 17 OP 
~ 8 years ago   Jan 22, '16 10:03am  
The latest wave of cuts means Schlumberger has axed 34,000 employees, or 26 per cent of its original workforce, since November 2014.LINK 4951
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Stealth83 Active Indicator LED Icon 16
~ 8 years ago   Jan 22, '16 10:09am  
Removed By Request 4951
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lola Active Indicator LED Icon 17
~ 8 years ago   Jan 22, '16 10:39am  
@FofaHope you aren't affected.I can't imagine looking for a job at our age.Emoticon 4951
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doddlebug Active Indicator LED Icon 17
~ 8 years ago   Jan 22, '16 10:42am  
Free Market Society MAYBE but the Saudis have played a big part in this to CRIPPLE our energy sectors.  Get ready to PAY their price for oil on down the road and then realize how STUPID your remark was Stealth83. 4951
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Maisey1 Active Indicator LED Icon 9
~ 8 years ago   Jan 22, '16 10:55am  
Free Market Society MAYBE but the Saudis have played a big part in this to CRIPPLE our energy sectors.  Get ready to PAY their price for oil on down the road and then realize how STUPID your remark was Stealth83.
 
@doddlebug: The Saudis thought they could play that game but I think are starting to realize they are fighting a losing battle. Their entire society depends on oil. Ours does not. Sure it's bad for the energy business and everyday my husband still has a job I am thankful, but the prices will come back up, the tools will come back out of storage and drilling will resume, business as usual for us. For the Saudis they are forever losing their grip on oil - and they know it. The other thing this has shown the oil companies here is how to be more efficient and effective in drilling and fracking so hopefully we will never visit $4 gas again (at least in my lifetime).
4951
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Retired_Engineer Active Indicator LED Icon 13
~ 8 years ago   Jan 22, '16 11:25am  
Free Market Society MAYBE but the Saudis have played a big part in this to CRIPPLE our energy sectors.  Get ready to PAY their price for oil on down the road and then realize how STUPID your remark was Stealth83.
 
@doddlebug:  While I agree with your general statement, there is no need to call someone's comment/opinion "stupid".
4951
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Retired_Engineer Active Indicator LED Icon 13
~ 8 years ago   Jan 22, '16 1:14pm  

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>> Free Market Society MAYBE but the Saudis have played a big part in this to CRIPPLE our energy sectors.  Get ready to PAY their price for oil on down the road and then realize how STUPID your remark was Stealth83.
 
@doddlebug: The Saudis thought they could play that game but I think are starting to realize they are fighting a losing battle. Their entire society depends on oil. Ours does not. Sure it's bad for the energy business and everyday my husband still has a job I am thankful, but the prices will come back up, the tools will come back out of storage and drilling will resume, business as usual for us. For the Saudis they are forever losing their grip on oil - and they know it. The other thing this has shown the oil companies here is how to be more efficient and effective in drilling and fracking so hopefully we will never visit $4 gas again (at least in my lifetime).
 
@Maisey1:  You could be right.  OPEC used to be controlled and driven by the Saudis, but now other OPEC members are doing their own thing.  Add to that, the oil found in other countries, and the Saudis are starting to realize their power is slipping.  Look at the OPEC members:Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates and Venezuela.If they ALL agreed to turn down the spigot, oil prices would go back up, but several of those nations are going to keep the spigot open because oil is their primary and sometimes ONLY marketable natural resource.  It seems like Saudi only has Kuwait, Qatar, and the United Arab Emirates still following their lead.Edited:  Hence, @Stealth83's comment on Free Markets applies.
4951
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fcabanski Active Indicator LED Icon 16
~ 8 years ago   Jan 22, '16 1:18pm  
Meanwhile, other businesses are booming due to lower gasoline prices. 4951
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tguid18 Active Indicator LED Icon
~ 8 years ago   Jan 22, '16 1:21pm  
Recession = when your  friend is out of workDepression= when your out of work 4951
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soxs mom Active Indicator LED Icon 3
~ 8 years ago   Jan 22, '16 1:43pm  
Meanwhile, other businesses are booming due to lower gasoline prices.
 
@fcabanski: Maybe in other parts of the country but not here where we live.  No matter how much Houston has tried to diversify since the last downturn in the 80's we still depend on the Energy sector for much of the success of our economy. When your neighbors are out of work they won't be buying your new cars, eating at your restaurants, using your landscaping company or needing your accounting services as much. it impacts all of us here and jobs will be lost in other industries as a result. 
4951
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fcabanski Active Indicator LED Icon 16
~ 8 years ago   Jan 22, '16 1:53pm  
I understand about out of work neighbors not buying stuff or using services.  But there are other industries, and people like low gasoline prices in every day life.There are many other types of jobs in the area.  The price of gasoline has been insanely high for years. 4951
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bubbleyes72 Active Indicator LED Icon 18
~ 8 years ago   Jan 22, '16 1:55pm  

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>> Meanwhile, other businesses are booming due to lower gasoline prices.
 
@fcabanski: Maybe in other parts of the country but not here where we live.  No matter how much Houston has tried to diversify since the last downturn in the 80's we still depend on the Energy sector for much of the success of our economy. When your neighbors are out of work they won't be buying your new cars, eating at your restaurants, using your landscaping company or needing your accounting services as much. it impacts all of us here and jobs will be lost in other industries as a result. 
 
@soxs mom:
Nor will developers be building homes because people won't have jobs to obtain a mortgage, and banks won't be making money because current home owners will be in foreclosures.
 
4951
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choclab Active Indicator LED Icon 3
~ 8 years ago   Jan 22, '16 2:17pm  
Actually, the facts remain the Saudis are doing no more than holding their line on production. U.S. Production has grown from 4 million barrels/day to just over 10 at its peak in the past 3 years,thereby driving about a million bibles/day oversupply. Add to that Libya recovery and increases in Iraq and Iran and we are where we are. It becomes less free enterprise when we expect opec to curtail production to prop up prices. 4951
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fcabanski Active Indicator LED Icon 16
~ 8 years ago   Jan 22, '16 2:20pm  
The oil and gas industries existed for years, decades, before $3 and $4 gasoline.Transportation and shipping businesses are helped by lower gasoline prices.There has been a boom in TX due to insane oil prices and thus insane gasoline prices.  A boom ending does not mean doom.An end to expansive home building means property values dropping.  That means lower property taxes for people who own homes.There are many good effects from lower oil prices (lower gasoline prices).There is still expansion, and even more expansion needed, in refining.It's not good to lose a job.  But those not in the oil industry are celebrating those lower oil prices. 4951
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Safety44 Active Indicator LED Icon 5
~ 8 years ago   Jan 22, '16 2:20pm  
@doddlebug:  While I agree with your general statement, there is no need to call someone's comment/opinion "stupid".
[quote-end-tag-mismatch]
 
@Retired_Engineer:
 
Thanks for speaking up. Personally, I believe there is a lot more going on than just Saudi trying to ruin our economy.
 
Oil companies as well as other industries operating right here in the USA influence cost of oil as well as availability of gasoline.
 
The average person doesn't realize how convoluted the system is, ie how much refined gasoline we are importing, how much manufacturing is being shifted out of the country, how much support is shifted to alternative fuels, etc.
4951
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Retired_Engineer Active Indicator LED Icon 13
~ 8 years ago   Jan 22, '16 2:26pm  

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>> Meanwhile, other businesses are booming due to lower gasoline prices.
 
@fcabanski: Maybe in other parts of the country but not here where we live.  No matter how much Houston has tried to diversify since the last downturn in the 80's we still depend on the Energy sector for much of the success of our economy. When your neighbors are out of work they won't be buying your new cars, eating at your restaurants, using your landscaping company or needing your accounting services as much. it impacts all of us here and jobs will be lost in other industries as a result. 
 
@soxs mom:  He's partially right, but I agree more with you.  Most businesses that were affected by the high cost of fuel added surcharges or increased their rates to make up the difference.  So, they didn't really suffer that much with high fuel prices (unless they priced themselves out of the market).  Now that fuel prices are low, some companies are making more profit, and some companies kept their prices high and are gouging their customers.  A business making more profit does not necessarily mean more money is going to be spent in the community.  Much of it goes to corporations and/or the rich.  However, when you have a community that a significant portion of it's people lose their jobs, that directly impacts the community.  We have already become a nation of corporations and the 1%.  I care more about the people than I do about putting more money in the pockets of the rich. When I went to work for an oil company, I loved it because they took care of their employees and wanted them to stay with them.  All of that started changing around 1993-1994.  We were told to look at our relationship with the company as a "convenience" (I called it "shacking up") for the both of us instead of a "marriage" as we had before.  The message was that the company no longer wanted long-term employees.  As the company eliminated it's loyalty to its employees,  I lost most of my loyalty to the company.  It's just another case of corporate greed.This article is a couple of months old, but it still applies.  Texas, particularly Houston, is going to be hit hard. oilprice.com/Energy/ Energy-General/Oil-J obs-Lost-250000-And- Counting-Texas-
4951
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