Oilfield Layoffs

[okietool]

Schlumberger in Ponca is a drill bit Manufacturing company. The 26 year employee was an engineer, and the other long term employees laid off world wide were typically technical/degreed folks that had dedicated their lives to working at the company's before Schlumberger bought them out.
Ponca's Facility was Smith Tool, a major player in the bit manufacturing business before Schlumberger took over.

The previous CEO got a 7 million dollar signing bonus to sell the company to Schlumberger BTW.

Yep. Smith was bought by Schlumberger. Essentially making hm a 3 ( I'm not sure about that but don't thnk that's far off) year Schlumberger employee. I have no idea what Schlumberger promised the Smith people when they bought Smith out, but it probably wasn't much. The typical engineer in Schlum directional was born and raised in the third world and has an engineering degree from a third world school. You also have to remember Schlumbrger is a French company.

I don't know how many people Schlumberger has world wide or what criteria they use in deciding who stays. But I'm sure they have some method they think works.
For some of the services they supply you only have two universal choices big blue or big red.

 

[SlugSlinger]

Type: Public

Traded as: NYSE: SLB
S&P 500 component

Industry: Oilfield services & equipment

Founded: 1926

Founder: Conrad and Marcel Schlumberger

Headquarters: Houston, Texas, United States


Area served: Worldwide


Key people: Paal Kibsgaard (CEO)

Revenue: US$ 48.58B (FY 2014)


Operating income: US$ 10.57 billion (FY 2014)


Net income: US$ 7.28 billion (FY 2014)

Total assets: US$ 66.9 billion (FY 2014)

Total equity: US$ 38.04 billion (FY 2014)


Number of employees: 120,000

Website
www.slb.com

 

[okietool]

Type: Public

Traded as: NYSE: SLB
S&P 500 component

Industry: Oilfield services & equipment

Founded: 1926

Founder: Conrad and Marcel Schlumberger

Headquarters: Houston, Texas, United States


Area served: Worldwide


Key people: Paal Kibsgaard (CEO)

Revenue: US$ 48.58B (FY 2014)


Operating income: US$ 10.57 billion (FY 2014)


Net income: US$ 7.28 billion (FY 2014)

Total assets: US$ 66.9 billion (FY 2014)

Total equity: US$ 38.04 billion (FY 2014)


Number of employees: 120,000

Website
www.slb.com

http://m.chron.com/business/energy/article/Schlumberger-moving-headquarters-to-Houston-1679883.php

French.

 

[SlugSlinger]

http://m.chron.com/business/energy/article/Schlumberger-moving-headquarters-to-Houston-1679883.php

French.

I wasn't arguing with you, but I will show you why it's not a French company now. The information I posted was more for the headcount and income numbers.

Why did you go back to 2005 to find a story sbout the company moving the corporate headquarters from New York to Houston?

And how does that equate to French?

This is a public traded company with corporate headquarters in Houston.

80% of its shares are held by US institutions and mutual funds. The remains shares are held by individual investors. This is NOT a French company in 2015 and I'm not saying it wasn't at some point. It is a comany owned by US institutions and mutual funds.

 

[dieseltech09]

I heard today that GoFrac also isn't paying a severance package to any of their employees. Keeping a few yard hands on until May but other than that they are tripping trucks back to their home yards and cutting everyone loose.

 

[Wheel Gun]

Continued upward pressure today for WTI, Brent and Nat Gas. Currently, after hours numbers look good for tomorrow too. Could be temporary or could be a sign that we've found the bottom.

 

[Oklahomabassin]

I think I heard Weatherford International is laying off 5000.
What is the running total now?

 

[Biggsly]

I think I heard Weatherford International is laying off 5000.
What is the running total now?

They are. I was told a few days ago.

 

[okietool]

I wasn't arguing with you, but I will show you why it's not a French company now. The information I posted was more for the headcount and income numbers.

Why did you go back to 2005 to find a story sbout the company moving the corporate headquarters from New York to Houston?

And how does that equate to French?

This is a public traded company with corporate headquarters in Houston.

80% of its shares are held by US institutions and mutual funds. The remains shares are held by individual investors. This is NOT a French company in 2015 and I'm not saying it wasn't at some point. It is a comany owned by US institutions and mutual funds.

They were founded in France. They are incorporated in the Netherlands. The U.S. version is a Schlum Ltd.
I would guess the Netherlands has more favorable tax laws than France. Or it could be a tie in to Shell.
Anyway, it doesn't actually matter.
The story also referenced corporate headquarters in London and Paris.

 

[dennishoddy]

Business is a beast. More so these days than in the past. It's easy to feel slighted, used, and abused in those situations... but business is business. Like I constantly tell the entitled generation coming up, a companies job isn't to provide a paycheck to the worker... It's the workers job to make money for the company. Those CEO's don't just fall into their positions, they earn them. There's a reason they make six and seven figures.

The fact that person, repeat that person, got a 7 million dollar bonus to sell the company when that money could have been used to keep valued employees on the dime until the bubble came back up is disgusting to me.
I don't work there anymore. This is an observation.