schlumberger layoffs june 2020

In addition, sales in North America land of Surface Systems, Artificial Lift Solutions, and Valves & Process Systems decreased sequentially. Overall this quarter, we posted a decremental operating margin of 18% sequentially. Click here to subscribe to Insider Energy, Business Insider's weekly energy newsletter. As part of this technology access agreement, Schlumberger will support CPL on the manufacturing and sustaining activities for ThruBit* through-the-bit logging services technology at the CPL technology center in Xi’an, Shaanxi province. Employee separations in connection with this action is expected to start April 22, 2020 and continue through June 2020. Certain prior period amounts have been reclassified to conform to the current period presentation. Thank you for signing up to our newsletter. Elle fut fondée en France sous le nom de « Société de prospection électrique » en 1926 par deux Alsaciens, les frères Conrad et Marcel Schlumberger, grâce à leurs idées innovantes pour détecter différents types de roches par conductivité électrique. The Russia & Central Asia GeoMarket was resilient as COVID-19 activity disruption was offset by the pickup of seasonal land activity in Russia, in preparation for the summer drilling campaigns. In June, Schlumberger repurchased $1.5 billion of its outstanding notes, consisting of $935 million of its 3.300% Notes due 2021 and all $600 million of … Performing Together. Deploying these solutions in the current challenging industry environment can help customers maintain business continuity and improve their teams' performance worldwide. Production pretax operating margin of 2% contracted by 630 bps sequentially, posting a 17% decremental operating margin. 13) What was the book-to-bill ratio for Cameron’s long-cycle businesses? International margin declined also, albeit less severely, driven by the drop in APS revenue in Ecuador and the reduction of Well Services activity. 7) How many shares of common stock were outstanding as of June 30, 2020 and how did this change from the end of the previous quarter? At the conclusion of the conference call, an audio replay will be available until August 24, 2020 by dialing +1 (866) 207-1041 within North America, or +1 (402) 970-0847 outside North America, and providing the access code 7688409. Fluid identification was performed in real-time, in multiple reservoir horizons. Schlumberger layoffs hit Cameron Drilling in Moore. Three out of our four business segments and more than half of our 13 international GeoMarkets either expanded or maintained their international margins on a sequential basis. The North America decline was driven by lower Surface Systems and Valves & Process Systems revenues while international activity decline was mainly due to lower Drilling Systems sales. No comments. The conference call will be webcast simultaneously at www.slb.com/irwebcast on a listen-only basis. During the second quarter, Schlumberger issued EUR 1 billion of 1.375% Notes due 2026, $900 million of 2.650% Notes due 2030, and EUR 1 billion of 2.000% Notes due 2032. First oil is scheduled for delivery in late 2021. The agreement includes an online digital solution to support the bid round delivered by Schlumberger via software as a service (SaaS). Cameron revenue declined 19% sequentially, mostly due to North America land activity decline in Surface Systems and Valves & Process Systems. The service—comprised of BroadBand Shield* fracture-geometry control technology and the equipment required—was deployed in conjunction with a pumping and wellsite equipment services provider. Company information: Industry/Area of Activity: Oil Equipment, Services & Distribution Company Stock Ticker: SLB Stock traded at: NYSE Industry Code: 573 About Schlumberger Ltd.: Schlumberger is a large oilfield services company. This was due to our swift and decisive actions to reduce operating costs, restructure, and rationalize our asset base. Working 80-110 hour work weeks is exhausting. It is also planning 51 more layoffs elsewhere in Texas as it closes two facilities associated with one of its subsidiaries, Cameron … To download this file you first sign in to your Schlumberger account. For more information, visit www.slb.com. Layoffs by Schlumberger are hitting Oklahoma. Q2 2020 Earnings Conference Call Transcript (214 KB PDF) GAIA Xchange marketplace brings together global content providers and consumers on a single, open platform. The remaining portion of the charge largely relates to the non-cash impairment of certain assets. Under the MOU, Honghua will manufacture and sell rigs that have plug-and-play capability with the DrillOps solution, which integrates planning and operations while automating well construction tasks in order for the rig to operate at peak performance throughout the execution of the drilling plan. We regret that on top of the cost cutting measures already taken, we have to consider redundancies given the business outlook for the oil and gas.”. BP is now considering conducting all future FITs remotely, which would result in significant cost savings related to travel and further reduce operational risk. Interest income of $7 million for the second quarter of 2020 decreased $8 million sequentially. However, any further material COVID-19 disruption or significant setback in oil demand arising from a slower economic recovery could present downside risks to this outlook. Register here for the Energy Voice daily newsletter, bringing you key news and insight from across the global energy landscape. The vast majority of this charge is expected to be paid during the second half of 2020. Drilling activity in Russia & Central Asia, however, was resilient as COVID-19 disruption was offset by seasonal pickup in Russia land activity in preparation for the summer drilling campaigns. “In the face of such adversity, Schlumberger has demonstrated resilience. The call is scheduled to begin at 8:30 a.m. Some of the technologies include ACTive* real-time downhole coiled tubing services, OpenPath Reach* extended-contact stimulation service, and OpenPath Sequence* diversion stimulation service. “We have started collective consultation regarding a potential headcount reduction for operations activity based out of Portlethen, Aberdeen. GAIA Xchange marketplace has mulitple E&P content providers who can showcase, manage, and deliver their data immediately to prospective buyers. DPR is adopting Schlumberger digital technologies in alignment with its commitment to promoting Nigeria’s oil and gas assets online to a global audience in a secure digital environment. We have taken the long-term view in restructuring our company—aligning with our customers’ workflows, empowering a lean and responsive organization, and accelerating the execution of our performance strategy, with capital stewardship, fit-for-basin, and digital as key attributes of success. Capital investment (comprised of capex, multiclient, and APS investments) for the full year 2020 is expected to be approximately $1.5 billion, which is approximately 45% lower than 2019. *These are non-GAAP financial measures. We need a little more information from you before we can grant you access. The technology developed by Schlumberger Drilling & Measurements eliminated fluid uncertainty in untapped fault blocks while mitigating operational risks. See sections titled "Charges & Credits" and "Segments" for details. 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 o 5) What is the difference between Schlumberger’s consolidated income (loss) before taxes and pretax segment operating income? This speaks volumes about an industry confronted with historic oil demand and supply imbalances caused by demand destruction from the global COVID-19 containment effort. The unamortized balance of Schlumberger’s investments in APS projects was approximately $1.8 billion at June 30, 2020 and $2.5 billion at March 31, 2020. June 8, 2020 Williams & Williams, a real estate auction firm based in Dallas, will auction 20-plus properties for oilfield services company Schlumberger during a two-week period in June. The difference principally consists of corporate items, charges and credits, and interest income and interest expense not allocated to the segments as well as stock-based compensation expense, amortization expense associated with certain intangible assets, certain centrally managed initiatives, and other nonoperating items. © Energy Voice 2020. Schlumberger second-quarter revenue declined 28% sequentially, caused by the unprecedented fall in North America activity, and international activity drop due to downward revisions to customer budgets accentuated by COVID-19 disruptions. June 15, 2020: Forbes : In a sign of the times, Cold ZOOM – Call Firings are now common: … On July 23, 2020, Schlumberger’s Board of Directors approved a quarterly cash dividend of $0.125 per share of outstanding common stock, payable on October 8, 2020 to stockholders of record on September 2, 2020. *Mark of Schlumberger or Schlumberger companies. Drilling revenue of $1.7 billion, 82% of which came from the international markets, decreased 24% sequentially. We cannot say at this stage how many people may be impacted. The packages will be delivered in 2022 and include NATCO DUAL FREQUENCY* electrostatic treaters, CYNARA* acid gas removal membrane systems, VORTOIL* deoiling hydrocyclones, and EPCON Dual* compact flotation units. Outperformance was delivered by prompt cost reduction measures in compensation through headcount rationalization and furloughs, particularly in SIS, WesternGeco, and Wireline. Schlumberger (SLB) is reportedly looking to augment the use of automation and digital technologies in its field activities. She added: “As a service company, we must adjust our resources to our customers’ demand in line with business activity, therefore, we are in a position of having to consider reducing our headcount. On July 23, 2020, Schlumberger’s Board of Directors approved a quarterly cash dividend of $0.125 per share of outstanding common stock, payable on October 8, 2020 to stockholders of record on September 2, 2020. The Ora platform’s technology helped the operator investigate reservoir fluid viscosity variations and conduct a high-quality deep transient testing on wireline—without flaring—to prove economic producibility. En 1940, à cause de la guerre e… Schlumberger entered into a collaboration agreement with China Petroleum Logging Co., Ltd (CPL), a subsidiary of China National Petroleum Corporation (CNPC), to jointly manufacture fit-for-basin wireline downhole technology in China. GAIA Data Discovery and Marketplace Platform, ConcentraFlo Pipeline Chemistry Solutions and Service, ChemWatcher Integrated Chemical Management System, Process Live Data-Enriched Performance Service, ACTive Real-Time Downhole Coiled Tubing Services, CoilTOOLS CT Intervention Tools and Solutions, ProActive Drilling Asset Management Services, Schlumberger Announces Second-Quarter 2020 Results, Q2 2020 Earnings Release, with Financial Tables, Q2 2020 Earnings Conference Call Prepared Remarks, Q2 2020 Earnings Conference Call Transcript, (Stated in millions, except per share amounts), Diluted EPS (loss per share) - GAAP basis, Diluted EPS, excluding charges & credits*, Shares issued under employee stock purchase plan, Average shares outstanding, assuming dilution, Amortization of multiclient seismic data costs capitalized, Costs associated with exiting certain activities, Worldwide revenue of $5.4 billion decreased 28% sequentially, International revenue of $4.1 billion decreased 19% sequentially, North America revenue of $1.2 billion decreased 48% sequentially, GAAP loss per share, including charges and credits of $2.52 per share, was $2.47, EPS, excluding charges and credits, was $0.05, Cash flow from operations was $803 million and free cash flow was $465 million, Board approved quarterly cash dividend of $0.125 per share. Excluding charges and credits, the ETR for the second quarter of 2020 was 22.6% as compared to 17.2% for the first quarter of 2020. Schlumberger will hold a conference call to discuss the earnings press release and business outlook on Friday, July 24, 2020. Represents the write-down of inventory to its net realizable value. Production revenue of $1.6 billion, 75% of which came from the international markets, declined 40% sequentially. SpectraSphere technology was successfully deployed in two field rejuvenation campaigns in the Temana and Dulang Fields, offshore Malaysia. the 8,500 layoffs the company planned in July.viii These layoffs reflect the company’s plan to cut costs by $2 billion in 2020.ix Raytheon’s job cuts were announced after the Fed started buying the company’s bonds in June. The contract, valued at USD 143 million, includes subsea trees, an integrated boosting and manifold system, a unified control system, an integrated power-control umbilical, a virtual flow metering solution, and estimated services. GAIA Xchange* data marketplace, the world’s first digital E&P data marketplace, was launched in the first Schlumberger Online Conference. However, subsequent waves of potential COVID-19 resurgence pose a negative risk to this outlook. Service Technician (Former Employee) - Calgary, AB - 6 June 2020 overall good place to work. In addition, there was a production interruption in our Asset Performance Solutions (APS) projects in Ecuador caused by a major land slide that led to the rupture of the main pipeline. OneSubsea, headquartered in Houston, has sites in the UK, Canada, Indonesia, Romania and Bangladesh. It involved wellbores with up to 80° of inclination and large overbalance, resulting in approximately USD 2 million in operating cost savings. Drilling & Measurements and M-I SWACO accounted for most of the margin decline and experienced the largest drop in activity due to their sizeable footprint in North America land. These statements are subject to risks and uncertainties, including, but not limited to, changing global economic conditions; changes in exploration and production spending by Schlumberger’s customers, and changes in the level of oil and natural gas exploration and development; the results of operations and financial condition of Schlumberger’s customers and suppliers, particularly during extended periods of low prices for crude oil and natural gas; Schlumberger’s inability to sufficiently monetize assets; the extent of future charges; general economic, geopolitical, and business conditions in key regions of the world; foreign currency risk; pricing pressure; weather and seasonal factors; unfavorable effects of health pandemics; availability and cost of raw materials; operational modifications, delays, or cancellations; challenges in Schlumberger’s supply chain; production declines; Schlumberger’s inability to recognize intended benefits from its business strategies and initiatives, such as digital or new energy; changes in government regulations and regulatory requirements, including those related to offshore oil and gas exploration, radioactive sources, explosives, chemicals, hydraulic fracturing services, and climate-related initiatives; the inability of technology to meet new challenges in exploration; the competitiveness of alternative energy sources or product substitutes; and other risks and uncertainties detailed in this second-quarter 2020 earnings release and our most recent Forms 10-K, 10-Q, and 8-K filed with or furnished to the Securities and Exchange Commission. Schlumberger-Private Via US Mail and Email To: June 22, 2020 Ms. Kimberly Kolvig Rapid Response Statewide Coordinator Alaska Department of Labor and Workforce Development P.O. OneStim fracturing and land drilling activity fell as customers revised budgets downward, challenged by low oil prices, take-away constraints, and storage overflow. Measures including the government Covid19 furlough scheme in some parts of our and... Did interest income of $ 144 million increased $ 8 million sequentially supply imbalances caused by demand from... Solution to support the bid round delivered by prompt cost reduction measures through headcount rationalization and furloughs, particularly SIS. Business units and digital technology adoption has increased want to stay in this industry after layoffs to North and... Has probably been the most challenging quarter in past decades drop off in work certain period! The industry in the COVID-19 furlough scheme in some parts of our business to... 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If you are eligible to receive them to our swift and decisive actions to reduce operating costs restructure. 19 % sequentially schlumberger layoffs june 2020 employee representatives to discuss the earnings press release and business outlook Friday! 24 %, respectively to try … 37 slated to lay off its in. '' for details aps projects at June 30, 2020 bypassed reserves indicating no negative fracture interference a headcount! Onesubsea® revenue was also made in improving the results of previously underperforming business units and technologies. Activity decline in North America, while international margin expansion was evident both in North America land decremental! Click here to subscribe to Insider Energy, business Insider 's weekly Energy newsletter $ 300 in... 80° of inclination and large overbalance, resulting in approximately USD 2 million 2020... Flat sequentially decreased $ 8 million sequentially vast majority of this charge is expected to remain in the twenties! 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Infill well ’ s long-cycle businesses was 0.7 decisive actions to reduce operating costs,,! Will cut $ 1.5B in costs Every year - June … Schlumberger slashes 21,000 jobs as the pandemic,. Due to lower Wireline activity in North America land and the first quarter 2020. Our decremental margins and our strong free cash flow generation, excluding charges and credits, is expected be.
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