Oil Industry – Schlumberger Lays Off 21,000 Employees Amid Challenging Environment

In a Report Released by the Oil and Gas Service Provider, About One-Fifth of the Company’s Employees Were Laid Off

During the pandemic, the oil and gas industry suffered from the crisis, and Schlumberger experienced huge losses. After the so-called accident, the company was forced to lay off approximately 21,000 employees, after experiencing what it called the “most challenging quarter in decades.”

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In a report released in recent days, Schlumberger stated that it will pay more than US$ 1 billion in compensation to thousands of employees affected by this decision. The number of laid-off employees is approximately one-fifth of the company’s total workforce.

The company’s CEO, Olivier Le Peuch, said, “This was likely the most challenging quarter in decades.” Looking at the macro view in the short term, oil demand is slowly beginning to normalize and should improve as government measures support consumption. However, subsequent waves of a potential resurgence of COVID-19 represent a negative risk to this outlook.

In the second quarter of 2019, Schlumberger’s revenues fell from US$ 8.26 billion to a total of US$ 5.35 billion for that year, due to declining activities in North America and reductions in international markets because of the COVID-19 pandemic.