Schlumberger – the world’s largest oil-field services company – is cutting about 21,000 jobs as oil producers cut spending in response to a historic drop in prices amid the COVID-19 pandemic.
Schlumberger recorded $3.7 billion in impairment charges in the second quarter, including about $1 billion in severance charges, it said Friday. The company said that second quarter revenue plunged 35 per cent and they lost $3.43 billion.
Schlumberger employed 105,000 as of the end of 2019. The cuts affect about one-quarter of its workforce.
Crude prices have dropped 33 per cent this year, and natural gas dropped 17 per cent, as the world slowed down because of the pandemic.