Schlumberger Ltd. (NYSE: SLB) disclosed in its fourth quarter results released on Jan. 15 that it decided to cut 9,000 jobs companywide.
The cuts are in “response to lower commodity pricing and anticipated lower exploration and production spending in 2015,” Schlumberger’s press release said. The cuts, which began in the fourth quarter, are expected to be complete sometime later this year, a company spokesman told the Houston Chronicle.
Worldwide, the oilfield services giant employs about 120,000 people, so the company is reducing its workforce by 7.5 percent. Schlumberger, which has principal offices in Houston, Paris, London and The Hague, recorded a $296 million charge associated with the job cuts.