Schlumberger profit falls, announces 11,000 additional job cuts: "Schlumberger Ltd. reported its lowest first-quarter profit in four years and announced further 11,000 job cuts after customers slashed spending in response to tumbling crude prices.
The company is cutting another 11,000 jobs, after announcing plans to eliminate 9,000 positions earlier. Cowen & Co. estimates that energy companies will cut spending on exploration and production services by $114 billion this year after Brent crude prices fell by half from a June high. Schlumberger has the largest staff reductions from a single company of approximately 100,000 cuts that have been announced in the industry globally.
Net income fell to $975 million, or 76 cents a share, from $1.59 billion, or $1.21, a year earlier, the Houston- and Paris- based company said in a statement. That’s the lowest for the period since 2011. Excluding one-time items, per-share results beat the 89-cent average of 35 analysts’ estimates compiled by Bloomberg."
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