HOUSTON - Schlumberger and Southwestern Energy both announced major layoffs Thursday.
Schlumberger said that it will be cutting 10,000 jobs following disappointing fourth quarter and year end results. Southwestern Energy announced 1,100 jobs cut nationwide, 300 at the headquarters in Houston.
According to Schlumberger's earnings report, loss from continuing operations was $1.016 billion in the fourth quarter of 2015.
In a statement, the company said:
In anticipation of an extended activity weakness in the first half of 2016, we implemented another significant adjustment to our cost and resource base during the fourth quarter. This included a further workforce reduction of 10,000 employees, as well as greater streamlining of our overhead, infrastructure and asset base.According to Southwestern, the reduction comes after a decline in natural gas prices over the past year.
In a statement, Southwestern Energy stated:
We regret having to make this decision and we thank all of our employees who were affected by today’s announcement for their contributions to Southwestern Energy Company.
The company also said it would be providing employee assistance and other benefits to "support impacted employees and their families through the transition".
http://www.khou.com/story/news/local/2016/01/21/schlumberger-cuts-10000-jobs/79136210/
