January 16, 2015

Thousands Laid Off In Oil Price Fall

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Houston-based Schlumberger, the largest oilfield services company in the world, announced that it is laying off 9,000 employees, nearly eight percent of its entire workforce. Here is CEO Paal Kibsgaard on the company’s quarterly earnings conference call:

“In this uncertain environment, we continue to focus on what we can control and we have already taken significant steps to restructure and resize our business.”

Other energy companies like Halliburton, Shell and Apache have also recently announced layoffs as oil prices continue to fall. For more context, Inside Energy’s Dan Boyce reports on what it all means for oil companies finances, and Inside Energy’s Emily Guerin reports on the impact on North Dakota’s boom.