since. — Covering the latest oil and gas news including shale, lng, drilling, exploration and production. A joint Dragon Oil and Schlumberger team will use this approach to enhance productivity of Dragon Oil’s Lam Main and Lam West Fields in Turkmenistan. 13) What was the book-to-bill ratio for Cameron’s long-cycle businesses? read more, Majors Post Q3 Profits - Service Companies Sink, Time to rethink the employee cost/value balance, Paid approx $8 million penalty for Just 7 EEOC charges resulting in, SLB CEO Highest paying - Much higher than Kinder Morgan, As large as it is when coming to severence pay in Scotland it is dorogertery, offensive. “Looking at the macro view in the near-term, oil demand is slowly starting to normalize and is expected to improve as government measures support consumption. Fluid identification was performed in real-time, in multiple reservoir horizons. As part of this technology access agreement, Schlumberger will support CPL on the manufacturing and sustaining activities for ThruBit* through-the-bit logging services technology at the CPL technology center in Xi’an, Shaanxi province. Will take 6 months to execute (time to agree with the unions...), so will occur in March 2021. read more. BP is now considering conducting all future FITs remotely, which would result in significant cost savings related to travel and further reduce operational risk. Workers in Ivory Coast, a West African nation, say the company didn't pay them fair severance when they were laid off this summer. “North America revenue declined 48% sequentially with land revenue falling 60% as customers dramatically cut back spending. During the second quarter, Schlumberger issued EUR 1 billion of 1.375% Notes due 2026, $900 million of 2.650% Notes due 2030, and EUR 1 billion of 2.000% Notes due 2032. GAIA Xchange marketplace brings together global content providers and consumers on a single, open platform. Certain prior period amounts have been reclassified to conform to the current period presentation. The margin contraction was primarily due to reduced profitability in North America, impacting Surface Systems and Valves & Process Systems margins, while international margin expanded sequentially due to OneSubsea and Drilling Systems. The main USA location is … Job completion bonuses are nice, if you are eligible to receive them. read more. Truth is though, that it continues to perpetuate nepotism all over the place. All to be expeced, This article summarizes the soon to be demise of the Big Blue. International revenue declined 19% sequentially with Latin America and Africa experiencing the largest revenue declines due to COVID-19-related restrictions and the drop in deepwater activity. As announced last quarter, Schlumberger and ExxonMobil are jointly working on the deployment of digital drilling solutions around planning, execution, and continuous improvement through learning. The WesternGeco backlog, which is based on signed contracts with customers, was $248 million at the end of the second quarter of 2020. — Free cash flow for the second quarter of 2020 was $465 million, despite making $370 million of severance payments during the quarter. Now it’s down to dotting I’s and crossing T’s. Business Insider has verified their identities. Drilling revenue of $1.7 billion, 82% of which came from the international markets, decreased 24% sequentially. "The employers in Côte d'Ivoire do what they can get away with — which is almost everything," Drexler said. Experience is always good, if you want to stay in this industry after layoffs. The call is scheduled to begin at 8:30 a.m. How the hell do they expect to get anyone good back? Please maintain a log and ensure that somebody is involved in the mail chain. Schlumberger, a global oilfield services company. Many major oil firms, such as BP, Chevron, and Exxon, have reduced their workforces in the last few months. GAIA Xchange* data marketplace, the world’s first digital E&P data marketplace, was launched in the first Schlumberger Online Conference. So this... Don’t know all the details yet, but it’s more than done already. Click below to get started. For more information, visit www.slb.com. The following is a reconciliation of the weighted average shares outstanding to the average number of shares outstanding, assuming dilution, used in the calculation of diluted earnings per share, excluding charges and credits. Anyone know what we can expect to make if we ever get to a Band? For example, Schlumberger offered workers with fewer than five years at the company half a month's salary per year of their tenure. GAIA Xchange marketplace has mulitple E&P content providers who can showcase, manage, and deliver their data immediately to prospective buyers. Some of the technologies include ACTive* real-time downhole coiled tubing services, OpenPath Reach* extended-contact stimulation service, and OpenPath Sequence* diversion stimulation service. We have taken the long-term view in restructuring our company—aligning with our customers’ workflows, empowering a lean and responsive organization, and accelerating the execution of our performance strategy, with capital stewardship, fit-for-basin, and digital as key attributes of success. On July 23, 2020, Schlumberger’s Board of Directors approved a quarterly cash dividend of $0.125 per share of outstanding common stock, payable on October 8, 2020 to stockholders of record on September 2, 2020. In West Texas, OneStim deployed fit-for-basin fracturing technology services to protect production from parent-child well interference effects for MDC Texas Energy. That is the only proof you have. Prompt cost reduction measures through headcount rationalization, furloughs, and lower manufacturing costs contributed to the international margin expansion. With various bonuses, however, analysts can earn over $2,000 a month, one of the former employees said. See sections titled "Charges & Credits" and "Segments" for details. US Eastern Time. For... When Schlumberger laid off workers, however, the company said the agreement was no longer valid and offered workers far less compensation, according to another internal document we obtained. However, any further material COVID-19 disruption or significant setback in oil demand arising from a slower economic recovery could present downside risks to this outlook. North America offshore revenue decreased less severely, 12% sequentially. — Excluding charges and credits, the ETR for the second quarter of 2020 was 22.6% as compared to 17.2% for the first quarter of 2020. I thought out-sourcing was only done if the job knowledge was not available in the USA. Production pretax operating margin of 2% contracted by 630 bps sequentially, posting a 17% decremental operating margin. The reason was that oil companies Schlumberger supports in sub-Saharan Africa canceled or suspended their projects, according to notes from an August meeting between Schlumberger, an Ivorian union representative, and a labor inspector to discuss workforce cuts. SLB pays lot of money to its lawyers to save its privileged leaders from executing protected activities. Capex is expected to be approximately $1.1 billion in 2020 as compared to $1.7 billion in 2019. Schlumberger CEO Olivier Le Peuch commented, “Before addressing our results, I would like to pay tribute to our employees and contractors for their remarkable resilience in the face of the historic COVID-19 pandemic that confronts us all. — It’s comical to see management pretend to be concerned about safety until some profit is in danger. This kind of "Cost control" is what slb has been practicing for the last 6 years. The people requested anonymity for fear of retaliation. HR just announced that future job moves may involve cuts to bonus levels. A few examples of this included: This quarter’s contract awards reflect the diversity of our business models in different basins around the globe, including alignment with in-country value, offshore processing, and subsea integration.