Barclays lowers its outlook on NAM oilfield services...
Even banks dont have faith in NAM anymore even after 3 years oil beaten up!
When managers are being laid off and for what SLB is keeping them? Does SLB think oil will rebound ever so they hire back people under this managers ? Am I missing something in SLB business model?
The incompetence and stupidity in oil service knows no bounds.
SLB tried to offer all things to all customers as an integrated service company. The problem was (is) that they did not support those services properly, assigned managers that did not understand the businesses they were managing, and ultimately destroyed client relationships by replacing trusted sales and technical staff with inexperienced people whose only qualification for their new positions was their ability to meet one or more diversity targets within HR.
The proliferation of independent service providers, from pressure pumping to consulting engineering, are collectively taking away a significant portion of their respective market shares. Management sees none of it because they will not exit their echo chamber. They see only sunshine and rainbows while their lackeys blow smoke up their behinds.
The business model of the whole oil industry has been changed. I'd like to believe that SLB executives are not too dumb to know it. They are just pretending to keep their fat pay checks.