As a result of the weakness in activity that we expect to persist through 2016, Schlumberger decided to further reduce its headcount. As a result, Schlumberger recorded a $646 million pretax charge during the second quarter associated with these headcount reductions.
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STATEMENT FROM MANAGEMENT: FOR THE FOURTH TIME THIS YEAR WE REPEAT THERE WILL BE NO MORE LAY-OFFS THIS YEAR.
THESE PEOPLE LIE MORE THAN HILARY CLINTON.
but we've hit bottom and things will pick back up in 2019. Hang on tight and keep your shoes shined and you might make it..
"Total revenue excluding the effects of the Cameron acquisition, which closed on April 1, 2016, declined 14% sequentially and 38% year-on-year." These are the scary numbers.
Pre-Tax
Schlumberger net income, excluding charges & credits
six months 2015: 3169 million
six months 2016: 1015 million
Workforce reduction
six months 2015: 390 million (12.3%)
six months 2016: 646 million (63.6%)
Paal and his HR team is focused on laying off more and more people... and less interested in making money for shareholders. They are compensating this in short term by paying HIGH dividends.
That is rather high