Schlumberger became the latest big name in the industry to announce a mass workforce reduction - cutting 9000 jobs.
The announcement came at the Company's full year and fourth quarter 2014 results.
Full-year 2014 revenue was at $48.6 billion, a 7% year-on-year increase. Also increased were fourth-quarter 2014 (up 6%), earnings per share (up 11%) and dividends, increasing 25% effective April 10 2015.
However, due to lower commodity pricing and anticipated lower exploration and production spending in 2015, Schlumberger decided to reduce its overall headcount to better align with anticipated activity levels for 2015. This reduction forced the company to cut 9,000 jobs, recording an associated charge for the process of $296 million.