Schlumberger to cut 9,000 jobs as oil prices plunge

Schlumberger Ltd, the world's No 1 oilfield services provider, said it will cut 9,000 jobs, or about 7 percent of its workforce, as it focuses on controlling costs in response to a continuing fall in oil prices. The company took an already announced $1 billion charge in the fourth quarter related to the job cuts and trimming of its seismic business.
Schlumberger's customers - oil producers - have slashed capital budgets and reduced the number of rigs amid a nearly 60 percent slump in oil prices over the past six months. Analysts at Barclays said last week oil companies could cut spending on exploration and production in North America by 30 percent or more this year if US crude oil prices hovered around the $50-$60 per barrel range. "In this uncertain environment, we continue to focus on what we can control.