CERAWeek: Schlumberger CEO says more job cuts possible

Andrew Gould, chairman and CEO of Schlumberger, does not rule out the possibility of more job cuts amid an industry downturn that recently led the world’s largest oil field services provider to slash 5 percent of its global workforce, including jobs in Houston.
“Activity is still declining, so we have to look at it,” Gould said on the sidelines of the CERAWeek conference today.
The company will likely decide in March whether further cuts are necessary, he said.
In addition, Gould predicted there will be increased consolidation in the oil field services industry as smaller companies struggle to find financing and large players seize on opportunities to expand.
“It always happens when the industry is down. I’m not talking about anything in particular, and I’m not going to comment on who else might do it,” he said.
“We’re looking at everything we could buy, mostly small companies and technology start-ups.”
Separately, Schlumberger expects oil companies to demand steeper price cuts as sharply lower oil and gas prices spur producers to pull back, he said.
“All our customers are currently trying to renegotiate prices because, you know, their economics have come down,” he said.

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