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Schlumberger, the world’s largest oil field services company with headquarters in Houston, Paris and The Hague, has moved quickly to wrap up the acquisition of the large oil equipment and technology manufacturer since the deal was first announced at the end of August.
The oilfield equipment and services giant saw its revenues drop 60 percent in the quarter, but NOV also recorded $1.63 billion in pre-tax impairment charges.
Cameron’s subsea business posted an 85 percent increase in operating income despite lower revenues.
While Schlumberger’s CEO said he wants the industry to rebound soon, he said the longer the downturn lasts “the stronger we will emerge relative to our competition.”
The oil crash has triggered the largest job cuts in oil field services, and Schlumberger has now eliminated about 34,000 jobs globally — a more than 25 percent reduction since its peak of nearly 130,000 jobs in 2014.
The anticipated move by the commission leaves Halliburton fighting antitrust reviews in both the U.S. and Europe as the proposed merger continues to face doubts and delays. The European Commission review could last as late as May 26 — well past the extended April 30 deadline for receiving approval from the U.S. Department of Justice.
Halliburton had until midnight Tuesday to propose remedies to the European Commission in Brussels but passed up the opportunity, according to the regulator’s press office.
With crude prices stuck firmly below $40 a barrel, and energy companies predicting another austere year in 2016, here’s a look back at some of the most popular stories that appeared on FuelFix.com this year.
In a special meeting Thursday, stockholders “overwhelmingly voted” to adopt the previously announced acquisition of Cameron.
Layoffs will start Feb. 1, the company said.