In its fourth quarter earnings announcement on Thursday, oilfield services company Schlumberger announced that it will cut 9,000 jobs, or about 8% of its workforce.
The company said the job cuts come, “In response to lower commodity pricing and anticipated lower exploration and production spending in 2015.”
Schlumberger is a provider of equipment and services to oil and gas companies, and over the last six months shares of the $100 billion company have declined more than 30% amid the crash in oil prices.
Profits slid 82 per cent to $302m, or 23 cents a share. Adjusting for certain items, Schlumberger said it earned $1.50 a share, ahead of estimates. Sales climbed 6 per cent to $12.64bn.