Schlumberger Issuing Massive Layoff

Schlumberger, the largest oilfield services company in the world, says it’s drastically cutting over 25% of its workforce because of the continuing slump in crude and natural gas prices.

In January, Schlumberger announced that it planned to cut 10,000 more jobs in addition to the 24,000 jobs it had already cut since November 2014.

Even with all the expenses avoided with staffing cuts, Schlumberger, with offices in Oklahoma City and El Reno, still couldn’t avoid a $1 billion loss in the fourth quarter of 2015.

Oil industry layoffs during the current downturn have reportedly now eclipsed 250,000.

The U.S. oil industry has slammed to a screeching halt in the wake of 2014’s crude oil price collapse.