Energy industry layoffs have moved into six figures, a number bolstered by the decision of Schlumberger Ltd. (NYSE: SLB) to cut 10,000 people. The company’s financial results made the decision nearly inevitable.
Schlumberger’s earnings for 2015 included a revenue fall off of 27% to $35.5 billion. EPS dropped from $5.75 in 2014 to $3.37 this year, a plunge of 39%. Fourth-quarter results were worse. Revenue dropped 39% to $7.7 billion and EPS fell 57% to $0.65.
The company did pick layoffs over investor benefits. Schlumberger will buy back $10 billion in shares under a new share repurchase program and approved a $0.50 per share quarterly dividend.
The desperate moves were taken as its shares have fallen from $117 in early July 2014 to the current level of $64.
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