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| Schlumberger cuts 10,000 jobs as oil price slump continues | Schlumberger cuts 10,000 jobs as oil price slump continues |
| (35 minutes later) | |
| Oilfield services giant Schlumberger has cut 10,000 jobs in the last three months amid the plunge in oil prices. | |
| News of the near-10% jobs cull came as the firm unveiled a net loss for the last three months of $1bn - its first quarterly loss in 12 years. | News of the near-10% jobs cull came as the firm unveiled a net loss for the last three months of $1bn - its first quarterly loss in 12 years. |
| Revenues fell 39% to $7.74bn, with chief executive Paal Kibsgaard warning that there was "no signs" of an oil price recovery on the horizon. | Revenues fell 39% to $7.74bn, with chief executive Paal Kibsgaard warning that there was "no signs" of an oil price recovery on the horizon. |
| Schlumberger also announced a $10bn share buy-back programme. | Schlumberger also announced a $10bn share buy-back programme. |
| This news pushed the US company's shares 4% higher in after-hours trading. The stock price fell almost 20% is 2015 as investor worried that customers were cancelling projects as the oil price tumbled. | This news pushed the US company's shares 4% higher in after-hours trading. The stock price fell almost 20% is 2015 as investor worried that customers were cancelling projects as the oil price tumbled. |
| The profit figures were better than many analysts had expected, helped by heavy cuts to offset the slump in oil prices. | The profit figures were better than many analysts had expected, helped by heavy cuts to offset the slump in oil prices. |
| The latest jobs cuts added to the 20,000 redundancies the company had already announced earlier in 2015. | The latest jobs cuts added to the 20,000 redundancies the company had already announced earlier in 2015. |
| Mr Kibsgaard warned that there were "no signs of pricing recovery in the short to medium term." | Mr Kibsgaard warned that there were "no signs of pricing recovery in the short to medium term." |
| 'Abrupt cancellations' | 'Abrupt cancellations' |
| "Negative market sentiments intensified in the fourth quarter, with oil over-production continuing and extending the bearish trend in global inventories," the company said in its report. | "Negative market sentiments intensified in the fourth quarter, with oil over-production continuing and extending the bearish trend in global inventories," the company said in its report. |
| The dramatic fall in prices "prompted customers to make further cuts to already significantly lower investment levels," Schlumberger said, pointing to "unscheduled and abrupt activity cancellations." | The dramatic fall in prices "prompted customers to make further cuts to already significantly lower investment levels," Schlumberger said, pointing to "unscheduled and abrupt activity cancellations." |
| Oil prices have dipped below $28 a barrel in a drawn-out slump since mid-2014. | Oil prices have dipped below $28 a barrel in a drawn-out slump since mid-2014. |
| Many analysts have slashed their 2016 oil price forecasts, with Morgan Stanley analysts saying that "oil in the $20s is possible." | Many analysts have slashed their 2016 oil price forecasts, with Morgan Stanley analysts saying that "oil in the $20s is possible." |
| Economists at the Royal Bank of Scotland say that oil could fall to $16, while Standard Chartered predicts that prices could hit just $10 a barrel. | Economists at the Royal Bank of Scotland say that oil could fall to $16, while Standard Chartered predicts that prices could hit just $10 a barrel. |