Schlumberger cuts 9,000 jobs due to low oil prices

The oil company Schlumberger recently laid off 9,000 workers due to the rapid decrease in oil prices. The cost of oil has dropped by more than 50 percent since June. The 9,000 workers that were laid off by the company makes up about 7.5 percent of the company's global workforce. Earnings were down as well for the company, 82 percent lower than they were one year ago. The company has had to make several costly charges due the drop in oil prices, as well as almost completely restructure and resize. Among these charges were a $296 million charge for the 9,000 jobs, $590 million of seismic assets due to the restructuring of the company, $472 million for devaluation in Venezuela, and $199 million for oilfield assets due to the drop in value as a result of the decrease in oil prices.  

While it's beneficial for most of the population to have lower oil prices, these low prices are causing quite a noticeable impact on the oil field and its workers. With the size of the oil industry, a lot of damage might be caused as a result of lost jobs due to the budget cuts from the sharp decline in oil prices.