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Schlumberger Cuts Exec Salaries by 20%; Staff to Work 'Modified Schedules'
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Schlumberger Inc. is implementing cuts across its workforce in response to the sudden market downturn, according to a report by Reuters.
The company's executives are taking a voluntary 20% pay cut to their base salaries and its staff across the globe will be working amended schedules. The report stated that furloughs and job cuts will also be implemented in the coming months.
Earlier this year, Schlumberger announced plans to stack a portion of its frac fleets and narrow its focus to three basins. This was after its frac business revenue declined over 30% from 3Q19 to 4Q19.
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Job Cuts / Downsize / Layoff
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