Schlumberger Posts a Loss as Job Cuts Deepen |
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Schlumberger’s second-quarter job cuts totaled 8,000, bringing the number to 50,000 since the company reached its peak employment in 2014,...
Schlumberger Ltd. swung to an unexpected second-quarter loss, hurt by charges related to restructuring efforts and the oil-field services giant’s acquisition of Cameron International Corp.Schlumberger also continued with its cost-cutting efforts, saying it had cut roughly 16,000 workers in the first half due to weakness in activity that it expects to persist throughout the year. |
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{"Tess Stynes","Alison Sider Wsj Com","Alison Sider","Tess Stynes Wsj Com"} |
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Google, Schlumberger, Hotel, Video: Intellectual Property |
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2014-10-28 00:00:00 |
Ocean Avenue Sues Ohio Company Over ‘Hotel California’ TrademarkOcean Avenue Properties LLC, operator of the Hotel California in Santa Monica, California, sued an Ohio hotel operator for trademark infringement.
The name, “Hotel California,” was first popularized in the title track of a 1972 album by the Eagles.
The case is Butler v. Hotel California Inc., 4:14-cv-02380, U.S. District Court, Northern District of Ohio (Youngstown).
The case is Schlumberger Technology Corp. v. Coil Tubing Solutions LLC, 14-cv-00430, U.S. District Court, Southern District of Texas (Corpus Christi).
TrademarkSchlumberger Sues Coil Tubing Company for Infringing TrademarksSchlumberger Ltd., the world’s largest oil-field service company, sued a competitor for trademark infringement. |
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{"Victoria Slind-flor"} |
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Texas Energy Giant Schlumberger Ltd. Agrees To Pay Criminal Penalties For Violating US Sanctions In Iran, Sudan |
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2015-03-26 14:56:30+00 |
Texas energy giant Schlumberger Ltd. has agreed to pay a steep penalty for violating U.S. sanctions in Iran and Sudan.
Sanctions against Iran aim to curb that nation’s nuclear program, while Sudan is under sanctions related to the government’s abysmal human rights record.
The world’s largest oil-field services company will pay $232.7 million as part of a plea agreement with the U.S. Department of Justice.
Schlumberger allegedly ran illegal businesses in Iran and Sudan and “took steps to disguise those business dealings” for several years, the Justice Department announced late Wednesday.
Photo: ReutersUnder the agreement, the subsidiary Schlumberger Oilfield Holdings Ltd. will pay a $155.1 million criminal fine -- the largest such penalty ever imposed for a U.S. sanctions violation. |
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Schlumberger Unit to Pay $233 Million in Iran-Sanctions Case |
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2015-03-25 00:00:00 |
The case is U.S. v. Schlumberger Oilfield Holdings, 15-cr-00041, U.S. District Court, District of Columbia (Washington).
A Schlumberger Ltd. unit agreed to plead guilty to charges that it traded with Iran and Sudan and to pay more than $232 million for violating U.S. sanctions.
Schlumberger Oilfield Holdings Ltd. provided services to the sanctioned countries and took steps to disguise its prohibited business dealings, U.S. officials said Wednesday in a statement.
The remainder of the Schlumberger financial penalty, $77.5 million, is a forfeiture representing proceeds derived from the company’s illegal conduct.
In another violation, Schlumberger swapped new, U.S.-made drilling equipment with used equipment from a non-embargoed country. |
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{"Andrew Zajac","David Mclaughlin"} |
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Where there is oil and gas there is Schlumberger |
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2015-05-18 00:00:00 |
Schlumberger employs more than 100,000 people finding, scoping, and drilling as much oil and gas as possible from 85 countries across the world.
It works with every major international oil company, and directly for most of the petrostates – including Saudi Arabia, Libya, Russia and Turkmenistan.
Schlumberger were the “gold” sponsors of the conference, a two-day event attracting around a 100 delegates to discuss how to unlock Somalia’s potentially vast, and so far untapped, oil and gas reserves.
Where its rivals are often said to compete on low costs, Schlumberger offers up technical expertise to seek out and grab every drop of oil, or puff of gas.
Facebook Twitter Pinterest The South Pars/North Dome gas field near the port of Assalouyeh, south Iran, is the world’s largest gas field. |
SLB |
{"James Ball","Harry Davies"} |
961 |
Oilfield services firm Schlumberger cuts 10,000 jobs, makes $1B loss in oil price rout |
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2016-01-21 00:00:00 |
The world's largest oilfield services company is receiving 'unscheduled and abrupt activity cancellations' from customers.
Schlumberger's customers are abruptly cancelling projects, the world's largest oilfield services company warned on Thursday as its full-year results revealed further pain from an 18-month rout in crude that has found new momentum this year.
The US-listed company's description of "unscheduled and abrupt activity cancellations" came as it disclosed a $1bn loss for the final quarter of 2015 and plans to cut 10,000 jobs from its current 95,000 staff.
The latest wave of cuts means Schlumberger has axed 34,000 employees, or 26 per cent of its original workforce, since November 2014. |
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{"Getty Images","Alex Wong","Mamta Badkar"} |
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Schlumberger division to pay $233M penalty |
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2015-03-25 00:00:00 |
Federal court documents show that Drilling and Measurements, a U.S.-based arm of the Schlumberger parent company, provided oilfield services in Iran and Sudan through overseas subsidiaries of Schlumberger Oilfield Holdings from early 2004 through June 2010.
(Photo: Pat Sullivan, AP)A subsidiary of oilfield services giant Schlumberger (SLB) will plead guilty and pay a nearly $233 million penalty for facilitating illegal trade with Iran and Sudan and trying to disguise the transactions, the Department of Justice said Wednesday.
A Schlumberger logo on a tower at the entrance to Schlumberger's Sugar Land, Texas campus.
Schlumberger Oilfield Holdings will plead guilty to conspiring to violate the International Emergency Economic Powers Act, which authorizes the White House to regulate commerce with after declaring an emergency based on unusual or extraordinary threats to the U.S that emerge overseas.
Past emergency declarations specifically bar trade with Iran and Sudan. |
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{"Edt March","P M","Kevin Mccoy"} |
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Schlumberger Ltd to plead guilty to sanction violations |
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2015-03-25 00:00:00 |
The fine represents the largest criminal penalty for violations of the International Emergency Economic Powers Act (IEEPA), federal authorities said.
And it requires Schlumberger to cease all operations in Iran and Sudan.
District of Columbia U.S. Attorney Ronald Machen Jr., described the deal as "a landmark case'' that resolves a six-year federal investigation into the company's activities.
And federal prosecutors asserted that the support occurred with D&M's knowledge and understanding of the existing sanctions.
For more than 6 years, ending in 2010, employees of a Schlumberger subsidiary based near Houston, Drilling and Measurements (D&M), provided oversight of capital expenditures and technical assistance to support operations in Iran and Sudan. |
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{"Edt March","Kevin Johnson","P M"} |
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Schlumberger pleads guilty to violating U.S. sanctions on Iran, Sudan |
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2015-03-25 22:17:58+00 |
WASHINGTON The U.S. Justice Department said on Wednesday that a subsidiary of Schlumberger Oilfield Holdings (SLB.N) had pleaded guilty to violating U.S. sanctions related to Iran and Sudan and would pay a $237.2 million (159.3 million pound) fine.
Schwartz said Schlumberger was prosecuted in part because U.S.-based employees provided technical assistance with the company's drilling tools in Iran and Sudan.
"For years, in a variety of ways, this foreign company facilitated trade with Iran and Sudan from Sugar Land, Texas," U.S. Attorney Ronald C. Manchen, Jr. said.
"This plea fully resolves the investigation of the Company, and we understand there is no ongoing investigation of Company personnel," Schlumberger said in its statement.
In a statement, Schlumberger said it voluntarily ceased oilfield operation in Iran as of the second quarter of 2013 and said it has ceased oilfield operations in Sudan as of the plea agreement. |
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{"Julia Edwards"} |
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Schlumberger Falls as Global Crude Recovery Trails U.S. Shale |
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2016-10-20 00:00:00 |
"The only place where we don’t see any signs of recovery at this stage is in Asia.
"Once activity begins to meaningfully grow across individual regions, we expect margins to slowly move higher over the next two years.
Schlumberger Ltd. fell the most in more than three months after reporting a drop in third-quarter earnings as the world’s largest oil-services provider waits for international customers to catch up with the U.S. shale turnaround.
Excluding one-time items, the profit was 25 cents, beating the 22-cent average of 39 analysts’ estimates compiled by Bloomberg.
Chief Executive Officer Paal Kibsgaard echoed Halliburton in July by calling the bottom of the oil industry’s worst financial crisis in a generation. |
SLB |
{"David Wethe"} |
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Schlumberger to Pare Venezuela Services on Lack of Payments |
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2016-04-12 00:00:00 |
Schlumberger Ltd. will reduce activity in Venezuela after the world’s largest oil services provider failed to collect enough payments from the national oil company.
In March 2013, Schlumberger said it would reduce work in Venezuela because of mounting overdue payments from PDVSA.
Still, the Venezuelan oil giant denied it’s struggling to pay its bills.
The activity cutbacks in Venezuela are a result of insufficient payments received in recent quarters and a lack of progress in establishing new mechanisms to address the issue, Schlumberger said.
For Halliburton, the world’s second-largest oil services provider, Venezuela accounted for $704 million in accounts receivable, or 13 percent of the company’s total bills yet to be paid, Hallead wrote. |
SLB |
{"David Wethe"} |
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Halliburton, Schlumberger Accused in Fracking Price Suit |
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2013-08-01 00:00:00 |
Although there are many smaller fracking companies, defendants’ prices and market share have increased while the independent companies’ market share has decreased, Hilliard said in the filing.
The three companies are the largest publicly trading fracking service providers and jointly control about 60 percent of the U.S. market, according to the suit.
The case is Cherry Canyon Resources LP v. Halliburton Co., 2:13-cv-00238, U.S. District Court, Southern District of Texas (Corpus Christi).
Halliburton Co., Schlumberger Ltd and Baker Hughes Inc. were sued over claims they conspired to raise prices and crush oilfield service competitors in the booming U.S. market for hydraulic fracturing services.
Joao Felix, a spokesman at Schlumberger, declined to comment on the suit. |
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{"Laurel Brubaker Calkins"} |
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