Oil giant Schlumberger warns that job cuts aren't over
In a regulatory filing on Tuesday afternoon, the oilfield services giant said it expects to take a pre-tax restructuring charge of about $350 million in the fourth quarter of 2015 related to the job cuts.
The filing did not specify how many jobs could be on the line.
The cuts would come "in light of expected reduced activity for 2016 and to streamline its support structure", Schlumberger said.
Shares were little changed in early afternoon trading, up by less than 1%. Year-to-date, they've dropped 10%.
Schlumberger has cut at least 10,000 jobs this year in response to lower oil prices.
In its most recent earnings statement, CEO Paal Kibsgaard indicated that the company would continue to manage its resources expecting a delayed recovery in oil prices.
And from a presentation that president Patrick Schorn gave at a conference on Tuesday, this slide says it all:
