Schlumberger

[OKCisOK4me]

Yeah, when this place opens for business, I will quit driving to work from NW 10th. You know the city will not widen Sara Rd., which they should due to the traffic increase once this place opens.

[Pete]

That whole area is just going nuts.

Most people have no idea the amount of new light industrial and distribution that is happening in West OKC, with tons more to come.

[adaniel]

I hate to play Debbie Downer here, but I know for a fact Schlumberger is laying people off in Houston. This week, in fact.

I'm glad to see this is still happening, they obviously have a long term commitment to this facility. But I am definitely a bit worried in the short term.

[ChrisHayes]

Pete any details on companies coming to that area. I'd like to see a major manufacturer come to the city

[Pete]

Pete any details on companies coming to that area. I'd like to see a major manufacturer come to the city

There are just a ton of smaller and mid-sized companies in addition to Schlumberger and Hobby Lobby.

Just about every week I see another $2-$5 million building permit.

[Popsy]

I noticed that someone earlier in this series of comments wondered why these companies and other smaller service companies were coming to OKC. I immediately thought of Larry Nichols as being responsible due to his promise to try his hardest to recruit companies to establish a major presence in OKC. I tend to think this is probably the case. Can you imagine what Larry could do in this regard if he recruited Chesapeake, Continental, American Energy Partners, Sandridge and some of the smaller local energy companies to back him up with their commitment to only do business with OKC companies at some point in the future. I also think he was the one to recruit GE to place their facility here as GE said they would mostly be working with Devon. This is the same Larry Nichols that members of this forum are blasting in the 499 Walker thread. I actually feel sorry for those in this forum that chose to follow the leadership of Spartan and Just the Facts as they have led you down a path in which the radicalness of their rantings causes your lemming minds to be on the opposite side of common sense. I have been a registered member of this forum for almost 10 years have seen a tremendous number of stupid posts made that were embarrassing to the community and our residents. I could say a lot more but what I would say would not fly well with the current positions of the membership so I hope to not post again unless someone really pisses me off.

[DoctorTaco]

I hate to play Debbie Downer here, but I know for a fact Schlumberger is laying people off in Houston. This week, in fact.

I'm glad to see this is still happening, they obviously have a long term commitment to this facility. But I am definitely a bit worried in the short term.

Schlumberger is a many-headed hydra. A conglomerate of dozens or even hundreds of subsidiary businesses. Layoffs in one corner of the company do not translate 1:1 across the whole corporation. That said, if the industry crashes hard, Schlumberger--all of it--will crash hard too.

[adaniel]

^
That's good to hear. I know field staff are getting furloughed or laid off all over, but it seemed a bit jumpy to start laying people off at the mothership.

[Bellaboo]

That whole area is just going nuts.

Most people have no idea the amount of new light industrial and distribution that is happening in West OKC, with tons more to come.

I counted 4 other sites within 1 mile of Schlumberger that are under early stages of construction.

[Bellaboo]

^
That's good to hear. I know field staff are getting furloughed or laid off all over, but it seemed a bit jumpy to start laying people off at the mothership.

They are also in the process of buying or merging with Baker Hughes. Maybe it's due to the consolidation ?

[Zuplar]

They are also in the process of buying or merging with Baker Hughes. Maybe it's due to the consolidation ?

That's Halliburton.

[fromdust]

It's getting real. SLB is cutting 9,000 employees and I hope one of those jobs isn't mine.

[adaniel]

Jesus, that is brutal. Please tell me that's worldwide.

Its starting to get scary for a lot of people I know. Good luck to you, fromdust!

[Motley]

Best of luck. I hope they offer a nice package to the folks that get hit.

[Pete]

Yes, that number is world-wide:

Schlumberger said Thursday it will cut approximately 9,000 employees – around 7.5 percent of its workforce around the globe – as both petroleum prices and oil-company spending nosedive. Schlumberger’s profits fell 82 percent in the fourth quarter as it wrote down $1.7 billion in assets.

[OUGrad05]

Jesus, that is brutal. Please tell me that's worldwide.

Its starting to get scary for a lot of people I know. Good luck to you, fromdust!

Unfortunately, it's going to get worse on the service side of the business. Rig and completion companies will pay a massive toll as the rig count continues to fall. Completions backlogs will keep some crews busy for another 4 to 6 mos but if oil prices are still languishing in the mid $40s or worse you can count on significant furloughs and/or layoffs. Additionally, highly levered E&P companies will start going pop in mid/late Q2 of this year and will domino into 2016 as hedges roll off. Gonna get ugly, lets hope prices are back to about $60/bbl by the beginning of next year and that will help cushion some of the blow.

[fromdust]

Thanks guys.

That 9,000 cut was mostly U.S. onshore and it's just the beginning

[OkiePoke]

I give it until September and oil will be above $60, closer to $70.

Any news one what jobs they cut? Field, office, mid-level managers? That would really indicate what SLB thinks.

[bradh]

All on the same day they announced an increase on dividend payouts.

I'm all for capitalism and what not, but that stings a bit.

[Pete]

Thanks to Bellaboo for the photo:

[Pete]

Went by today and it looks like they are pretty much complete but not quite open for business yet.

[gopokes88]

I give it until September and oil will be above $60, closer to $70.

Any news one what jobs they cut? Field, office, mid-level managers? That would really indicate what SLB thinks.

You were almost right, got into the $60s over the summer. I don't think anyone saw a recrash coming

[Mel]

I hope they try and improve the roads out this way. The increase in traffic and weight is making the roads brutal.