- Schlumberger CEO Sees His Customers Experiencing A Financial Crisis.
- The 10,00 Lay-offs We Predicted In December Are Now Confirmed.
- Hoping For A Bottom In 2016, But Schlumberger Isn't Sure Yet.
- Abrupt Work Cancellations By Customers Are A Key Theme In The Release.
- Schlumberger May Buy Back Up To $10 Billion Of Its Downtrodden Stock
- Asset Write-Offs In Full Swing. SLB Takes A $1.6 Billion Hit.
- Cameron Deal To Close By March.
- E&Ps Are Rethinking The Way They Do Things.
- Oil Production Declines Coming To Rebalance The Market.
- When Things Do Recover, Deep Costs Cuts Make Oil Service A Coiled Spring.
My Take - This story is important because:
"Schlumberger is the world’s leading supplier of technology, integrated project management and information solutions to customers working in the oil and gas industry worldwide. Employing approximately 95,000 people representing over 140 nationalities and working in more than 85 countries, Schlumberger provides the industry’s widest range of products and services from exploration through production."
This will spread throughout industry, however, inexpensive readily available energy is the key to an overall healthy vibrant growing economy, provided it's a diversified economy without strangling regulations and taxes.
This will impact America in some ways, but there will benefit other industries, and America will rebound. Russia, China, the Middle East - and others - will not recover and in my opinion are going to be in a perpetual state of decline well beyond 2030 - especially Russia, which is now fighting for it's very existence. Russia has no real economy except energy production, and now that's not generating enough capital to keep them afloat when the rest of the nation is under the grip of an economically and philosophically incompetent central planning government, where only corrupt politicos benefit. And the last I looked – private ownership is non-existent. Forget all the clabber about Russia trying to advance it's interests militarily in the surrounding regions or farther. They're broke, the price of oil is making them more broke and the ethnic Russian population is breeding itself out of existence, and Putin is still the old KGB commie he ever was. At current trends they will be a minority in their own country by 2030. Putin is now trying to save Russia as a nation, and his own bacon also.