Schlumberger announces layoffs to 11,000 employees

April 17, 2015 3:24 AM

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Oilfield services giant Schlumberger announced Thursday it would lay off 11,000 employees in addition to the 9,000 layoffs it announced in January.

Citing a downturn in exploration and production jobs, principally on U.S. land rigs, Chairman and CEO Paal Kibsgaard said the company's earnings were down 19 percent sequentially in the first quarter. Kibsgaard was speaking at the company's first-quarter earnings meeting.

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