Oil giant Schlumberger warns that job cuts aren’t over

Oil pipeline worker

Schlumberger plans to lay off more workers next year.

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 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 have dropped 10%.

Schlumberger has cut nearly 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 with the expectation that the recovery in oil prices looked like it was delayed.

And from a presentation that president Patrick Schorn gave at a conference on Tuesday, this slide says it all:

Screen Shot 2015 12 01 at 1.10.06 PM

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