Exclusive oil field service company SLB is hoping to be reorganized and more job openings will be cut, according to sources

By Liz Hampton

Denver (Reuters) – Top oil field service provider SLB continues to reorganize certain functions within its business and cut its workforce, according to sources familiar with issues seen by Reuters and internal emails. Masu.

As part of the reorganization, SLB will create new performance features led by a new Chief Performance Director. It was sent to employees on Monday and said in an internal email seen by Reuters. The organization will include a range of features ranging from security and operational integrity to global business services, the email said.

“The first key focus is implementing new global functional structures that span functions, departments, basins and terrain,” it said.

The change, according to sources, has seen a slippery growth this year as the Houston-based company is working on cost-cutting initiatives and customers are more cautious about spending amid concerns in excess of oil markets. I’m getting ready.

SLB has made several restructuring efforts over the past year, claiming $237 million in 2024, according to its quarterly revenue report.

It was not immediately clear how many workers would be fired as part of the reorganization. The reorganized feature will be introduced by the end of the month and personnel updates will be announced by the end of the quarter.

According to the submission, SLB employed around 111,000 people as of February 2024.

“As a global technology company, we are constantly optimizing and evolving our resources and workforce to increase value to our customers and stakeholders,” said a spokesperson for the company.

“Adapting operational structures and accelerating efficiency programs is a proactive and continuous process that changes dynamically as the amount of business conditions and activities across the geography and business line,” the spokesperson added.

SLB accelerated its stock buyback last month as it raised its quarterly dividends and fourth quarter profits surpassed Wall Street expectations.

The world’s largest oilfield services company will remain open in Russia even if its competitors leave following the Ukrainian invasion in 2022. Last month, it said its current business is in line with new US sanctions, but warned that Russia’s revenues are declining.

(Reporting by Liz Hampton of Denver, Arathy Somasekhar of Houston, and Georgina McCartney, Editing by Marguerita Choy)