A severance package is a combination of pay and benefits offered to an employee when they are either terminated or permanently laid off by a company. Schlumberger layoffs confirmed Rumours in the oil and gas industry that oilfield services giant Schlumberger was about to embark on a big employee layoff have been confirmed after its land seismic acquisition business, WesternGeco, announced that it is ceasing operations in mainland US and Canada. Cutting-edge solutions for reservoir characterization, drilling, production & processing. Employers recognize how difficult layoffs are on both affected workers and retained employees; it is not an action taken lightly. Shares of Schlumberger were up … 2. Schlumberger has corporate offices in Paris, Houston, London and The Hague. I worked for a midsize company in a different industry during 2008-2009. Everyone knows the oilfield is hurting and lay offs were to be expected. Layoffs and pay cuts loom as Schlumberger, the largest oilfield service company in the world, plans to cut up to 30 percent from its budget amid … Schlumberger is the world's leading oilfield services provider. Another name for this is a “separation package.” Either way, the package can include a lump sum payment, a period of continuous paychecks and benefits, or other forms of payment. Schlumberger, the world’s largest oil-field services company, cut about 21,000 jobs as oil producers decreased spending in response to a historic drop in prices, The Wall Street Journal reported. Schlumberger last week said it would reduce its 2020 capital spending budget by 30% due to the price crash, joining a host of major energy companies that have slashed spending amid the twin supply and demand shock. Schlumberger is the world's largest oil-field service company and has a number of employees working at its facility in Bartlesville. The business was so bad at that time, we lost 70% of headcount in a few massive layoffs. Cons. Severance Agreement- This contains the severance pay and benefits that employers elect to offer beyond your last payment, commonly known as the severance package. Schlumberger. The Bottom Line . In a mass layoff, a standardized package may be offered, and an employer is less likely to deviate from this contract. Number of layoffs: 21,000; Chevron and Exxon Mobil aren’t the only oil company to make major cuts amid the pandemic. A method behind the madness? But When Schlumberger who is supposed to be one of the most family oriented companies in the world, layed me off a few days before my wife was supposed to go in to labor with a … What is the severance package like for US employees? Is hurting and lay offs were to be expected for reservoir characterization, drilling, production & processing:... 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