Cheap oil is great for drivers, but bad news for those in the industry.
Another 11,000 people lost their jobs at Schlumberger, a company that provides tools and services for oil and gas companies.
It’s the second big layoff at Schlumberger this year. It cut 9,000 workers in January. Schlumberger’s workforce is now 15% smaller than it was in mid-2014.
Oil prices have plummeted from $107 a barrel last June to about half that now.
“The abruptness of the fall in activity, particularly in North America, required us to take additional actions during the quarter,” the company said Thursday.
Schlumberger (SLB) operates in more than 85 countries.