Schlumberger slashed another 2,000 jobs in the first quarter as the energy industry navigates turbulent market conditions.
The company’s global workforce now numbers about 93,000, according to Schlumberger spokesman Joao Felix.
“The decline in global activity and the rate of activity disruption reached unprecedented levels as the industry displayed clear signs of operating in a full-scale cash crisis,” Chairman and CEO Paal Kibsgaard said in an earnings report Thursday.
As Schlumberger adapted to shrinking margins during the current energy slump, profits took a hit. First quarter profits declined 40 cents a share to $501 million. A year ago, the company generated $975 million in profits during the first quarter.
Crude oil prices dropped significantly since June 2014. Since then, energy companies across the world have cut more than $100 billion in spending and 250,000 jobs have been lost. A glut of oil and gas supplies has only contributed to industry woes.
Since the third quarter of 2014, Schlumberger has laid off about 34,000 employees in order to cut costs. Earlier this month, the Houston-based company said it plans to cut back activity in Venezuela, due to unpaid bills.
Some analysts say the third quarter will be even more challenging for Schlumberger, with North American margins dipping as much as 4 percent into the red.