Schlumberger cuts more jobs amid oil production downturn

HOUSTON – Oil giant Schlumberger has cut more jobs.

In the first half of this year, the company has cut 16,000 jobs.

“As a result of the weakness in activity that will persist through 2016 as expected, we have made another significant adjustment to our cost and resource base, including the release of more than 16,000 employees during the first half of 2016 and a further streamlining of our overhead, infrastructure and asset base," Schlumberger chairman and CEO Paal Kibsgaard said.

There is a bit of good news: Schlumberger believes the industry has reached the bottom of the oil production downturn.