01:24 PM EST, 02/11/2025 (MT Newswires) -- (Updates with additional information in the third and fourth paragraphs, along with the latest stock movement in the last paragraph.)

Schlumberger ( SLB ) is reorganizing certain functions within its business and continuing workforce reductions, Reuters reported Tuesday, citing a source familiar with the matter and an internal email.

The company is establishing a new performance function, to be led by a newly appointed chief performance officer, overseeing areas such as security, operational integrity, and global business services, the media outlet reported.

This new structure is reportedly expected to be in place by the end of the month, with further personnel updates by quarter-end. The move is part of a cost-saving plan as Schlumberger ( SLB ) prepares for slow growth amid cautious spending and an oversupplied oil market, according to Reuters.

Schlumberger ( SLB ) regularly adjusts its operations and workforce to meet changing market conditions and deliver value to its customers and stakeholders, a company spokesperson reportedly said in a statement to Reuters.

Schlumberger ( SLB ) did not immediately respond to a request for comment from MT Newswires.

Shares were up about 2.1% in recent trading.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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