HOUSTON (KTRK) -- A large number of layoffs are coming at oilfield services company Schlumberger.
The company tells Eyewitness News they're in the process of reducing their workforce by 9,000 jobs. The reduction represents about 7.3 percent of the Houston-based company's total global workforce.
The layoffs started in the last quarter of last year, and will continue through 2015. No word yet on which specific jobs will be affected.
Schlumberger said Thursday it is making the cuts in response to lower commodity prices and anticipated lower spending on exploration and production in 2015. The company recorded a $296 million charge associated with the move in its fourth-quarter results.
The price of oil has plunged in recent months due in part to a surplus of oil. Prices have improved slightly in recent days, but the price for a barrel of oil remains below $50 after spending most of the last four years near $100.
The Associated Press contributed to this report.