Schlumberger Ltd., citing weakness in activity that it expects to persist throughout the year, says… Schlumberger also continued with its cost-cutting efforts, saying it had cut roughly 16,000 workers in the first half due to weakness in activity that it expects to persist throughout the year. Schlumberger’s second-quarter job cuts totaled 8,000, bringing the number to 50,000 since the company reached its peak employment in 2014, when it had 129,000 workers. Schlumberger’s current workforce is about 100,000, which includes workers it added when it bought Cameron. “In the second quarter, market conditions worsened further in most parts of our global operations, but in spite of the continuing headwinds, we now appear to have reached the bottom of the cycle,” Chairman and Chief Executive Paal Kibsgaard said in prepared remarks. Schlumberger’s results come a day after rival Halliburton Co. HAL -1.67 % ’s management predicted the sector is poised for […]