Schlumberger prepares to reorganize corporate structure

Major oil field services company Schlumberger Ltd. (NYSE: SLB), which has one of its primary offices in Houston, reportedly plans to reorganize its operations in response to the historic oil downturn.

The restructuring includes consolidating the company’s 17 product lines into four divisions and replacing its GeoMarkets and sub-GeoMarkets teams with five basin groups covering 30 geographic units, according to Reuters, which cited a May 20 memo to employees.

Two executives have been appointed to…

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