The announcement was simple and came as a part of Schlumberger Ltd.’s (NYSE: SLB) terrible first-quarter earnings announcement. The carnage of layoffs continues across the oil industry due to low crude prices.

Schlumberger chairman and CEO Paal Kibsgaard said:

In spite of the detailed preparations we made in the fourth quarter, the abruptness of the fall in activity, particularly in North America, required us to take additional actions during the quarter. These included the difficult decision to make a further reduction in our workforce of 11,000 employees, leading to a total reduction of about 15% compared to the peak of the third quarter of 2014.

If industry estimates are correct, this adds to the 100,000 job cuts already made.

Schlumberger earnings were battered, which gave the oil services company some cover as it disclosed the mass layoffs. First-quarter revenue dropped 19% to $10.2 billion, based on a sequential measure. First-quarter EPS of $1.06, excluding charges and credits, declined 29% sequentially. Based on the problems within the industry, the numbers might have been worse.

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The earnings report also showed that Schlumberger has put financial priorities ahead of worker welfare:

During the quarter, Schlumberger repurchased 8.7 million shares of its common stock at an average price of $82.98 per share for a total purchase price of $719 million.

Much of the pressure on management has to do with the company’s share price, which has a 52-week high of $118.76. The stock has dropped to $93, down almost 10%, while the S&P 500 has risen over 20%.

In all likelihood, the firings will push the shares higher, as a part of Schlumberger’s employee morale day.

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