BARTLESVILLE, Oklahoma - Low gasoline prices that have lots of us smiling are costing oil companies billions, and they say that translates to job cuts. 

Schlumberger is the world's largest oil-field service company and has a number of  employees working at its facility in Bartlesville. 

The Wall Street Journal reports Schlumberger will layoff about 9,000 employees worldwide as a result of the plunging price of oil.

Statement from Schlumberger Corporate Communications Manager Stephen T. Harris:

“Reducing staff numbers and reviewing future staffing requirements has become necessary in today's lower commodity pricing environment and anticipated lower exploration and production spending in 2015. As a result, Schlumberger decided to reduce its overall headcount to better align with anticipated activity levels for 2015.

Schlumberger workforce reductions started in Q4-2014 and are expected to total approximately 9,000 when completed, which we anticipate to be in Q1-2015. These global reductions encompass many geographic regions in which we operate. However no details on how many, when and where we expect these reductions to come from are being released."

Harris declined to comment on their Bartlesville operation, adding the company employs about 120,000 worldwide.