U.S. Energy Companies Cut Jobs as Oil Prices Fall

According to Reuter’s report, some major international oilfield companies – Schlumberger Ltd and Halliburton and others have announced plans to lay off thousands of people in the past few months as global oil prices have nearly halved since June.

In January, crude prices fell to their lowest in more than five years, hurt by a global supply glut and OPEC’s refusal to curtail production. This prompted oil producers to trim their budgets and lower the number of rigs planned for 2015, hurting their suppliers and service providers.
Smaller oil services company Weatherford said last month it would eliminate the position of chief operating officer, while tiny oil and gas producer Resolute Energy Corp said it
would slash its CEO’s base pay by 96 percent.

Oil major BP Plc said it would freeze its base pay  across the company this year, while Basic Energy Services has said it has implemented salary cuts for all management and administrative employees and made changes to some benefit programs.

 Company             Job cuts       Total no. of       Date of
no./percentag  employees          job cuts
e
 Schlumberger Ltd    9,000 jobs     About 120,000, as  Jan. 15,
of Dec. 31, 2014   2015

 Baker Hughes Inc    7,000 jobs     About 59,400, as   Jan. 20,
of Dec. 31, 2013   2015

Halliburton       5,200-6,400    77,000, as of      Feb. 10,
jobs           Dec. 31, 2013      2015

 Helmerich & Payne   2,000 jobs     11,914, as of      Jan. 29,
 Inc                                Sept. 30, 2014     2015

Weatherford         5,000 jobs     67,000, as of      Feb. 05,
 International Plc                  Dec. 31, 2013      2015

 Hercules Offshore   About 30 pct   About 2,200, as    Feb. 03,
Inc                                of Dec. 31, 2013   2015

Basic Energy        400 jobs       About 5,400, as    Feb. 11,
Services Inc                       of Dec. 31, 2013   2015

 SunCoke Energy Inc  175 jobs       1,577, as of Dec.  Dec.15,
31, 2013           2014

Ion Geophysical     About 10 pct   879, as of Dec.    Feb. 11,
 Corp                               31, 2014           2015

 Laredo Petroleum    75 jobs        371, as of Dec.    Jan. 20,
Inc                                31, 2013           2015

PostRock Energy     25 pct of its  About 209, as of   Feb. 15,
 Corp                Oklahoma       Dec. 31, 2013 (57  2015
headquarters   in Oklahoma
staff          headquarters)

 

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