TV News LIES

Monday, Oct 21st

Last update05:20:13 AM GMT

You are here News Energy Oil Services Co.,Baker Huhes, lays off 10,500

Oil Services Co.,Baker Huhes, lays off 10,500

E-mail Print PDF

Baker Hughes "Extreme market forces" are in play in the global energy sector, oil services company Baker Hughes said Tuesday in announcing widespread layoffs.

The company said it was cutting about 17 percent of its workforce, or around 10,500 jobs, as it works to streamline its finances amid the drop in exploration and production. During the first quarter, Baker Hughes reported revenue of $4.59 billion, a 20 percent decline year-on-year.

"Our first quarter results are a reflection of the extreme market forces faced by our industry since late December," Baker Hughes Chairman and Chief Executive Officer Martin Craighead said in a statement. "Consistent with past downturns, many of our customers have curtailed or canceled projects."

In its latest report, the company said the number of rigs in service worldwide fell by about 1.8 percent from March to 1,251 for the week ending April 10. In the United States, the rig count is down nearly 4 percent to 988.

So far this year, Craighead said the North American rig count was down by more than 1,000.

More...


Most Recent Related Stories...


Drone strikes knock out half of Saudi oil capacity, 5 million barrels a day

Saudis shut down half of oil output after attackDrone strikes on Saudi Arabian oil facilities have disrupted about half of the kingdom's oil capacity,...

'A slap in the face': Trump's ethanol waivers are sparking rebellion in farm country

Ethanol farmers fight against Trump waiverGripped with anger, some Iowa ethanol leaders say President Donald Trump should no longer count on...

Petrochemicals giant Ineos looks to US for fracking sites as UK options wane

Ineos petrochemicals Sir Jim Ratcliffe, one of Britain’s richest men, has set his sights on the US shale...

Mines No Safer Despite $1 Billion In Fines, Federal Audit Says

Darby Mine where explosion killed 6 miners An audit of the federal system that fines mining companies for unsafe conditions found no evidence...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!