Posted on 01/21/2015 2:45:39 PM PST by SeekAndFind
Falling gasoline prices may be great for consumers, but they’re tough on energy firms and their workers. The latest layoffs announcement comes from the oilfield services firm Baker Hughes, which plans to cut 7,000 employees — 11 percent of its workforce. Global oil prices have plunged 60 percent since last June, making some drilling operations unprofitable. “While market demand ended up being more resilient in the fourth quarter than many had predicted, the recent declines seen in rig counts will clearly affect results in 2015,” said company CEO Martin Craighead.
Speaking to analysts about the layoffs, he said, “This is really the crappy part of the job.” Last week, Schlumberger announced plans to cut 9,000 employees. Several other energy firms have made layoff announcements.
(Excerpt) Read more at abcnews.go.com ...
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.