TV News LIES

Friday, Aug 14th

Last update12:56:55 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...


Fracking Firms Fail, Rewarding Executives and Raising Climate Fears

Fracking firms fail The day the debt-ridden Texas oil producer MDC Energy filed for bankruptcy eight months ago, a...

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,...

Fracking pioneer Chesapeake Energy files for bankruptcy

Chesapeake Energy files for bankruptcy Chesapeake Energy Corp. said Sunday that it had filed for bankruptcy protection as an oil- and...

Wholesale energy prices dip below zero because of California’s solar power

Solar power in CaliforniaSolar power shines bright in California, and wholesale energy prices prove it. Last winter and early...
 
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!