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Oilfield service giants Halliburton, Schlumberger, Baker Hughes and Weatherford are expected to cut some 300,000 jobs this year in the wake of persistently low oil prices.
Speaking this week at the Oil & Money conference in London, US firm Weatherford’s CEO Bernard Duroc-Danner said he expects his firm to slash some 40,000 positions this year, with the lion’s share coming from its North American operations. This is four times the number the firm said it expected to lay-off back in April of this year, as it continues to be adversely affected by low oil prices.
Halliburton, Schlumberger and Baker Hughes saw their combined revenue fall by a third during the first six months of this year as international oil companies (IOCs) slashed upstream spending. They are increasingly reliant on GCC countries, where drilling is at record levels (MEES, 11 September). Halliburton and Baker Hughes are on the verge of completing a $35bn merger, but that did not prevent them from recording losses for the first half of 2015. Mr Duroc-Danner said he expects to see more mergers within the industry, but not on the same scale. He added he expects smaller firms to merge as a direct response to the “industry downturn”. (CONTINUED - 459 WORDS)
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