Draggingtree Posted February 22, 2015 Share Posted February 22, 2015 Fuel Fix: Three more oil service firms cutting hundreds of jobs, wagesPosted on February 19, 2015 at 3:01 pm by Collin Eaton in Crude oil, featured, Oil field services, Workforce HOUSTON – Three Houston-based oil field service firms told investors Thursday they’re cutting hundreds of jobs across their businesses, from drilling to support staff, as the industry continues taking hits from falling crude pricing. The reductions come as hundreds of U.S. land rigs have gone idle amid billions in oil-company spending cuts, a reaction to plummeting crude prices, which have been cut in half since last summer. Oil field service companies have announced more than 40,000 layoffs and oil producers have cut more than 5,000 jobs so far. According to Houston energy consulting firm Graves & Co., oil drillers have idled enough rigs to lay off more than 14,000 field workers, and oil equipment and machinery suppliers, like GE, Siemens and Tenaris, have in recent weeks cut more than 9,000 jobs. On Thursday, Parker Drilling CEO Gary Rich said in a quarterly conference call his firm has reduced its headcount by 8 percent, Link to comment Share on other sites More sharing options...
clearvision Posted February 23, 2015 Share Posted February 23, 2015 Figured bust was coming when they started advertising buying into oil wells on the radio... 1 Link to comment Share on other sites More sharing options...
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