Oilfield service company Baker Hughes plans to cut 7,000 jobs as drilling activity slows following a steep drop in crude oil prices.
Baker Hughes made the announcement during a conference call Tuesday morning.
The company stated it will lay off 7,000 mostly in the first quarter of 2015, due to dropping oil prices and drilling slowdown.
"When we reflect on the marketplace, the bearish sentiment that has pervaded our industry is understandable, considering the steep drop in commodity prices in recent months," said Baker Hughes CEO Martin Craighead. "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."
Baker Hughes reported revenues of $6.6 billion for the quarter and $24.6 billion for the year.
Baker Hughes is being acquired by Halliburton in a near-$35 billion deal. Halliburton also announced Tuesday it would be trimming its workforce, but didn't specify by how many people.
"We expect our headcount adjustments to be in line with our primary competitors," Halliburton's Chief Operating Officer Jeffrey Miller said.
Baker Hughes made the announcement during a conference call Tuesday morning.
The company stated it will lay off 7,000 mostly in the first quarter of 2015, due to dropping oil prices and drilling slowdown.
"When we reflect on the marketplace, the bearish sentiment that has pervaded our industry is understandable, considering the steep drop in commodity prices in recent months," said Baker Hughes CEO Martin Craighead. "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."
Baker Hughes reported revenues of $6.6 billion for the quarter and $24.6 billion for the year.
Baker Hughes is being acquired by Halliburton in a near-$35 billion deal. Halliburton also announced Tuesday it would be trimming its workforce, but didn't specify by how many people.
"We expect our headcount adjustments to be in line with our primary competitors," Halliburton's Chief Operating Officer Jeffrey Miller said.