Post Tagged with: "layoffs"

Source: Reuters

Oil services firm Subsea 7 to lay off 3,000 following oil market slump

Reuters


OSLO – Oil services firm Subsea 7 announced on Thursday that it will cut its global workforce by a quarter and reduce its fleet of specialized vessels by up to a third to preserve cash following the slump in …

Source: Houston Chronicle

Layoffs, pay cuts loom as Schlumberger plans to cut up to 30 percent from budget

Houston Chronicle


Layoffs and pay cuts loom as Schlumberger, the largest oilfield service company in the world, plans to cut up to 30 percent from its budget amid crumbling oil prices and the economic effects of the coronavirus pandemic.

Schlumberger …

Source: Reuters

Oil patch woes: Amid downturn, Alberta rages at Canada’s Trudeau

Reuters


WINNIPEG, Manitoba/OTTAWA – In 35 years of working in Alberta’s oil patch, home to the world’s third-largest crude reserves, Ray Mildenberger endured a volatile industry’s ups and downs without being laid off.

That changed in October, when Mildenberger, 60, …

December 19, 2019 - 1:00 pm Canada, Canada News, Closing Bell Story‎, Energy News, Jobs
Source: Houston Chronicle

Halliburton to close office in Oklahoma, lay off 800 employees

Houston Chronicle


Houston oilfield service company Halliburton plans to close an office just west of Oklahoma City where more than 800 employees are losing their jobs.

In a Monday morning letter filed with the Oklahoma Office of Workforce Development, Halliburon …

December 3, 2019 - 12:00 pm Closing Bell Story‎, Economy, Energy News, Oilfield Services, People
Photo: Steve Gonzales, Staff

Halliburton lays off 650 employees in four western states

Houston Chronicle


Houston oilfield service giant Halliburton has laid off 650 employees in four western states from New Mexico to North Dakota.

In a notice filed on Monday with the Colorado Department of Labor and Employment, Halliburton reported that the …

October 9, 2019 - 3:21 pm Closing Bell Story‎, Economy, Oilfield Services
Oil & Gas 360 - KLX Energy Services Completes Motley Acquisition frac truck

National Oilwell Varco Posts Nearly $5.4 Billion Loss During Second Quarter

From The Houston Chronicle


Houston oilfield service company National Oilwell Varco reported a multibillion loss during the second quarter amid what executives are calling a “generational oilfield downturn.”

NOV reported a nearly $5.39 billion loss on $2.13 billion of revenue …

Source: Petrobras

Petrobras Cutting Houston Jobs after Forming Gulf Joint Venture

From Houston Chronicle

Brazilian state oil company Petrobras will terminate more than 50 Houston jobs next year after selling much of its Gulf of Mexico assets into a new joint venture.

Petrobras, which has struggled financially amid a nationwide corruption …

December 12, 2018 - 1:08 pm Closing Bell Story‎, Energy News, International
After 2 Years of Layoffs, Companies Struggle to Find Qualified Staff

After 2 Years of Layoffs, Companies Struggle to Find Qualified Staff

Layoffs are a recurring nightmare for both employees and employers

Layoffs: oil and gas companies have cut some 350,000 jobs in the downturn, but what happens when oil prices tick up and demand for talent outstrips supply? It’s a recurring …

CNPC Profits Drop 52% in 2015

CNPC Profits Drop 52% in 2015

CNPC reports profit of $12.7 billion for full-year 2015

China’s largest oil and gas producer, China National Petroleum Corp. (CNPC), reported its full-year 2015 profit, showing a 52% decline year-over-year. The company reported $12.7 billion in total profit for the …

Job Security Comes at a Price for Chinese Oil and Gas Companies

Job Security Comes at a Price for Chinese Oil and Gas Companies

Maintaining employment strains Chinese oil and gas firms’ shrinking profits

Many international oil and gas companies have responded to the steep drop in prices since November 2014 by cutting expenditures. Companies have achieved better financial metrics by increasing efficiencies in …

Oilservice Sector Shouldering the Burden of Oil Patch Layoffs

Oilservice Sector Shouldering the Burden of Oil Patch Layoffs

Forbes reports nearly 74,000 oil workers have been laid off since spot prices plummeted in Q4’14, with 58,624 (or nearly 80%) of the workers coming from the oil service side. Major companies like Schlumberger, Baker Hughes, Pemex, Weatherford and Halliburton …