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 company laid 178 workers from its Grand Junction, Colo. office. Company officials attributed the layoffs to “local market conditions.” The
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 during the second quarter. The figures translated into a $14.11 loss per share. The second quarter earnings were mixed compared
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 scandal in Brazil, opted to sell its Gulf assets earlier this year into a JV in which it will only
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 nightmare. The crash in oil prices has led to a rash of layoffs that started in early 2015. More than 350,000 jobs worldwide
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 year, reports Shanghai Daily, and revenues of $308 billion, down 26% from 2014. The company produced 260 million metric tons
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 their operations, and, in many cases, by reducing their workforce. Layoffs have been an unfortunate side effect of the price
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 have each extended the disheartening news to more than 6,000 employees. Forbes opened up its comment section for its readers
