Yahoo Finance Factbox: U.S. energy companies slash jobs as oil prices weaken
(Reuters) - Oilfield giants Schlumberger Ltd (NYSE:SLB - News) and Halliburton Co (NYSE:HAL - News) and many others in the oil and gas industry have announced plans to lay off thousands of people in the past few months as global oil prices have halved since June.
In March, Brent prices fell to a near six-year low, hurt by a global supply glut and OPEC's decision not to curtail production. This prompted oil producers to trim their budgets and lower the number of rigs planned for 2015, hurting their suppliers and service providers.
Smaller oil services company Weatherford said last month it would eliminate the position of chief operating officer, while tiny oil and gas producer Resolute Energy Corp (NYSE:REN - News) said it would slash its CEO's base pay by 96 percent.
Oil major BP Plc (LSE:BP.L - News) said it would freeze its base pay across the company this year, while Basic Energy Services (NYSE:BAS - News) said it has implemented salary cuts for all management and administrative employees and made changes to some benefit programs.
The job cuts announced so far would not be sufficient to maintain profitability, analysts at Sanford C. Bernstein wrote in a note on March 16. The offshore oil services industry in the United States and Europe has to cut 10-15 percent more jobs over 2015, they said.
Company Job cuts Total no. of Date of
no./percentage employees announcement of
job cuts
Schlumberger Ltd 9,000 jobs About 120,000, as of Jan. 15, 2015
(NYSE:SLB - News) Dec. 31, 2014
Baker Hughes Inc 7,000 jobs About 59,400, as of Jan. 20, 2015
(NYSE:BHI - News) Dec. 31, 2013
Halliburton Co (NYSE:HAL - News) 5,200-6,400 jobs 77,000, as of Dec.
Feb. 10, 2015
31, 2013
Helmerich & Payne Inc 2,000 jobs 11,914, as of Sept.
Jan. 29, 2015
Weatherford 5,000 jobs 67,000, as of Dec.
Feb. 05, 2015
International Plc 31, 2013
Civeo Corp (NYSE:CVEO - News) 45 pct in U.S., 3,000 full-time Dec. 29, 2014
30 pct in employees, as of Dec.
Canada, from 31, 2014
2014 levels
Hercules Offshore Inc About 30 pct About 2,200, as of Feb. 12, 2015
(NasdaqGS:HERO - News) Dec. 31, 2013
MRC Global Inc (NYSE:MRC - News) 500, or 10 pct, About 4,947, as of Feb. 20, 2015
since March 2014 Dec. 31, 2014
Expects headcount of
about 4,700 by April
Basic Energy Services 400 jobs About 5,400, as of Feb. 11, 2015
Inc (NYSE:BAS - News) Dec. 31, 2013
Parker Drilling Co 8 pct. Expects 3,443, as of Dec. 31, Feb. 19, 2015
(NYSE:PKD - News) 10 pct reduction 2014
by mid-year
ConocoPhillips (NYSE:COP - News) 7 pct, or about About 19,100, as of March 18, 2015
200 jobs, in Dec. 31, 2014
Canada
Enable Midstream About 10 pct About 2,000 employees Feb. 16, 2015
Partners LP (NYSE:ENBL - News) and contractors, as
of Dec. 31, 2014
SunCoke Energy Inc 175 jobs 1,577, as of Dec. 31, Dec. 15, 2014
Range Resources Corp Closes Oklahoma 990, as of Jan. 1, Feb. 24, 2015
(NYSE:RRC - News) City office, 2015
impacting 100
employees
DCP Midstream Partners About 20 pct of About 650, as of Dec. Jan. 30, 2015
LP (NYSE:DPM - News) corporate staff 31, 2014
Ion Geophysical Corp About 10 pct 879, as of Dec. 31, Feb. 11, 2015
EXCO Resources Inc 15 pct 558, as of Dec. 31, Feb. 24, 2015
Laredo Petroleum Inc 75 jobs 371, as of Dec. 31, Jan. 20, 2015
PostRock Energy Corp 25 pct of staff About 209, as of Dec. Feb. 05, 2015
(NasdaqGM:PSTR - News) in Oklahoma 31, 2013; 57 in
headquarters Oklahoma headquarters
Ensco Plc (NYSE:ESV - News) About 50 pct About 8,500 workers Feb. 26, 2015
onshore as of Feb. 23, 2015
personnel
WPX Energy Inc (NYSE:WPX - News) About 8 pct About 1,100 full-time March 2, 2015
employees as of Dec.
21, 2014
Nabors Industries Ltd About 12 pct About 29,000, as of March 3, 2015
(NYSE:NBR - News) Dec. 31, 2014
(Bengaluru Newsroom; Editing by Sriraj Kalluvila and Don Sebastian)
