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Tag Archives: Baker Hughes

Baker Hughes announces cuts

Baker Hughes will lay off 7,000 workers by the end of March, a move expected to impact the Permian Basin as low oil prices pressure the labor-intensive oilfield services sector to scale back. Baker Hughes officials did not reveal how many of those cuts will be in the Permian Basin. “This is really the crappy part of the job, and ...

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Baker Hughes to cut 11 percent of workforce in 2015

A week after Halliburton announced the company is making job cuts, its pending partner Baker Hughes has followed suit. The Houston-based company announced in a statement that it will be cutting about 7,000 jobs globally as a result of falling oil prices, despite record profits in the fourth quarter 2014. The 7,000 jobs eliminated account for 11 percent of the ...

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Is the oil bust here?

pump

CASPER, Wyo. — Oil prices have been in free fall for six months, but Wyoming had largely avoided the impacts — until now. Wyoming’s January rig count fell below 2011 levels and state budget analysts predicted prices would remain under $65 for the next five years. In addition, oil field service company Schlumberger announced it would reduce its worldwide workforce ...

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Declining oil prices forcing industry to cut jobs in Tulsa

TULSA, Okla. — Declining crude oil prices have forced three major industry firms with strong northeastern Oklahoma ties to lay off workers. Apache Corp., Baker Hughes and Schlumberger have begun laying off employees in response to the oil price crash in the past six months, The Tulsa World reported Saturday. Apache’s job cuts will likely impact several hundred employees of ...

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Rigs plummet again

The Permian Basin shed 28 rigs in the past week, comprising nearly half of what nationally amounted to the biggest rig drop since 1991, according to a Friday report from Baker Hughes. The rig fall off represented the most dramatic sign yet of producers’ response to plunging oil prices. Permian Basin producers on Friday saw prices of about $44.75 per ...

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Exclusive: New U.S. well permits rise slightly in December after crude oil plunge

HOUSTON – New oil and gas well permits issued across the United States rose slightly in December and surged 72 percent in Colorado and Wyoming after falling sharply in November on tumbling crude prices. Permit counts provided exclusively to Reuters by data firm Drilling Info showed 4,551 new well permits were approved last month, up less than 1 percent from ...

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Rig count trends among major U.S. shale plays

The slide in oil prices recently has been causing a noticeable trend with the amount of rigs accounted for among various shale plays throughout the United States. In fact, over the past three weeks, rig counts have seen substantial declines with over 90 rigs being shut down, according to Baker Hughes. Which raises the question. Which of the major shale ...

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U.S. oil production will be falling by end of 2015: Kemp

(John Kemp is a Reuters market analyst. The views expressed are his own) LONDON, Jan 7 – Unless prices recover, U.S. oil production will start falling before the end of 2015 as new drilling is insufficient to replace declining output from wells completed in 2013 and 2014. Future production depends on the rate of decline from existing wells (known as ...

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