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2015-01-21 19:55:00

BAKER HUGHES: 7,000 WORKERS OUT

BAKER HUGHES: 7,000 WORKERS OUT

Oil services company Baker Hughes Inc. has said that it will lay off about 7,000 workers as it prepares for a downturn.

Baker Hughes previously reported a record $663 million in net income in the fourth quarter of 2014, more than double its earnings during the same period a year ago.

Leading the growth was the company's North American division, which posted revenue of $3.3 billion.

But the company said in an earnings call on Tuesday that it expects a "sharp drop in product sales" because of the plummeting price of crude.

The layoffs represent an about 11 percent cut to the 62,000-plus employees Baker Hughes said it employs worldwide.

The announcement comes after Schlumberger Ltd. said last week it would reduce its workforce by 9,000 employees.

pennenergy.com

Tags: BAKER, HUGHES, PRICES

Chronicle:

BAKER HUGHES: 7,000 WORKERS OUT
September, 22, 08:50:00

RUSSIA - KURDISTAN INVESTMENT

Instead, with the planned referendum just days away, Russian state oil giant Rosneft announced its latest investment last week, to help Iraqi Kurdistan develop its natural gas industry, for domestic supplies and eventual export.

BAKER HUGHES: 7,000 WORKERS OUT
September, 22, 08:45:00

IRAN'S GAS EXPORT: ABOVE 5 BCM

Iran exported over 5 billion cubic meters (bcm) of natural gas during the first five months of the current Iranian calendar year (March 21-August 22), Dispatching director of National Iranian Gas Company (NIGC) announced.

BAKER HUGHES: 7,000 WORKERS OUT
September, 22, 08:40:00

IRAQI OIL TO U.S.

Gazprom Neft has shipped its second and largest cargo of Iraqi crude to the US since the Badra field, its flagship overseas oil project, came on stream in 2014, the Russian oil company said Tuesday.

BAKER HUGHES: 7,000 WORKERS OUT
September, 22, 08:35:00

QATAR - TURKEY LNG

Qatargas has agreed to sell 1.5 million tpy of LNG to Turkey’s BOTAŞ Petroleum Pipeline Corporation (BOTAŞ) over a period of three years

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