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2015-04-24 21:55:00

WEATHERFORD CUTS JOBS

WEATHERFORD CUTS JOBS

Oil services company Weatherford International Plc increased the total number of employees it is looking to lay off in 2015 to 10,000 as it copes with the fall in oil prices.

The Dublin-based company, which had earlier said it would cut 8,000 jobs in 2015, said it completed 6,449 job cuts by the end of the first quarter.

Weatherford said it expects to complete the revised job cuts program by the end of the second quarter, and expects annualized savings of $640 million.

The company said its 18 percent headcount reduction goal for the year would leave it with about 39,000 employees in its core businesses and 6,000 rig employees.

The company also cut its capital expenditure forecast for 2015 by $50 million to $850 million.

The announcement comes nearly a week after industry leader Schlumberger Ltd said it would cut a further 11,000 jobs and reduced its capital spending plan for this year as it prepares for an extended period of lower activity and pricing pressure, especially in North America.

Net loss attributable to the company widened to $118 million, or 15 cents per share, in the first quarter ended March 31, from $41 million, or 5 cents per share, a year earlier.

The company's revenue fell 22.3 percent to $2.79 billion.

Weatherford's shares, which closed at $13.37 on Wednesday, have fallen more than 27 percent in the past 12 months.

reuters.com

Tags: WEATHERFORD, OIL, PRICES, JOBS

Chronicle:

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SAUDI'S OIL FOR CHINA

BLOOMBERG - As Saudi Arabia led OPEC’s output cuts this year to shrink a global glut, it’s lost out on market share in the world’s biggest energy consumer. Russia in September retained the top Chinese supplier spot for the seventh straight month, while the kingdom was third.

WEATHERFORD CUTS JOBS
November, 24, 09:10:00

URALS QUALITY WILL DOWN

PLATTS - The quality of Russia's key Urals crude exports towards Europe will continue to fall next year as more of the country's low-sulfur oil flows are diverted eastward to China, Russian national oil pipeline operator Transneft warned.

WEATHERFORD CUTS JOBS
November, 24, 09:05:00

S.KOREA'S SOLAR UP

FT - OCI — the world’s third-largest polysilicon maker by capacity and South Korea’s biggest — this month reported a 3,373 per cent increase in operating profit to Won78.7bn ($72m) for the July-September quarter, its best performance in five years. Rival Hanwha Chemical saw third-quarter net profit jump 25 per cent to a record Won252bn. 

WEATHERFORD CUTS JOBS
November, 24, 09:00:00

U.S. RIGS UP 8 TO 923

U.S. Rig Count is up 330 rigs from last year's count of 593, with oil rigs up 273, gas rigs up 58, and miscellaneous rigs down 1 to 0. Canada Rig Count is up 41 rigs from last year's count of 174, with oil rigs up 13, gas rigs up 30, and miscellaneous rigs down 2 to 2.

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