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.
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GAZPROM - The parties discussed relevant issues related to bilateral cooperation, including the Baltic LNG project. Emphasis was placed on the priority measures aimed at developing a joint design concept (pre-FEED).
BHGE - U.S. Rig Count is up 11 rigs from last week to 1,063, with oil rigs up 8 to 869, gas rigs up 4 to 193, and miscellaneous rigs down 1 to 1. Canada Rig Count is up 13 rigs from last week to 195, with oil rigs up 8 to 127 and gas rigs up 5 to 68.
REUTERS - Brent crude futures had risen $1.02 cents, or 1.3 percent, to $81.28 a barrel by 0637 GMT. The contract dropped 3.4 percent on Thursday following sharp falls in equity markets and indications that supply concerns have been overblown. U.S. West Texas Intermediate (WTI) crude futures were up 80 cents, or 1.1 percent, at $71.77 a barrel, after a 3 percent fall in the previous session. WTI is on track for a 3.5 percent drop this week.
EIA - Brent crude oil spot prices averaged $79 per barrel (b) in September, up $6/b from August. EIA expects Brent spot prices will average $74/b in 2018 and $75/b in 2019. EIA expects West Texas Intermediate (WTI) crude oil prices will average about $6/b lower than Brent prices in 2018 and in 2019.