Factbox: U.S. energy companies slash jobs as oil prices weaken

Fri Mar 20, 2015 12:34pm EDT
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(Reuters) - Oilfield giants Schlumberger Ltd (SLB.N: Quote) and Halliburton Co (HAL.N: Quote) 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 LCoc1 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 (REN.N: Quote) said it would slash its CEO's base pay by 96 percent.

Oil major BP Plc (BP.L: Quote) said it would freeze its base pay across the company this year, while Basic Energy Services (BAS.N: Quote) 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   Continued...