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4 Major Oil Service Firms Announce Job Cuts, Local Economic Impact

Weatherford (WFT) was the latest major oil services company to announce job cuts recently. In fact, in one day it upped its estimated job cuts from 5,000 jobs, as announced in a press release on February 4th, to 8,000 jobs as announced in an earnings call on February 5th! According to Bloomberg, this represents 14% of Weatherford's total workforce, and is going to be 85% Western Hemisphere (likely mostly US) jobs, with Weatherford estimated annual "savings" of $350 million. That estimate was based on 5,000 jobs cut, for an estimated $70,000 saved per job cut.

Weatherford is somewhat late to the job cut announcement circuit. Schlumberger (SLB) also announced that it will be cutting jobs, even more jobs than Weatherford. 9,000 will be cut, also predominantly in the Western Hemisphere (also likely almost entirely in the US). This represents 8% of Schumberger's workforce and likely will generate similar "savings" per… Read More …