Oil and Gas Layoffs Surge

by Elizabeth Alford on July 28, 2016

Major oil and gas operators have eliminated over 16,000 jobs between April and June.

Related: Former Oilfield Workers Look to New Careers

Second quarter earnings reports coming out over the past few weeks are showing massive losses for oil and gas operators across the country. For companies who haven’t resorted to bankruptcy, many must lay off workers to stay afloat.

Schlumberger, Halliburton and Baker Hughes are the latest to report major layoffs saying they eliminated a combined 16,000 jobs in the three months between April and June, according to the Houston Chronicle.

  • ConocoPhillips: reports a$1.1 billion loss in the second quarter and will cut 1,000 jobs, about 6 percent of its global workforce
  • Baker Hughes: pland to cut 3,000 jobs after a second-quarter loss of more than $900 million
  • Royal Dutch Shell: plans to cut 2,200 jobs worldwide by year’s end after posting its lowest quarterly earnings in 11 years
  • BP: profits have fallen by nearly half to $720  million from $1.3 billion a year earlier
  • Exxon Mobil: profit fell nearly 60 percent to its lowest since 1999
  • Chevron: lost $1.5 billion in the second quarter
  • National Oilwell: reported a $217 million loss in the second quarter and cut 6,000 jobs, about 10 percent of its global workforce in April
  • PBF Energy: reported profits fell by about one-fourth in the second quarter

After months of low crude prices and tens of thousands of layoffs, many oilfield workers are scrambling to find other work. The San Antonio Biz Journal reports that former Eagle Ford oilfield workers are turning to law enforcement after work in the oil patch dries  up.

Read more at houstonchornicle.com 

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