17% of our workforce has been eliminated already, more layoffs to come, 3500 more to be precise, this will bring the total to 10,500 - should be over 25% of total workforce in total. Revenues dropped staggering twenty percent. 140 facilities were closed or idled. Q2 is expected to be bad, we will cut even more if this holds true. HAL deal remains unchanged.
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http://www.bizjournals.com/houston/morning_call/2015/04/baker-hughes-reveals-thousands-more-job-cuts.html?ana=yahoo
http://www.bizjournals.com/houston/morning_call/2015/04/halliburton-picks-business-units-to-sell-as-part.html?ana=yahoo
http://finance.yahoo.com/news/halliburton-plans-sell-spate-businesses-213724129.html
http://finance.yahoo.com/news/halliburton-sell-3-businesses-baker-212009235.html
Craighead did not say that 10500 were layed off in Q1. 7000 were layed off in Q1 and Craighead says another 3500 will be going in Q2. I heard that this round of layoffs will happen next week.
Oh no. We have become Weatherford!
http://finance.yahoo.com/news/ceo-oil-driller-baker-hughes-184110360.html#cover-f0c9b8809dd43a19526870fce717a8d1
http://www.upi.com/Business_News/Energy-Resources/2015/04/21/Baker-Hughes-cuts-10500-from-payroll/6171429620811/
http://www.marketwatch.com/story/why-baker-hughes-is-cutting-more-jobs-than-rivals-2015-04-21?siteid=yhoof2
Energy companies have laid off thousands of workers; on Tuesday morning, Baker Hughes announced it cut its workforce by 17% in the first quarter, which totals 10,500 positions.
Let's be clear - 10500 went in Q1.
Now look at what Craighead said for Q2.
"We will continue monitoring market conditions closely and will take actions as necessary to optimize efficiency"
Add in the comments from HAL and its going to get real nasty in the coming months - http://oilpro.com/post/12339/halliburton-president-sees-future-playing-out
"During the first quarter we took necessary actions to reduce our cost base and resize our footprint to mitigate current market conditions. These actions include the closure and consolidation of approximately 140 facilities worldwide along with the idling or impairment of excess assets and inventory," said Baker Hughes Chairman and Chief Executive Officer Martin Craighead. "Correspondingly, we made the decision to increase our headcount reductions to a total of approximately 10,500 positions, or 17% of our workforce, which is 3,500 positions higher than what we previously announced. Combined, these actions are projected to reduce cost by more than $700 million on an annualized basis."