Baker Hughes will release detailing operational performance and earnings for the third quarter of 2015 before the market opens on Wednesday, October 21, 2015. For the past several quarterly earning reports, the company has announced major layoffs before the actual release to wall street and stockholders. Before the first quarter release Baker Hughes planned to lay off 7,000 employees. Once again, before the second quarter release Baker Hughes decided to increase its job cuts to 10,500 worker. With oil price remains in the $40's and the downturn continues to intensify, expect to see another major layoffs announcement in the next few weeks before Wednesday, October 21, 2015.
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It's gotten worse the past two weeks. Receivables are slow, and there are few new business prospects. Those new bids we are doing we are being squuezed hard on price by the oil operator.
This is not worth it. I'll take a layoff. I worked 80 hours a week during the run the past few years, and now having to carry more load from layoffs earlier in the year.
Enough is enough. I am getting ready to get layed off. I don't care. I welcome it.
Yes work orders have dried up and Baker is finding it difficult to pay all the bills for the many locations. So layoffs will come sooner than was thought. Everything will accelerate after September 12.
I know they will be happening in the next couple of weeks. HR is working to push them up from October to middle of September. Many bases have lost their customers and everyone is running out of their budgets and thing s will happen quicker then we think.