It is very depressing nowadays to work in the oil-and-gas services industry. Massive layoffs all around us, Schlumberger cut 30,000 jobs out of a total of 120,000, Halliburton and Baker Hughes combined cut 27,000 jobs, Weatherford cut 20,000 jobs out of 56,000, ION cut 50% or more of its workforce, Chevron and Shell cut thousands of positions globally, Cameron, CGG, Devon Energy, Marathon Oil, BP, Noble Energy, the list goes on and on. It is not pretty to look at the stock values either, CGG … [Read more...]
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