HOUSTON – KPRC Local 2 has confirmed that Baker Hughes will lay off 7,000 workers. That is about 11 percent of its workforce.
Baker Hughes is just the latest company in the oil industry to make job cuts as the price of crude drops dramatically.
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Baker Hughes said the layoffs are company wide.
The announcement came as the company reported a record-breaking 4th quarter for 2014.
Other companies that have announced job cuts include Halliburton and Schlumberger. Swift Energy, meanwhile, said it is cutting its capital budget by 70-75 percent this year. It has not said anything about layoffs.