Weatherford International PIc Plans Job Cuts

Weatherford International PIc is planning to cut 5000 jobs, which is equivalent to 9% of its workforce. They plan to do so by the end of the first quarter to save costs amid sinking oil prices and budget cuts.

These job cuts will include operating and support positions and most of the job reductions will be in the Western Hemisphere. They believe that these cuts will create an annual savings of over $350 million. As the company said, “Due to the quickly changing market conditions, we are aligning and reducing our cost as well as organizational structures to match the new environment.”

Last month they already announced that they would eliminate the position of COO.

Other oil companies are acting in a similar way. Schlumberger NV (SLB.N) is letting 9,000 employees go, while Baker Hughes Inc (BHI.N) is letting 7,000 go.