Baker Hughes sheds another 3,000 jobs in the third quarter
Baker Hughes trimmed another 3,000 jobs from its payroll in the third quarter amid ongoing tough times in the U.S. oil patch that caused the Houston-based oil field services company to swing to a $159 million loss.
The most recent round of job cuts means the Houston-based oil field services company, which is preparing to fuse with rival firm Halliburton, has slashed 16,000 jobs across the world since the start of the year, according to the company’s quarterly filings with the U.S. Securities and Exchange Commission. That’s about one in every four Baker Hughes employees worldwide.
The job cuts forced Baker Hughes to record a $70 million charge, the company said in its quarterly release on Wednesday.
“We remain focused on proactively managing our cost structure, efficiently reducing our working capital, and strategically targeting revenue opportunities to continue to increase profitability, generate positive cash flow, and maintain a strong balance sheet,” CEO Martin Craighead said in a statement Wednesday.
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