Plunging Oil Price Job Layoffs Continue

February 2nd, 2015
in econ_news, syndication

from Challenger Gray and Christmas

The plunging oil prices are continuing to take its toll. Reuters reports that 94 rigs were shut down last week, the most in a single week since 1987. While companies close off rigs, they also cut jobs. Oil and oil-related industries have announced 22,924 cuts since June 2014, with 19,543 occurring since December 31.

Follow up:


Oil & Oil-Related Job Cuts From June 2014 to January 2015

Date

Company

City

State

Reason

Industry

Cuts

1/19/2015

Schlumberger Ltd

Houston

TX

economic conditions

Energy

9,000

1/19/2015

Baker Hughes

Houston

TX

economic conditions

Energy

7,000

12/18/2014

Halliburton Co.

Houston

TX

demand downturn

Energy

1,000

7/26/2014

Fluor-B&W Portsmouth Gaseous Diffusion Plant

Piketon

OH

restructuring

Energy

700

11/4/2014

Hercules Offshore

Houma

LA

demand downturn

Energy

324

9/15/2014

BP Alaska

Juneau

AK

restructuring

Energy

275

8/9/2014

NRG Energy

Romeoville

IL

restructuring

Energy

250

8/21/2014

FirstEnergy Solutions

Akron

OH

restructuring

Energy

230

7/4/2014

Chesapeake Energy

Louisville

KY

relocation

Energy

200

6/18/2014

KiOR biofuels

Jackson

MS

closing

Energy

100

8/23/2014

Tennessee Valley Authority Allen Fossil Plant

Memphis

TN

closing

Energy

100

9/28/2014

HighMount Exploration & Production LLC

Oklahoma City

OK

closing

Energy

97

8/29/2014

Maersk Oil America Inc.

Houston

TX

restructuring

Energy

62

9/16/2014

HighMount Exploration & Production LLC

Houston

TX

closing

Energy

35

9/10/2014

Navajo Nation Oil and Gas Co.

Window Rock

NM

cost-cutting

Energy

8

12/31/2014

US Steel Corp. oil & natural gas pipe mills

Lorain

OH

demand downturn

Industrial Goods

614

12/31/2014

US Steel Corp. oil & natural gas pipe mills

Houston

TX

demand downturn

Industrial Goods

142

1/15/2015

Apache Corp.

Houston

TX

economic conditions

Energy

250

1/15/2015

ConocoPhillips

Houston

TX

economic conditions

Energy

530

1/28/2015

US Steel Corp. Fairfield Works

Fairfield

AL

economic conditions

Industrial Goods

1,214

1/28/2015

US Steel Corp. Fairfield Tubular

Fairfield

AL

economic conditions

Industrial Goods

386

1/26/2015

Chevron Corp.

Moon Township

PA

economic conditions

Energy

162

1/24/2015

Saint-Gobain NorPro

Fort Smith

AR

economic conditions

Energy

120

1/22/2015

Western Research Institute

Laramie

WY

restructuring

Energy

5

1/21/2015

Laredo Patroleum

Dallas

TX

closing

Energy

75

1/20/2015

Sendero Drilling

San Angelo

TX

economic conditions

Energy

30

1/18/2015

Yates Petroleum Corp of Southeast New Mexico

Carlsbad

NM

economic conditions

Energy

15

Total

22,924















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