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.
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 |