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Spate of layoffs sweeps energy industry

Spate of layoffs sweeps energy industry

A sustained downturn led to thousands of layoffs this week as companies struggle to weather the prolonged energy market slump. Falling oil prices forced many producers to cut costs and streamline business. The International Energy Agency said oil prices may fall further this year due to low demand and an oversupply of crude. Schlumberger Schlumberger cut 10,000 jobs and reported ...

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Oklahoma-based Devon Energy plans layoffs over next few months

Devon Energy Building in Oklahoma City, Oklahoma. (Image: Lane Pearman via Flickr)

OKLAHOMA CITY — Oklahoma City-based Devon Energy Corp. has announced that it is planning employee layoffs over the next few months. Company executives made the announcement during a town hall meeting with employees Wednesday morning. Spokesman Tim Hartley said that the layoffs are a necessary part of cost management efforts for Devon as oil and natural gas prices remain weak. ...

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Schlumberger reports big 4Q loss, says cut 10,000 more jobs

Schlumberger reports big 4Q loss, says cut 10,000 more jobs

HOUSTON — Schlumberger said Thursday that it lost more than $1 billion and slashed another 10,000 jobs in the fourth quarter as tumbling energy prices took their toll on the world’s largest oilfield services company. Like others in the industry, Schlumberger NV has been hard hit by the downturn in the energy sector and it warned that it doesn’t expect ...

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Applications for US unemployment aid rise to 6-month high

FILE - In this May 30, 2013, file photo, job seekers line up to talk to recruiters during a job fair held in Atlanta. On Thursday, Jan. 21, 2016, the Labor Department reports on the number of people who applied for unemployment benefits a week earlier. (AP Photo/John Amis, File)

WASHINGTON — The number of people seeking unemployment benefits rose last week to the highest level since July, though applications remained at historically low levels. THE NUMBERS: Weekly applications for unemployment aid rose 10,000 to a seasonally adjusted 293,000. The four-week average, a less volatile measure, increased to 285,000, the highest since April. The number of Americans receiving aid has ...

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5 oilfield jobs still in demand in 2016

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Extended periods of plummeting oil prices have had a noticeable effect on the oil industry, with many oil companies decommissioning multiple rigs during 2015. While the oil industry is no longer being referred to as “booming” by most media outlets, it is not going away completely, and many oilfield jobs are still in demand. As current workers retire and leave ...

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Blackhawk Mining to idle 146 West Virginia workers

Image: Jan Truter via Flickr

CHARLESTON, W.Va. — Blackhawk Mining has announced plans to idle some coal operations in southern West Virginia and permanently lay off 146 workers. Lexington, Kentucky-based Blackhawk Mining sent layoff warning notices to the Kanawha County Commission on Monday. The Panther Creek mine in Kanawha County was part of Blackhawk Mining’s purchase through an auction of a substantial amount of bankrupt ...

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BP to cut 4,000 jobs amid oil price plunge

Image: Mike Mozart via Flickr

LONDON — Oil company BP is cutting some 4,000 jobs in exploration and production over the next two years amid sharp drops in the price of crude. The cuts in BP’s upstream business globally will include the loss of some 600 jobs in the North Sea. The cost-cutting announced Tuesday comes as the price of oil dropped to a 12 ...

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US added strong 292K jobs last month; jobless rate at 5 pct.

US added strong 292K jobs last month; jobless rate at 5 pct.

WASHINGTON — American employers added a robust 292,000 jobs in December, suggesting that the U.S. economy is so far defying global weakness and growing solidly. The strong figures underscore the resilience of the United States at a time of financial turmoil stemming from China’s slowing economy and plummeting stock market. Most economists expect U.S. consumer spending to continue to offset ...

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US applications for jobless aid dropped last week

US applications for jobless aid dropped last week

WASHINGTON — Fewer people sought U.S. unemployment benefits last week, suggesting that the job market remains healthy and insulated from the turmoil abroad in Europe and China. THE NUMBERS: Applications for jobless aid fell 10,000 to a seasonally adjusted 277,000, the Labor Department said Thursday. The less volatile 4-week average dipped 1,250 to 275,750. Over the past 12 months, the ...

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