Baker Hughes To Lay Off 7,000 Workers As Prep For Downturn
HOUSTON, Texas - Oil services company Baker Hughes Inc. says it will lay off about 7,000 workers worldwide as it prepares for a downturn in orders.
The company is based in Houston but has facilities in Tulsa, Broken Arrow, Claremore and Sand Springs. There's no word yet on how many layoffs could impact Green Country employees.
Baker Hughes previously reported a record $663 million in net income in the fourth quarter of 2014, more than double its earnings during the same period of the previous year.
Leading the growth was the company's North American division, which posted revenue of $3.3 billion. But the company said in an earnings call Tuesday that it expects a "sharp drop in product sales" because of the low price of crude.
The layoffs represent about 11 percent of the 62,000-plus workers Baker Hughes says it employs worldwide.
The announcement comes after Schlumberger said last week it would reduce its workforce by 9,000 employees.
The Associated Press contributed to this report.