{"id":5466,"date":"2015-02-09T06:39:14","date_gmt":"2015-02-09T11:39:14","guid":{"rendered":"http:\/\/olduvai.ca\/?p=5466"},"modified":"2015-02-09T06:39:14","modified_gmt":"2015-02-09T11:39:14","slug":"another-5000-victims-of-the-plunge-in-oil-prices","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=5466","title":{"rendered":"Another 5,000 Victims Of The Plunge In Oil Prices"},"content":{"rendered":"<h3><a href=\"http:\/\/oilprice.com\/Energy\/Crude-Oil\/Another-5000-Victims-Of-The-Plunge-In-Oil-Prices.html\" target=\"_blank\">Another 5,000 Victims Of The Plunge In Oil Prices<\/a><\/h3>\n<p>Yet another energy company is struggling to save money in the face of unexpectedly low oil prices. Weatherford International, one of the world\u2019s largest oilfield services company, will cut 9 percent of its global workforce in the next two months to save more than $350 million a year.<\/p>\n<p>The vast majority of the layoffs \u2013 85 percent, or 4,250 workers \u2013\u00a0<a href=\"http:\/\/www.bloomberg.com\/news\/articles\/2015-02-05\/weatherford-to-fire-5-000-workers-after-crude-oil-s-plunge\">will be felt<\/a>\u00a0in the United States and Western Europe. The company, which has operations in more than 100 countries, now has about 56,000 employees. Weatherford also will offer voluntary buyouts to certain eligible employees to reduce its workforce further.<\/p>\n<p>\u201cWe will focus the entire organization on ensuring we are cash-flow positive in 2015,\u201d the Swiss-based company\u2019s CEO Bernard J. Duroc-Danner\u00a0<a href=\"http:\/\/www.bloomberg.com\/news\/articles\/2015-02-05\/weatherford-to-fire-5-000-workers-after-crude-oil-s-plunge\">said in a statement<\/a>\u00a0late Wednesday. \u201cThis means that for every dollar of revenue we lose due to reduced activity and pricing, we will make up for it in cost, capital expenditure and working capital reductions.\u201d<\/p>\n<p>Because of the drop in oil prices, oil companies and ancillary services like Weatherford are losing business. Nevertheless, Duroc-Danner said Weatherford will keep its eye on\u00a0<a href=\"http:\/\/www.wsj.com\/articles\/weatherford-international-laying-off-5-000-employees-in-first-quarter-1423113230\">ensuring a positive cash flow throughout 2015<\/a>. Last year it began selling off subsidiaries and cutting costs in other ways, raising about $1.8 billion in cash, most of it to pay down debt.<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Another 5,000 Victims Of The Plunge In Oil Prices Yet another energy company is struggling to save money in the face of unexpectedly low oil prices. Weatherford International, one of the world\u2019s largest oilfield services company, will cut 9 percent of its global workforce in the next two months to save more than $350 million [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[2605,2660,3356,1775,3357],"class_list":["post-5466","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-energy-industry","tag-layoffs","tag-oil-patch","tag-oil-price-collapse","tag-weatherford"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/5466","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5466"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/5466\/revisions"}],"predecessor-version":[{"id":5467,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/5466\/revisions\/5467"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5466"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5466"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5466"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}