Baker Hughes to Lay Off 7,000 Employees in First-Quarter, Sets $400 Million Quarterly Capex for Year as Merger Nears

SUGAR LAND--January 21, 2015--Researched by Industrial Info Resources (Sugar Land, Texas)--Oilfield services company Baker Hughes Incorporated (NYSE:BHI) (Houston, Texas) said Tuesday it plans to lay off 7,000 employees amid falling rig counts. Looking forward, Martin Craighead, the chairman and chief executive officer of Baker Hughes, predicted tougher times ahead, noting the current bearish sentiment in the Oil & Gas Industry amid plunging oil prices. Industrial Info is tracking 10 projects worth $3.17 billion that involve Baker Hughes.

Within this article: Fourth-quarter earnings report by Baker Hughes.

Additional companies: Halliburton (NYSE:HAL)