6,000 oil and gas jobs lost in a single day

The numbers are staggering—more than 6,000 oil and gas jobs were lost in a single day last week.

It wasn’t just layoffs at Schlumberger, Chesapeake, SandRidge, Baker Hughes and Halliburton in Oklahoma. It was in Texas too.

Oil and gas companies announced plans to cut more than 6,400 jobs on a grim day for the industry that saw the price of crude oil settle below $20 for the first time since 2001 and the amount of petroleum in U.S. storage rise by nearly 20 million barrels.

The Houston Chronicle said the most job losses came at Weatherford International, the Houston-based oil-field service company, which said Wednesday that it plans to cut 25 percent of its global workforce. A breakdown of where the layoffs will take place was not immediately available but the company had said it employed about 24,000 workers at the beginning of the year — meaning it will shed 6,000 jobs.

Source: Houston Chronicle