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Nabors has laid off thousands in 2015, including more than 40 percent of its drilling unit employees
The firm booked a $123.6 million profit in the first quarter, or 43 cents a share, up from $50 million, or 17 cents a share, in the same period the year before.
U.S. Steel, which makes pipes used in oil and gas wells, has been suffering as drillers have slashed budgets in response to low oil prices.
Samson Resource Co. produced oil and liquids after primarily being a natural gas driller. The company reported a net loss of $1.6 billion for its third fiscal quarter in 2014. The company’s layoffs are effective immediately.
The move comes after GE notified regulators in January of plans to cut 330 positions in a division acquired in 2013.
The number of drill rigs operating in the San Juan and Permian basins has dropped from 85 to 60 over the past year, and state energy Secretary David Martin said each rig directly employs 50 workers and another 50 to 70 in support jobs.
Land managers, or landmen as they’re known, are part of a once dying oil patch profession resurrected when production soared.
M&M Environmental Group CEO Sam McFadin told the Arkansas Democrat-Gazette that employees were told of the layoffs Friday and that remaining employees will be offered transfers to company offices in Oklahoma.
The Houston-based independent said the layoffs will affect 7 percent of the company’s Canadian workforce.
About 1,100 oil and gas workers lost their jobs in February, as low crude prices spurred energy companies to lay down rigs and lay off employees.
That question, “now what?”, is a scary thing, because it implies uncertainty, and for some that implies failure.