Weatherford will make another 1,000 job cuts, mostly in its U.S. support staff, as its onshore shale business continues to suffer with low oil prices, the company’s CEO said in its second-quarter earnings conference call.
The company, which is set to sell itself to larger rival Halliburton by the end of the year, saw its biggest revenue decline in North America, with sales falling 26 percent below first-quarter revenue.
Halliburton said it is still planning to sell three drilling businesses to make room for Baker Hughes once the deal is closed, but it also has told regulators, in the U.S. and overseas, that it will plan to sell off more units than it initially planned.
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