Oil services company Weatherford is slashing 8,000 jobs




There are more oil job cuts.


On Wednesday night, oil services company Weatherford announced it would cut 5,000 jobs.

On its earnings conference call on Thursday morning, the company upped this total to 8,000, according to headlines from Bloomberg.

Bloomberg notes that this reduction is equal to about 14% of the company's workforce.

In a statement on Wednesday, Weatherford said:


Due to the quickly changing market conditions, we are aligning and reducing our cost as well as organizational structures to match the new environment. As a result, we will have a leaner structure and a tighter organization. We have commenced a reduction-in-force exercise targeting 5,000 positions, of which more than 85% are located in the Western Hemisphere. The headcount reduction is expected to be complete by the end of the first quarter of 2015, resulting in expected annualized savings of over $350 million. Weatherford is also offering a Voluntary Separation Opportunity Program to eligible employees as part of the recognized need to reduce our employee workforce. The focus is on both operating and support positions.

The news from Weatherford makes it the latest oil-related company to announce job cuts.

In January, Schlumberger announced it would cut 9,000 jobs while the latest report from staffing firm Challenger, Gray, & Christmas showed that in January, 21,322 jobs cuts were tied directly to the crash in oil prices.

And in a statement on Wednesday, Mark Zandi at Moody's Analytics said, "Businesses in the energy and supplying industries are already scaling back payrolls in reaction to the collapse in oil prices."