Baker Hughes to cut another 1,500 jobs

HOUSTON


The second wave of job cuts, which began last week, represents about 4 percent of the Houston-based company’s global work force, Flaharty said. About one-third of the cuts will take place in the United States.

Tumbling crude prices, frozen credit markets and forecasts for meager energy consumption have forced oil and gas producers worldwide to scale back spending. That means less work for companies like Baker Hughes, which assist producers with drilling, reservoir management and other services.

AP