"Baker Hughes To Lay Off 7,000 Workers Amid Low Oil Prices"

"HOUSTON — Oil services company Baker Hughes Inc. will lay off about 7,000 workers as it prepares for a downturn in orders because of the plunge in crude prices, the company said Tuesday.

The layoffs represent about an 11 percent cut to the 62,000-plus workers Baker Hughes says it employs worldwide.

The announcement came in a conference call after the Houston-based company exceeded analysts' estimates with a record $663 million in net income in the fourth quarter of 2014, more than double its earnings during the same period of the prior year. Leading the growth was the company's North American division, which posted revenue of $3.3 billion."

The Associated Press had the story January 20, 2015.

SEE ALSO:

"Oil Servicers and a Driller Announce Cutbacks" (New York Times)