Irony Of A Debt-Fueled Boom Turned Into The Great American Oil Bust: Oil Glut, Collapsed Prices, Layoffs Be Damned: Production Soars | The chain reaction goes on. Baker Hughes is going to axe 7,000 employees, mostly in the first quarter. That’s about 11.5% of its headcount : On Monday, oilfield services giant Schlumberger said it would cut 9,000 jobs. BP and ConocoPhillips already announced major budget cuts, as have dozens of smaller companies. Charge-offs are piling up. And it’s just the beginning : InvestmentWatch

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