from Outsider Club:
Last week oilfield services provider Schlumberger (NYSE: SLB) laid off 9,000 employees. Baker Hughes (NYSE: BHI) is laying off 7,000.
That’s just the beginning.
Plenty more layoffs are coming down the pike as shale drillers scramble to cut costs and rein in production.
Indeed, the number of oil rigs operating in the United States is falling like a rock. Oil rigs have dropped by an unprecedented 258 in seven weeks. The count is now at its lowest level since January 2013.
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