Oilfield Services Provider Weatherford to Cut 6,000 Jobs

Reuters

Feb 3 (Reuters) - Weatherford International Plc said it would cut about 6,000 jobs in the first half of 2016 as a steep drop in oil prices hurts drilling and exploration activity.

The oilfield services provider, which had about 56,000 employees at the end of 2014, cut about 14,000 jobs in 2015.

The company also set a capital expenditure target of $300 million for this year, about 56 percent lower than its 2015 spending.

(Reporting By Arathy S Nair in Bengaluru; Editing by Kirti Pandey)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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