Big Oilfield Services Companies Cut More Jobs

JOHN PORRETTO

HOUSTON (AP) — Even with crude prices on the rise, three of the biggest oilfield services companies say they've cut more jobs as they adjust to sluggish exploration and drilling activity.

Schlumberger Ltd., the world's largest oilfield services outfit, said Friday it eliminated another 100 jobs this week in North America. Smaller rivals Halliburton Co. and Baker Hughes Inc. also said they had reduced positions, but neither provided specific numbers.

The three companies combined have cut about 10,000 jobs already this year. Oilfield service companies have had to adapt to far lower spending by many oil and gas producers, which hire service providers for seismic work, reservoir management and other oilfield tasks.

Oil prices have risen about 35 percent since the start of May, and the number of rigs exploring for oil and natural gas in the U.S. rose this week for only the second time this year. But energy demand remains weak, and the number of rigs working in the U.S. is down by more than 1,000 from a year ago.

In a statement, Schlumberger said it also has reduced or eliminated overtime, adjusted recruiting targets and released some contractors to help manage the downturn.