One of the most painful busts in the history of crude oil happened just six years ago when a sharp price drop cost 200,000 roughnecks, almost half the entire workforce, their jobs.
And now, the spread of the coronavirus coupled with an oil-price war between Russia and Saudi Arabia threatens to devastate the oil services industry and its workers once again.@ https://finance.yahoo.com
Apache said it would cut 85 people in its Midland office, while oilfield firm FTS International Services said it would lay off 35 workers in Fort Worth and 85 workers in Hobbs, New Mexico.
Tenaris SA said it will cut 223 Baytown workers from its steel pipe manufacturer IPSCO Koppel Tubulars, a business it recently acquired, the filings said. That cut is part of a 900-person workforce reduction across the United States as a result of lower oil prices. @ https://nationalpost.com