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National Oilwell Varco cuts 6,000 jobs

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Staff writer ▼ | April 30, 2016
National Oilwell Varco
Oil industry   National Oilwell will shut down 200 facilities

National Oilwell Varco, a multinational energy corporation, cut nearly 6,000 jobs in the first quarter of this year to deal with low oil prices, the company said.

The Houston-based oilfield equipment maker also plans to shut down a total of 200 facilities, it said in a statement.

The company, which conducts operations in more than 1,200 locations across the world, reported a loss of 21 million U.S. dollars in the first quarter, with revenues falling 55 percent year on year.

Clay Williams, chief executive officer, said his company will continue to adjust its cost to cope with the oil bust, which has forced many energy companies across the world to cut jobs and budgets.

In the U.S. state of Texas, which produces 31 percent of the country's crude oil, about 72,000 workers lost their jobs in the energy industry in 2015.

According to estimates by the Texas Alliance of Energy Producers, another 40,000 workers could lose jobs this year.


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