Baker Hughes to lay off 7,000; Halliburton hints of job cuts, too

Oilfield services company Baker Hughes plans to lay off about 7,000 employees, which is 11 percent of its workforce, in the wake of the plunge in the price of crude oil, reports the Advertiser in Lafayette, Louisiana. The newspaper says the layoffs will be companywide and take place mostly during the first quarter of 2015. Executives at oilfield services giant Halliburton have also hinted of layoffs in the coming year, the Advertiser reports.