Helmerich & Payne may cut 2,000 jobs as it idles rigs | Reuters

Driller Helmerich & Payne Inc said it may cut 2,000 jobs as it begins to idle rigs amid a slide in crude oil prices, following similar cost cuts by top oilfield services providers Schlumberger NV and Baker Hughes Inc .

Helmerich, which had about 11,901 employees as of Sept. 30, also said it would now build only 2 high-tech FlexRigs per month this year, down from the 4 rigs it had planned.

The company’s shares fell as much as 10 percent to $54 on Thursday as weak forecast for 2015 margins and revenue overshadowed a better-than-expected quarterly profit.

via UPDATE 2-Helmerich & Payne may cut 2,000 jobs as it idles rigs | Reuters.

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