Barely a year and half since oil prices began tumbling, layoffs in the energy industry have already climbed above 200,000.
According to Forbes, data collected by Continental Resources shows that layoffs in the oil and gas industry have shot past 200,000 globally, with the service sector bearing the brunt of those cuts.
Houston-based Schlumberger has cut about 20,000 jobs since the downturn as upstreams continue to slash spends and put projects on the back burner.
Schlumberger chairman and CEO Paal Kibsgaard said in April that, while he expects U.S. onshore drilling to bounce back, a recovery is likely to “fall well short of reaching previous levels, hence extending the period of pricing weakness.”
Houston-based Baker Hughes will see its layoff tally rise to 13,000 this year while its pending merger target Halliburton will shed a total of 18,00 jobs, Forbes said.
The company is also planning to shut down and consolidate 60 operating facilities across North America by the end of the year, in addition to the planned shutdown of seven manufacturing facilities.
The transportation sector hasn’t been spared from the layoff pain.
Calgary-based TransCanada said in September that it will cut about twenty percent of its senior leadership positions this year and will evaluate the need for further staff cuts.
European firms have also been reducing headcounts as crude prices hover below $50 per barrel and the likelihood of a dramatic short-term recovery diminishes.
Italian services firm Saipem plans to cut 8,800 jobs during the next two years after booking about $1 billion in write downs in the second quarter.
Since the Continental Resources’ data was published in October, Chevron has announced plans to cut up to 7,000 jobs.
Oklahoma-based Continental Resources has slashed its drilling operations budget but said it will not cut any direct employees.
Malaysia’s Petronas also has no plans to cut permanent staff despite continued crude price weakness, Rigzone said earlier this month.