- The drop in the price of crude oil leads to more cuts in the oil industry workforce, as more than 700 oil industry workers in Texas, including 330 in GE's oil and gas division, are losing their jobs.
- GE said it will cut ~45% of staff at its Buck Creek plant in Lufkin, Tex., beginning in March, part of a restructuring drive to reduce costs, and SandRidge Energy (NYSE:SD) subsidiary Lariat Services will cut 265 employees who work in the Permian Basin area.
- In the past several weeks, more than 20K oil workers have lost their jobs as companies pare their workforces to deal with the downturn, according to WSJ.