The fallout from declining oil prices continues materializing on a daily basis – several companies announced workforce reductions this week – and Baker Hughes is one of the latest to make that difficult decision.

“This is what I hate about this industry, frankly, is these brutal cycles we have to go through,” said Martin Craighead, chief executive of oil-field services company Baker Hughes Inc., in an earnings call on Tuesday. The company said it was cutting 7,000 jobs world-wide, or 12% of its workforce. – Wall Street Journal