Baker Hughes (BHI) layoffs will leave about 7,000 unemployed.

Source: iStock

“This is really the crappy part of the job, and this is what I hate about this industry frankly.” said Baker Hughes CEO Martin Craighead in a conference call. “This is the industry, and it’s throwing us another one of these downturns, and we’re going to be good stewards of our business and do the right thing.”

Baker Hughes reported record revenue of $6.6 billion for the fourth quarter of 2014. The company posted $24.6 billion revenue for the full fiscal year–a 10% increase over 2013.

Halliburton is acquiring Baker Hughes later this year for $34.8 billion.

BHI stock is up 1% Tuesday afternoon.

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