Now that crude oil has plunged to nearly $50, Big Oil companies like ConocoPhillips (COP) are significantly dialing back spending. That's bad news for companies like Civeo that depend on the energy boom.
Civeo primarily houses people working in the Canadian oil sands industry, a previously red-hot area of the North American economy that relies on lofty oil prices to turn a profit.
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The announcement from the Texas-based company provides a reminder that while cheaper oil prices are a gift to millions of consumers, the selloff is also causing economic pain for some people who have benefited from the energy revolution.
More job cuts are expected, including at shale oil producers that don't survive the oil meltdown. Earlier this month Halliburton (HAL) said it plans to cut 1,000 positions, while BP (BP) announced an unspecified number of layoffs as part of a $1 billion restructuring program.
