“This is the really crappy part of the job, and this is what I hate about this industry frankly,” the chief executive of oilfield services company Baker Hughes complained as he announced it would lay off 7,000 employees. Baker Hughes is cutting jobs in response to slumping prices and a downturn in drilling activity. But the company’s obviously frustrated chief acknowledged that “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.” So the company will cuts costs, he told investors in a conference call […]