Weatherford, which currently employs about 56,000 people across the world, expects the job cuts to result in annualized savings of over $350 million. Weatherford said it expects its cost actions, a reduction in capital expenditure by $550 million to $900 million in 2015 and a positive contribution from working capital balances, to offset any reduction in earnings. Last month, the company said it would eliminate the position of chief operating officer as it copes with a 60 percent slide in global crude oil prices.