Halliburton to Cut Another 5,000 Jobs Amid Oil Slump

February 2016, Vol. 243, No. 2

HOUSTON (AP) — Halliburton Co., which provides well-drilling services for oil companies, is cutting 5,000 more jobs as the industry continues to struggle with slumping oil prices.

A company spokeswoman said Thursday that the latest cuts will amount to about 8 percent of the Houston-based company’s global workforce.

Oil prices have tumbled about 70 percent since peaking above $100 a barrel in mid-2014. That has led to less drilling activity and to widespread layoffs in the oil fields. Halliburton rival Schlumberger cut 10,000 jobs in the fourth quarter.

Halliburton spokeswoman Emily Mir said the Houston-based company was reducing its workforce “due to ongoing market conditions.”

Mir said the company regretted the decision, “but unfortunately we are faced with the difficult reality that reductions are necessary to work through this challenging market environment.”

When the layoffs are completed, Halliburton will have reduced its workforce by between 26,000 and 27,000 employees since the peak in 2014, she said.

Halliburton grew from 58,000 employees in 2010 to more than 80,000 during 2014. It slashed that number to 65,000 by the end of 2015, according to regulatory filings.

In afternoon trading, Halliburton shares rose 4 cents to finish at $32.50 in Thursday. They are down more than 4 percent in 2016 and more than 25 percent in the past year.

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