February 2016, Vol. 243, No. 2

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Halliburton to Cut Another 5,000 Jobs Amid Oil Slump

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.

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